The Difference Between Selling vs. Pawning
If you need quick cash, you may have considered selling or pawning some of the things you own. But what are the differences between pawning vs. selling your items? At Mo Money Pawn Shop, we’re the leading pawn shop in Phoenix, and we have more than 35 years of experience with both processes. The decision of whether to pawn or sell ultimately depends on your situation, and we want to help you make it, so read on to learn more.
What’s the Difference Between Pawning and Selling?
When you bring something to our pawn shop, one of the first questions we’ll ask is whether you want to pawn or sell it. In general, pawning something is a short-term secured loan that allows you to take the item back, while when you sell something, you lose the rights to it.
What Happens When You Pawn Something?
When you pawn something at Mo Money Pawn Shop, you’ll bring us the item you’re pawning. Our experts will appraise it and offer you a price for it. If you accept the deal, you’ll sign the loan paperwork. We’ll hold on to your item as collateral, and after you leave with cash in hand, you’ll have a set amount of time to pay that loan back with interest. Once you do, you’ll get your item back. If you can’t pay the loan on time, we’ll give you a 30-day grace period, after which the item will be transferred to us, and we’ll sell it.
What Happens When You Sell Something?
The process of selling an item begins the same way: bring it to our showroom for our experts to appraise. Selling an item generally gives you more money upfront than pawning it, but once the sale is final, the item’s ownership transfers to us, and we will put it out for sale after the required police hold.
When Selling to a Pawn Shop Is a Good Idea
There are lots of reasons you may bring items to us, and we want you to get the best deal you can. Sometimes, you know you won’t need your old jewelry, firearms, or electronics, and selling is the clear right option. But if you just need a loan, pawning may be the better option. There are a lot of benefits to pawning things with Mo Money, including:
- No credit checks: Unlike unsecured loans, we don’t check your credit, and being late on a payment won’t impact your credit rating.
- Fast money with minimal paperwork: Our transactions have clear, transparent terms, and we offer the best rates in Phoenix.
- Best interest rates in town: Our flat 25% interest rate is the lowest in Phoenix, up to 32.5% less than other pawn shops.
- Security and safety: All our loans are secured by Lloyd’s of London.
Should I Pawn or Sell?
Pawning vs. selling is one of the first choices you’ll face when you bring items to us, and the choice is up to you. We’re glad to help you make the right decision, whatever that may be. If you aren’t interested in keeping your item, or if you need more money right away, selling may be the right option. If you’re looking for a loan and you want the possibility of having your item back, consider pawning it instead. Don’t be afraid to ask us how much you can get for each method. You may be surprised at the difference!
See The Difference Between Pawning And Selling in Person
If you have more questions about the difference between pawning vs. selling an item, the experts at Mo Money Pawn Shop will be glad to answer them. Our facility on East Indian School Road is open daily to sell or pawn from 8 AM to 11:45 PM, and any one of our helpful employees will answer your questions. Our facility on East Indian School Road is open daily to sell or pawn from 8 AM to 11:45 PM, and any one of our helpful employees will answer your questions. If you prefer, you can also send us a message online or give us a call at 602-279-4417.
Image Source: Miriam Doerr Martin Frommherz / Shutterstock