STUDIO CITY (CBS) — Thinking about pawning something precious for some extra cash? Don’t hawk that item without some tips from pawngo.com founder and CEO Todd Hills.
Pawngo is the world’s first online pawn shop. At Pawngo, users can pawn or sell valuables and get the money they need from the anonymous comfort of their homes. Pawngo lets users take out short-term loans of $250 to $100,000 using resalable valuables as collateral.
Be on the lookout for hidden fees/interest rates. Know the rules of your pawn shop.
• Research your pawn shop’s monthly interest rate as well as other hidden fees associated with it
• Research the loan period on your item and if there are any penalties associated with defaulted loans.
• For example, Florida pawn shops can charge up to 25% interest rates, which is pretty excessive. Pawngo charges between %3-6
• Pawn shops are also in the business of charging for shipping and storage fees. They can sometimes charge you for your pawn ticket
• Pawngo has free shipping, free storage, no charges for pawn tickets.
• Many pawn shops will also resell your item once the loan period is up. If you don’t reclaim it right away, the pawnbroker will resell your item even if you have paid your loan off. Pawngo offers a grace period for pawn customers to reclaim their item before it’s resold.
Be on the lookout for scammers.
• Before pawning in person or online, it is important to research potential businesses so you don’t get scammed into a bad loan offer. Look up reviews of the pawn shop online.
• What’s your pawnbroker’s evaluation process? What does he base your item’s value on?
What should you pawn?
✓ If you’re looking for a solid amount of cash, the best items to pawn are high-end jewelry, diamonds, and watches.
✓ Pawn luxury items that are 100% authentic and valuable.
✓ If you’re unsure of your item’s authenticity or worth, it can be officially evaluated and appraised by a quality jeweler or antique dealer.
Get your item appraised before you step foot into a pawn shop so you know what kind of deal you’re getting into.
• Get your item appraised by a certified evaluator or gemologist.
• This is especially beneficial when it comes to getting your wedding ring or diamonds appraised. You should know the value of your diamond’s worth based on the 4Cs to ensure you get a good offer.
Know your pawn shop’s security standards
• Be sure to ask for information on your pawnshop’s security standards to ensure that your pawned item will remain safe under lock and key during its loan period. Pawngo’s secure fulfillment center is monitored by 24 hour video surveillance and can only be accessed via biometrics security