Pawn shops are a great way to get money quickly, when you’re in a bind and need money fast. You can pretty much take anything valuable in to a pawn shop, and walk out with the cash you need quickly provided the item you brought in is in good condition and works. Pawn shops will take a large variety of items, such as musical instruments, computers or laptops, gaming consoles and games, DVD or Bluray players, televisions, power tools, tool sets, jewelry, and many other items that have resale value. If you’re looking for a good way to get some cash fast, taking your belongings to a pawn shop to pawn them is a good way of getting it.
When dealing with a Pawnshop in Chicago, you have two options to choose from. You can sell your items to the pawn shop outright, taking the cash for your items, or you can take out a pawn loan. A pawn loan is simple. It involves you taking an item of value and using it as collateral for a loan. The pawn shop takes your item and gives you an amount they feel comfortable with loaning to you for it. They hold on to your item for a set amount of time, until you pay the loan off which is usually 30 days. If you don’t pay your loan in time, you usually get a grace period which has an interest rate that gets higher the longer it takes you to pay it.
A pawn shop will only give you a certain amount of the actual value of an item, in order to ensure they can make a profit by reselling your item if you don’t pay your pawn loan in time. This is just a means of insuring their investment in your loan, and doesn’t mean your item is worthless. Most pawn shops will only pawn an item that they feel they can resell quickly. This is why most pawn shops want newer merchandise like flat screen televisions, high end laptops, or newer model gaming consoles. Not a lot of pawn shops will deal in older items, but there are a few who do due to collectors that are regular customers.