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Pawn shops seem to be everywhere. But, many people still don’t realise just how beneficial they can be. In fact, they are one of the fastest and most convenient ways to get cash, that’s if you have something worthwhile to pawn, of course. For example, gold jewellery is one of the best things to pawn and one of the most common items sold and bought from pawn brokers.
Let’s take a look at the benefits of pawn shops Melbourne people go to like Gold Buyers Melbourne.
- Getting Value
When it comes to pawning your jewellery, you will seldom get the full value of the piece, no matter how sentimental it may be to you. In fact, you’re likely to get around 50% to 75% of the piece’s value. Why? Because pawn shop owners must assess the chances of being stuck with the piece and having to sell it themselves. Overall, items likely to sell quickly tend to receive higher prices, which is why pawn shop owners are often happy to take gold jewellery. Add the value of gold itself to that, you’re more likely to make a decent amount of money.
- In Demand
Let’s face it, gold is never going to go out of fashion. That means there is a healthy market for gold jewellery and watches. Since so many people head to pawn shops looking for great deals on gold jewellery, brokers know they can sell the items and are always looking to buy more gold.
- There’s Just No Hassle
Pawn shops aim to be as convenient as possible, which means you may even find ones open 24-hours if you’re unable to visit during regular business hours. But, they’re convenient in other ways, too. Unlike trying to take out a loan from your bank, you don’t have to deal with long waiting periods or credit checks. You can walk right in with your jewellery and go home with cash in your pocket right away. At the end of your loan period, you can either keep the money or pay back the loan to get back the jewellery. You may even be able to extend the loan for another month or so – it all boils down to what you want to do.
There Are Even More Benefits of Pawning
But, that’s not all. Pawning offers a myriad of benefits, such as:
- Instant cash – Pawn shops provide money easily and quickly. Their main objective is to provide fast loans without the hassle of paperwork and checks, making the loans efficient and convenient.
- No pre-requisites – You don’t need a job or even a good credit score to pawn your jewellery, which means you can get a loan within a matter of minutes. This is a huge advantage if you are self-employed or unemployed.
- Retain ownership – When you pawn your gold jewellery for cash, you don’t have to lose ownership over it. In fact, you can redeem the item as soon as you pay back the loan amount with any pre-determined interest rate.
- No penalties for extending the time period – Finally, you can extend the specified time period of repaying your loan to the pawn shop owner if you cannot repay it within the agreed upon timeframe. Banks and other financial institutions don’t offer such options.