What is a Better Option – Pawning or Selling the Item at a Pawn Shop?

If you require cash instantly to handle unanticipated emergencies, a pawnshop is a place where your needs will be meet. At a pawnshop, either you can pawn your item to receive instant cash loan or sell your item outright and receive cash in your pocket. Yes, there is a difference between pawning and selling your item at a pawnshop.

When you pawn your item, you will not lose your item but you are making your loan secure by using your item as a collateral. The pawnbroker will work with you – value the item and present you an offer, if you agree to the value, you will enter into an agreement with the pawnbroker and after completion of the formalities, you will have cash in your pocket instantly. The process may take just an hour or less and you walk away with cash on the same day. At the end of the pawning period, you’ll have to pay the loan amount with interest to the pawnshop to get back the possession of your item.

When you sell your item outright to the pawnshop, it means you will not get back your item later on and you will be receiving the cash for an item sold. In case, your sentiments are attached with the item and you don’t want to lose your item, then pawning would be the best option. Moreover, items like jewellery, diamond etc. increase in value over time. So, it is not wise to sell them outright to a pawnshop. Instead, you can pawn them to get a quick cash loan and redeem your item after paying back the loan amount and interest at the loan’s expiry. It will also help you to pawn the same item multiple times in the future when you run out of money.

On the other hand, if you don’t want to get back your item or, in other words, you just want to get rid of it for money; for instance, laptop, mobile, digital camera, motorcycle etc. If you feel, the item is getting dated and you no longer want to possess it, then selling your item at a pawnshop is a good option and you‘ll get more money when you sell the item outright.

It depends, as to how you want to use your item to receive cash in your pocket instantly from the pawnshop. Pawning is a great way to get fast cash loan without any credit checks. Also, the most important advantage of pawning is that it will not harm your credit even if you fail to pay the loan back, as the pawnshop will sell your possession to get back the loaned money and interest.

Mega Cash is a Sydney based pawn store who offers instant cash loan against goods of value, which includes cars, boats, bikes, musical instruments, electronic items, collectables, jewellery and more. At Mega Cash, you can pawn or sell your item for instant cash.