The simple answer to what does pawn mean, is barrowing money from collateral items that you own and are willing to part with for a short period of time. You can get cash instantly and are allowed to pay it back over a specific time frame and once you have paid the original loan amount along with the interest you can redeem or reclaim your merchandise.
When you go into a pawn shop they will ask you if you want to pawn or sell your item. They are willing to do either one depending on your needs. If you have an item that you do not need or want any more then they will buy it from you and you pay no interest. You are selling your item and you can walk out the door with money in hand. If you have items that have sentimental value or items that you will need to get back then you are going to pawn it.
What does pawn mean ?
Many people are hooked on reality television shows like Hard Core Pawn and think that is what you should expect when you go to a pawn shop. In most cases pawn shops are highly regulated by local government. Associates working in a pawn shop are often required to be licensed, fingerprinted and have background checks. They will have a good working knowledge of market value of many various items.
How much can I get for my property?
The value of what the pawn shop is willing to purchase or loan on your item is based on many factors and there is not a set price that you can expect. Many pawn shops will buy gold, silver and jewelry yet others may not buy it or loan at it at all. Each pawn shop will have its own guidelines on what they will accept.
The pawn shop will take a lot into consideration when they value your property. They know that if you default on a loan that they will have to store it and try and market it once it is legally theirs. If you are in Phoenix Arizona in July and you want to pawn a snow blower they are not going to pay very much. The same snow blower in Chicago in September will have a much higher resale value and they will offer you more money.
What to expect when you pawn.
Be prepared to answer some basic questions such as do you own this? Do you have current ID? How much do you need? This is not a trick question rather a question to determine if they can actually help you. If you have an item that retails brand new for $95.00 don’t expect them to give you $500. However if you have an item that is worth $500 and you ask to borrow $50.00 they may try and offer you more. They are in the business of loaning as much as they possible can. Negotiate the amount that you need and take no more than that.
Take proper ID with you. Have your equipment in working condition. If you can clean it up it will help get a higher amount. Be prepared to have your photo and fingerprint taken and sent to the police departments in the area. If the pawn shop cannot loan enough to meet your needs try another pawn shop.
Know the terms of the agreement.
There are different policies from shop to shop based on the laws and guidelines placed on them by local authorities. Some pawn loans are for a calendar month, some for 30 day and some are based on a 4 week cycle or every 28 days. Once the due date is past another month’s interest is added to the principal automatically. Some shops will call you a few days before the due date and give you a reminder. Others will just let it roll over so they collect more interest. Know what the interest and due dates are per the agreement and not what they have told you. It is a legal agreement once you sign it.
What does pawn mean?
If you are in need of money to meet an unexpected financial situation you can get a loan within just a few minutes without a lengthy credit check. Pay off the interest and principal in the allotted time and your property is returned to you.
Many pawn shops have gotten a bad reputation others are operating above board and really trying to provide you with a solution to a problem. Deal with a shop that has been in business and in the same place for at least 5 years.
The author of this article What does pawn mean, has had experience working as a pawnbroker helping people that are.in need of cash instantly.For each individual what does pawn mean to them covers a very wide range of reasons. Remember this should be for short term money that you pay back as quickly as you can.