How Does Pawning Work?

If you need a little cash quickly, your best option is likely a pawnshop. You may have seen reality TV shows on pawnshops in which the pawn owner purchases hard-to-find collectibles for a flat fee. Pawnshops do purchase items outright, but most of their transactions involve short-term loans. Here’s a quick look at what you can expect when you visit a pawnshop.

Bring in your item.

Pawnshops will purchase a wide variety of items. The more valuable an item is, the more money you’ll be offered. Jewelry, gold and silver, collectible coins, electronics, musical instruments, and décor items are just a few examples. Pawnshops will also purchase antiques, including antique chests, antique guns and other weaponry, and taxidermy items. Tools, particularly power tools, are another hot commodity.

Decide whether you want to sell it.

If you decide to part ways entirely with your item, the pawnshop can purchase it outright. You can receive cash on the spot. Some pawnshops also offer the option to consign an item. This means that you still retain ownership of it, but you’ll leave it at the pawnshop. The pawnshop will then try to sell the item on your behalf. If the item sells, you’ll receive cash for it.

Decide whether you want a short-term loan.

You might not necessarily want to sell your item. Instead, you can use it as collateral for a short-term loan. The pawnshop will offer you a set amount of money for your item. Your item won’t be sold as long as you repay the loan amount, plus interest, within the specified time period (usually 30 days).

Residents of Steamboat Springs, CO and the surrounding areas have the option to pawn, sell, or consign their items at Plan B - Buy, Loan, Consign on Lincoln Avenue. The store also has a vast selection of unique items available for purchase. If you have any questions, you can call their office at (970) 879-7176.