The need for money has risen since the pandemic of 2020 and the fall of the economy. So instead of taking a loan, many are pawning their goods for some quick money. There are around 10,000 pawn shops in America. If you bring an item to a pawn shop, the pawn shop owner will give you a short-term loan depending on the value of the item in question. If you pay the loan within the allotted time, they will return your item. If not, they are free to sell that item. You can also sell your item from the get-go. Let us know more detail about ‘What To Pawn For $100?’.
What To Pawn For $100?
Advantages and Disadvantages of Pawn Shop
Pawn shops let you exchange them for cash the day you give your item. Your credit score doesn’t matter and if you cannot pay for the item, your credit score won’t be affected. The disadvantage is the high-interest rate and they will only loan you from 25% to 60% of the resale value of the item and even then they try to lowball it.
The interest can range from 12% to 240% APR and the states regulate the interest rate. If you think the price is a little bit low, you can negotiate with the pawnbroker.
What can you sell at a pawn shop?
Almost anything. The pawn shops are on the lookout for good and pricey items they can sell in the market depending on the item’s retail value, rarity, and collectibility.
Things to pawn for $100
- Jewelry – Jewelry is easy to pawn. If it’s made of gold or silver, you’ll get the market rate of the material. It is the most popular thing to pawn and you can get a high price depending on the jewelry.
- Electronics – You can pawn your electronics to get easy money. Depending on the electronics you’re pawning, you can get any range of return from it. The price you would get depends on the condition of the electronic and the electronic itself. You can pawn your TV, phone, tablet, or game consoles for pawning.
- Firearms – Firearms can be pawned off at the pawn shop. But they would only take firearms that are registered and are registered to the one who is pawning.
- Precious Metals – Metals like gold, silver, or other precious metals can be pawned off. These are in very high demand and pawn shops are very likely to offer you as their prices rise over time.
- Rare collectibles – Pawn shops love rare collectibles. Depending on the collectible, say for example a rare PS2 game or a first edition book of Adventures of Huckleberry Finn, the pawn brokers will be all over it and they will loan you good money for it. While they are appraising it, they will also look for the condition, wear and tear and the actual demand of the object in question.
- Vehicles – Vehicles can also be pawned off. Depending on the condition of the exterior, engine, transmission, interior, and if the car is good to drive or not, the pawn shop will decide the price.
- Musical instruments – Musical instruments can be easily pawned off as they are moderately in demand. Depending on the condition, sound, or historical value of the musical instrument, the pawnbroker will give a price.
- Old Technology – Many old technology and electronics can be pawned off similar to electronics but as this is old tech, it gets a separate section. Many old technologies get appraisals of a huge amount. An Odyssey II can be pawned off for $100, the original sealed iPhone can be sold for over $4000 and rare technology like the Atari Jaguar or 3DO can be sold for a lot of money.
- Video Games and Consoles – Video games are the biggest entertainment market in the world. So it’s natural for them to fetch a good price in the pawn shop. If you give your used PS4s or Nintendo Switch, you can get a good price for it. If you have some old Atari Jaguar, 3DO, or rare variants of PlayStation, you can get high prices. Similarly, you can pawn off your physical games to the pawn shop, most current PS4 games can fetch a decent price but if you have rare or hard-to-find retro game cartridges or CDs, you can have a great price.
- Coins – Old coins can have a wide range of value. The price is appraised based on the age, condition(wear and tear), and the rarity of that coin. You can get the coins graded before you turn them in to pawn them. Like a 1922 silver dollar sold for a whopping $90000 on the show ‘Pawn Stars’.
Now we’ve learnt about ‘What To Pawn For $100?’, So that’s all about pawn shops and how to make some quick money from them if you’re in need of some serious money. But before you sell them please make sure that you are selling it at a good price so do your research well before you pawn that thing of yours. Happy pawning!