How to Sell My Stuff to a Pawnshop

Pawnshops can give you money for items you forgot you had.

Times can be hard financially; you might need extra cash to pay a bill, repay a loan or bail you or a loved one out of an emergency situation. Pawnshops might be your answer to unexpected expenses. They take one of your valuable possessions as collateral, and loan you money until you can pay it back (plus interest). If you decide not to repay the loan, the pawn shop sells your belongings for a tidy profit.

Instructions

1. Gather your valuable items. Determine what you have of value that you can part with. Although selling items to a pawnshop doesn't necessarily mean you won't get them back, you will have to repay the amount of the loan, plus 20 percent to 25 percent in interest. If an emergency arises and you can't afford to buy back your pawned items, realize that they will be gone for good.

2. Choose items that will bring a high price. When it comes to jewelry, gold brings a much higher price than silver. Laptop computers will likely bring a higher price than desktops. Flat screen televisions will garner more cash than tube televisions. Musical instruments and guns can also bring high prices.

3. Call various pawnshops. Inquire whether they will buy the items you have for sale. Not all pawnshops buy everything; some specialize in jewelry, while others specialize in electronics, weapons or clothing such as mink and fur coats. Ask them to give you a ballpark estimate over the phone. If the price doesn't seem high enough, call around to other places to see if you can get a higher estimate elsewhere. Inquire about interest rates as well.

4. Prepare your items for sale. If you're selling jewelry, polish it so it looks its best. Make sure electronics, musical equipment, computers, laptops and cell phones have all their parts, and their memories are completely cleared. Ensure guns are cleaned and emptied.

5. Take the items you'd like to sell to the pawnshop. You'll need current identification. The pawnshop will record your name, address and driver's license or ID number on the loan slip. You will probably be required to sign a statement that the items are yours to sell. Make sure the pawnshop clearly explains the terms of the loan, including the length of the loan, the interest charged and your ability to extend the loan if necessary.

Tips & Warnings

• Be sure that any items you pawn are owned solely by you and that you have the legal right to sell them.

References

• What it Costs: Pawn Shop Fees
• The Office: How to Sell Your Jewelry