With the petrol price hike, electricity costs spiking and the cost of living shooting through the roof, it’s no surprise that many people are looking to make money quickly. One of the easiest ways to get hold of funds is to do a quick search around the home and find items that you have no use for, but might be of value elsewhere. But remember that not everything will sell quickly, or for that much, which is why we’ve put together a list of the best things to pawn to get quick cash.
What is pawning?
But firstly, you might be new to the concept of pawning your goods, so here’s a quick overview of how the industry works. The traditional model is a pawn shop that you will often find in a town or city centre. However, the modern pawn shop industry has actually shifted to the online space.
Once you’ve located an item you want to exchange for money, the pawnbroker will either buy it from you for cash, or they will offer you a short-term loan based on the item’s value. If you pay the loan back in time, you get your item back. Alternatively, the pawn shop will go on to sell your item to recover the difference.
What are the advantages of pawning goods?
While getting a loan from a bank might be favourable in terms of the interest rate and amount you can borrow, some people are not in a position to get granted a loan. A pawnshop can be the preferred option as:
- They don’t care about your credit rating, so even if you have a poor credit history, you can get cash quickly.
- If you fail to pay back the loan, your credit rating isn’t impacted, you simply lose out on the pawned item.
- You get cash on the same day, which is important if you need money in a hurry.
What are the best items to pawn?
Now that you have a clear understanding of the process, here’s a look at some of the best household items you can pawn today.
1. Power tools
If you head into your garage or outside shed, you’ll be quite astounded to find a number of tools that you haven’t had any use for since hard lockdown when you were forced to find something constructive to do. It might even be that you have power tools which were handed down to you, and you have duplicates or simply no need for them. Any sort of power tool is great to pawn for cash, just give them a bit of a wipe down beforehand. Chainsaws, power drills, air compressors and the like are ideal for that pawnshop.
2. Rare coins
Something else you might have lying around in an old jar is spare change collected over the years that means nothing to you – but might mean something to a pawn shop. Look through your old jars, wallets and couch cushions for really old or unique coins, such as ceremonial pieces minted in celebration of anniversaries, that could have some value.
3. Musical instruments
Musical instruments are incredibly expensive, and unless you’re playing them regularly, they might be worth a lot more to someone else than to you. Guitars, clarinets, saxophones, or even that old piano gathering dust, could bring you in quite a lot of music. It’s important to consult with an expert first as you might have an antique on your hands that’s worth a lot of money.
4. Gemstones
If you’ve inherited gemstones over the years but haven’t got around to getting jewellery designed, it might be worth getting them off your hands and having the cash instead. Diamonds are still the most popular of all gemstones, but you will still get a lot for pawning off opals, emeralds, sapphires, rubies or amethysts. As with musical instruments, it’s important that you get your gemstones authenticated and appraised before you pawn them off. This article offers free shipping on qualified products, or buy online and pick up in store today at Medical Department.
5. Gold jewellery
Probably the best item to pawn off is gold jewellery, as it’s very easy to resell and is always in demand. However, you must ensure that you’re getting the best value for your gold jewellery by checking the spot price of gold and even getting an appraisal. Gold value is determined by the karat, which is the amount of pure gold found in the piece. There are other factors that come into the true value of jewellery, such as any accompanying gemstones or historical value.
6. Electronics
Certain electronic items are also valuable for pawn shops where they tend to move quite quickly. Smart items such as phones and tablets, particularly those in their original boxes, can fetch a high price. Laptops as well can be sought-after items, but you’ll have to make sure the electronics actually work.
If you’re looking to make some quick cash through a reliable online pawn shop, get in touch with Divorce Your Jewellery today. If you have gold and jewellery you’re no longer in need of, rather exchange it for a good price.
