You need quick cash. A pawnbroker is a good choice, especially if you have bad credit. Our professionals at Cash Express see people every day in need of our services. As the saying goes, “Life Happens.” Perhaps they’re late on rent or had their car break down. No matter the situation, not everyone has a rainy day fund. Pawn brokers provide money quickly, whereas a traditional bank loan can drag on, and on. 

Pawning 101: What Happens When I Want to Pawn Something?

What to Pawn: Step one is determining what you want to pawn. We highly advocate against pawning anything with sentimental value.

1. Come into our store located at 731 Chestnut St. Philadelphia, PA. Here, one of our appraisers reviews your item. 

2. You receive the value of the item, details on the interest rate for your loan, and any other important conditions. Note that some items like coins and jewelry have standardized factors used in determining an item’s value.

3. When you agree to the terms of the pawn, you get that much in cash. 

Cash Express keeps your item safely secured as collateral.

4. You will receive a ticket for your item. It will include a full description including any wear and tear. 

5. The ticket stipulates a time from within which to pay the loan back. Most pawns span 2-3 months. 

6. Keep the ticket somewhere safe. It is the key to getting back your item when you pay the loan. 

Can I Extend my Shop Loan If I Cannot Repay On Time?

Most often the answer is yes. Pawn shops offer extensions or renewals in these situations. The only limitation is any state laws specifying loan extension times. The shop may ask for a portion of the interest when you extend your loan.

BRING YOUR TICKET!!

Renewal is a little different. At the end of your current loan, you will pay the amount of accrued interest to date. If you wish, you can pay down some of the principal at that time. Or, you might ask for a cash increase. 

In either situation, we write up a new loan reflecting the remainder owed. The interest rate won’t change. Tickets include the new due date for repayment.

Both these options give you extra time to gather money. You may be able to enact either more than once.

What Happens if I Default on Payment?

If you do not repay the loan by the due date, or if you don’t ask about extensions or renewals, the item becomes the pawnshop’s property. Depending on how late you arrive, you may be lucky and find your item still on the store’s floor for sale. This is the reason we advise avoiding nostalgic items. If things go bad, you can lose them forever. 

A Little More About Cash Express

Cash Express is your “go-to” pawnshop in Philadelphia, PA. Quick Cash is our specialty. We are always on the lookout for coins, antiques, precious stones, high-end watches, electronics, musical instruments, and jewelry. If you want to check about your item, give us a call ahead of time and find out if we are buying.

Alternatively, you can use our online contact form to find out if your property is something we’re looking for right now (saves you a trip). 

For more information email us at info@pawnphiladephia.com, or call our office at 215-922-1560