How a Pawn Works?
A pawn is basically a collateral loan. We will make you a loan based on the current value of the item you provide to secure your loan. Bring in an item of value. We will hold your item as collateral and give you a cash loan. You will have 90 days to pick up your item. When picking your item up, you will then pay back your loan plus loan fee. If you are running short on cash, you can extend the loan deadline by paying only the rewrite fee for as long as you like.
Advantage of securing a Pawn Loan:
- A pawn is fast, easy, and convenient. Bring your item you wish to pledge and in a matter of minutes you will be walking away with cash.
- No credit check required! Your loan is based on your item not your past credit history.
- You have 90 days to pay back the loan plus interest.
- Easy extensions, we will hold your item for as long as you like, just by paying the rewrite fee.
Pawning vs Selling
Here are the basic differences between pawning and selling.
- Ownership: The person selling something loses the ownership. A person pawning it doesn’t lose possession unless he defaults on the payment.
- Status: If you pawn your stuff, you’re technically a debtor of the pawnbroker and owe him money.
- When a sale is completed, there is no more any relationship between the buyer and the seller.
- Time Bound: There is no binding of time in a sale. A pawning agreement is for a period of time, but can be extended.
- Fees: The person pawning his possessions needs to pay a fee as agreed with the pawnbroker. There is no fee paid in a sale.
- Money: More often than not, you will get a higher amount for sale than you’d get by pawning, provided you wait for the right buyer. The pawnbroker will very often lend you less than what the pawned goods are worth and you have to pay interest on it as well.
Why Sell through a Pawn Shop?
Selling your items through a reputable pawn shop can be the fastest and easiest way for you to turn your items into cash. Why put up with Craigslist, ebay, or yard sales? Sound Loan and Pawn has the funds to buy even your luxury toys. Keep in mind, however, that our primary service is to provide loans using items as collateral, so we never mark up our items for sale excessively. Sound Loan and Pawn, Everett’s premiere high end pawn shop, will always try to pay top dollar. If we can’t pay you what you are looking for, then you will receive an explanation and a reason as to why we can’t.
Requirements to make a Pawn on Guns, Gold and Silver:
- Must be 18 years of age or older
- Must have a state issued ID or Drivers License
- Must bring in your item to Pawn