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Guide on how to make extra money by buying selling jewelry to diamond and gold buyers including pawn shops and thrift shop near you.

What is a pawnshop?

A pawnshop offers a couple of services to its customers. At a pawn store you can sell your valuable outright to get some cash out of it. You can also use your valuable as collateral to get a short-term, small dollar loan for it. Pawn stores also sell old merchandises of clients who sold them or lost them to the pawnbroker. These are on display at the windows of the pawn stores. Pawn shops are lifelines to 80% of unbanked and underbanked Americans who depend on them to pay their day-to-day expenses. Before the advent of payday loans or auto title loans, pawnshops were last resort of cash-strapped people to access some quick cash. According to columnist Liz Weston, - when compared to other credit types, these loans look pretty good.

How pawn loans work?

The first step in getting a pawn loan is to decide upon a valuable you would like to use as collateral. Collateral should be something that has a resale value. The article should be in good condition with all its parts intact. The pawnbroker will inspect the article and decide its real value. If you agree with the amount, he will keep it at the shop until your loan is repaid in full. There is a fixed loan period and a fixed rate of interest per month. Pawn transactions are fast — and no credit check is required. You just walk in with your belongings and walk out with cash in hand. You will get a pawn ticket that will contain all the details of the loan such as description of the collateral, the duration of the loan, principal amount, finance charged etc.

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Interest rates on pawnshop loans vary. The annual percentage rate (APR) can run to more than 200% APR. Loan fee includes the storage fee of the article, insurance fee, fee for setting up the loan etc. This is really quite more than the interest rates charged on traditional loans. But it is quite reasonable when compared to payday loans whose average APR is approximately 400%. Plus, there’s no risk of damage to your credit or being pursued by debt collectors or facing a trial in the court.

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