When bills start to pile up and the budget starts to get tight, some people may find themselves considering pawning items they have to make ends meet. Pawning has its pitfalls, however, and it’s always best to proceed with caution.
Some pawn shops open near me right now have a seedy reputation. But, like it or not, pawning is an important form of financing that has been around for thousands of years. During colonial times, American Indians sold their beads and furs at local pawnshops for cash. And even Queen Isabella pawned her jewelry to help fund Christopher Columbus’s journeys to the New World.
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Today, pawnshops have become more regulated than ever. They are guided by state and national laws, the National Pawnbrokers Association, subject to Better Business Bureau and Yelp reviews, and inspected regularly by local authorities.
The basic concept of a pawnshop is that you bring in an item that has value, and the pawnbroker offers you cash on the spot. If you return within the set terms of the loan (typically 30 to 60 days) and pay back the money and interest, you can get your item back. But, if you don’t repay the money and interest, the pawnbroker can keep your item to sell at their shop.
Some people use pawnshops as an alternative to letting their credit card bills lapse or taking out a payday loan. Others rely on pawning items to help them avoid the stress of living paycheck to paycheck and instead focus on building wealth and savings. Either way, it’s important to understand a few rules and tips when it comes to finding the right pawn shop for you.