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Pawn How It Works
How It WorksPawning, at its core, is a way to borrow money from somewhere other than a bank. When you need a little extra money but don’t want to outright sell a valuable possession, you “trade” it for a short-term loan from a pawn shop. Once you and the shop agree to a value for your item and loan term, funds can be wired to your bank account in as little as 24 hours. Assuming you honor the terms of your loan and make monthly payments, you’ll get your item back.
One of the major appeals of securing a loan through a pawn shop is that it has no impact on your credit. In order to borrow money from a bank, the bank will check your credit, and if you’re delinquent with payments, it will have a negative impact. If you default on a pawn loan, the shop simply keeps your item.
RELATED: 10 Top Credit Mistakes to Avoid
Unlike traditional pawn shops, which tend to buy anything from stereos to vacuum cleaners and have an average pawn transaction value of $150, online pawn shops deal exclusively in higher-end goods like jewelry, collectibles, designer handbags and expensive electronics. Unlike “Cash 4 Gold” style outfits, online shops aren’t interested in broken gold chains or a late-model television.
Potential sellers send a digital image and description of the item they’re interested in selling or pawning to the site and receive an expert appraisal in a day or less, along with corresponding loan terms like interest rates, fees and loan duration.
Once an agreement is reached, customers ship the items for free—and receive cash in as little as 24 hours. Though the leading industry sites like iPawn,UltraPawn, Pawngo, borro and Pawntique vary in exactly which items they’ll accept, all fully insure items for the duration of the loan term.
One of the major appeals of securing a loan through a pawn shop is that it has no impact on your credit. In order to borrow money from a bank, the bank will check your credit, and if you’re delinquent with payments, it will have a negative impact. If you default on a pawn loan, the shop simply keeps your item.
RELATED: 10 Top Credit Mistakes to Avoid
Unlike traditional pawn shops, which tend to buy anything from stereos to vacuum cleaners and have an average pawn transaction value of $150, online pawn shops deal exclusively in higher-end goods like jewelry, collectibles, designer handbags and expensive electronics. Unlike “Cash 4 Gold” style outfits, online shops aren’t interested in broken gold chains or a late-model television.
Potential sellers send a digital image and description of the item they’re interested in selling or pawning to the site and receive an expert appraisal in a day or less, along with corresponding loan terms like interest rates, fees and loan duration.
Once an agreement is reached, customers ship the items for free—and receive cash in as little as 24 hours. Though the leading industry sites like iPawn,UltraPawn, Pawngo, borro and Pawntique vary in exactly which items they’ll accept, all fully insure items for the duration of the loan term.
Pawn Information
Have you ever been to a pawnshop? For a lot of people, there seems to be something, well, shady about these places. But if you haven't been to a pawnshop, you may be missing out on some great bargains. A pawnshop is a lot like a dozen garage sales and a flea market all rolled into one. Pawnshops also play an important role in many communities by providing people with an easy, fast way to borrow small amounts of money.
There are three things that happen in any pawnshop hundreds of times every day:
There are three things that happen in any pawnshop hundreds of times every day:
- People borrow money by putting up something they own as collateral.
- People sell used merchandise.
- People buy new and used merchandise.