I need a "clep Quickie" training session on the ins and outs of using PAWN SHOPS for $$$!?

Question

Unexpectedly, I must round up some $$ for an emergency, and it was suggested taking some items to the local pawn shops. The problem is that I have never done any business @ a business of this sort!! I need to know what the rules are...ie what items do they take?? Are there things they will not accept? What kind of exchange rate is used? How long will they hold the items? Can you just choose to keep the $$ Are certain items favored over others?
Any information on this subject would be appreciated! Thanks!

Answer 1

Normally pawn shops will not accept items that cannot be easily resold i.e. thing s with only a sentimental value. Also, they will usually not accept expensive watches w/o proof of authenticity & ownership. The general rule is that if it can be sold quickly then they will probably accept it unless they have reason to be suspicious of your ownership.

Here is a quick breakdown of the steps involved with "pawning" items:
1. Clean item up & bring it into the shop
2. Pawn shop clerk decides the item's resale value
3. Based on this value, the clerk offers a loan normally with a period of 30 days
4. If the pawner, in this case you, accepts the loan, then in 30 days you will have to pay back the amount loaned plus 10% interest. If you do not pay back the full amount (or the amount of interest owed, to extend the loan) the pawn shop has the right to sell your item and either keep the profit or to only keep the interest owed to them by you. (The option depends on state law)