The cost of living is not going down; every year it’s more expensive to live. Whether you’re on the hook for a medical bill or in a pinch to make rent or pay off credit fees, securing a quick loan from your bank can be anything but easy. This kind of predicament is only made worse if you don’t have a shoo-in credit score.

One of the best solutions for getting cold hard cash quickly — and legitimately — is to partner with a pawn shop like The Jewelers & Loan Co. Plenty of individuals rely on pawn stores in times of financial need or even just to get rid of unwanted items, but even when you turn to one, you’re presented with a few options; pawning and outright selling your items.

Selling and pawning may seem similar, but there are distinct differences between the two. Choosing one over the other depends on your unique circumstances.

Selling vs. Pawning: What’s the Difference?

Before exploring the advantages of each, it’s essential to have a grasp on the differences between selling and pawning. While both terms refer to giving up an item for financial gain, selling — as you might deduce — involves giving up ownership of it. However, when you pawn, you can still get that item back as long as you return the money borrowed.

On its face, it may appear as if pawning is inherently the more advantageous option. But upon digging deeper, you’ll discover other factors to consider before opting for either avenue.

Pawning Your Items

The idea of being able to pick up your items after you have paid off your loan may sound attractive to some on the surface, but it’s not always so straightforward. First, pawnbrokers may be discerning about what items they are willing to accept for a pawn loan. After appraising the value of your item — which does often have an additional fee attached —, pawn stores will offer you a percentage of the value of the item. At Jewelers & Loan Co., we specialize in cash for gold, silver, diamonds in all sorts of forms, including jewelry, watches, coins, silverware…the list goes on. That full sterling silverware set that’s been passed down for generations? That older family heirloom? It all may be more valuable than you realize!

Pawn loans are excellent for those who do not want to lose out on a sentimental item forever. With a pawn loan, you are guaranteed the security of your item for the duration of your loan agreement. Unlike bank loans, pawn loans do not affect your credit score. Moreover, pawn loans are speedy (in a matter of minutes, even), with no waiting period or approval process.

Legal Disclosures and Disclaimers

The Jewelers & Loan Co.’s pawn loan terms include:

• Pawn loans are subject to a 24% Annual Percentage Rate (APR) maximum.
• Our pawn loan terms begin with a one-day minimum period for repayment, but you can
• have up to four months with a 30-day grace period to repay your loan.
• $20.00 Maximum amount of Finance Charge on $100.00 Pawn.
• There is a standard appraisal fee charged for all pawn loans.
• Default would result in relinquishment of items

For more information about how pawn loans work, reach out to us today!

Selling Your Items

Pawn stores are highly regarded for their ability to pay out quick loans that rely on collateral — such as your jewelry — as a means of financial security. But of course, you can also sell. The primary benefit of selling is that you get a much higher value than pawning. In the case you don’t want to go through a loan process, pay anything back, or take your item(s) back, selling can be ideal. Selling your item gives you access to one lump sum payment without the obligation to return within a certain time or pay transaction and interest fees. 

In this sense, Jewelers & Loan Co. is a first-rate resource for decluttering a collection of luxury watches, heirloom-quality high-end jewelry, and other estate items you may not have storage for. Whether they’re loose diamonds, gold charm bracelets, or any other items that we buy, when you sell to The Jewelers & Loan Co., you can rely on our meticulous appraisal process to get you the absolute highest price for your items.

The Jewelers & Loan Co: The Future of Pawning Made Easy

Pawning is an age-old practice, but it’s not exempt from growth and renovation — which is where Jewelers & Loan Co. steps in! Our mission is to partner with banks, fintech, local jewelers, pawnbrokers, and jewelry stores across the country. Our website and mobile application would allow any user to locate a GoldPawnerShip affiliate location and obtain $100 and up immediately in their physical location. Providing value nationwide is our goal, and we’re excited for each of our customers to be part of the journey.

Whether you know exactly what you’d like to do with your items or want an expert opinion on how to get the most value, trust the experts that make it easy. For more information about what we pawn and what we buy, contact Jewelers & Loan Co. today!