Sometimes an unexpected bill or emergency can throw us for a loop, leaving us struggling to pay our regular expenses. A quick short-term loan can help you meet your expenses. Two popular choices are pawn loans and payday loans, but which is better? Let’s look at both types of loans and the benefits and drawbacks of each one.

What is a Pawn Loan?

Pawning is the act of putting up an item of value as collateral for a loan – known as a pawn loan. You can pawn a variety of items including jewelry, electronics, and even some antiques. When you enter into a pawn loan agreement, the pawnshop agrees to loan you an amount that is a percentage of what the item or items are worth. If you repay your loan within the agreed timeframe, you receive your item(s) back.

What is a Payday Loan?

A payday loan is a short-term loan that you pay back on your next payday. Typically, a payday loan company will determine the maximum amount you can borrow between pay periods and you can take a loan up to that amount. On your payday, the loan company your bank account for the loan plus interest charges. You usually have the option to pay the loan before your payday to avoid the automatic draft to your account. Note that payday loan companies may require that you have direct deposit in your bank account, as this is how they “guarantee” you pay back the loan.

Which Loan Is Right for You?

Choosing between a payday loan and a pawn loan depends on your needs and what you have available to you.

Both types of loans have their advantages and disadvantages as you can see above. If you’re willing to have the loan company draft your bank account, a payday loan seems like a good option, as you don’t have to put valuable items up for collateral. However, what happens if you can’t repay your loan?

In the case of a payday loan, if you can’t repay your loan, your bank account is drafted anyway, leaving you with overdraft fees. If your bank pays the draft, you must pay the negative balance on your account (which will take away from your next paycheck). If your bank doesn’t pay the overdraft, the payday loan company will turn your loan over to a collector, where it then goes on your credit report.

With a pawn loan, however, if you can’t repay your loan, the pawnshop simply keeps the item(s) you pawn and puts them up for sale in the shop. While this means you don’t get your item back, it also means no collection calls and no defaulted loan on your credit report.

Why You Should Choose a Pawn Loan Over a Payday Loan

Flexible payment options are the number one reason you should choose a pawn loan over a payday loan. With a pawn loan, you and the pawnshop can negotiate the terms of your loan, including how long you have to pay. This means that you can budget payments over time to ensure you pay your loan and get your items back. With a payday loan, you have no choice but to pay your loan back on your payday. For many people, this means that you don’t have that money after your next payday, which leads many people to take out a new payday loan, often for several pay periods until they can catch up again.

Do you need a loan for an emergency? Do you just want some extra cash? Contact us today to discuss your needs. We’re here, serving Philadelphia and surrounding areas.

Do you have gold jewelry that you don’t wear anymore? Maybe you inherited gold coins or jewelry that you don’t need. If you want to put unwanted or unneeded gold to use for you, a pawn shop is a good option. You can sell your gold for cash right away, perfect if you need extra money for a rainy day or something unexpected. If you’re planning to sell your gold to a pawn shop, here are our tips to help you get the best money for your gold.

Know the Karat of Your Gold

If you have gold jewelry, you can usually find the karat marking on the inside band for rings and solid pieces and the inside clasp for bracelets and necklaces. Karat is indicated with a K (for example, 10K or 16K) Karat determines the purity of your gold, important in determining the value.

Know the Weight of Your Gold

Before you take your gold to the pawn shop, make sure that you weigh it. A kitchen scale is perfect for measuring your gold jewelry since it is sensitive and designed to weigh small items. Make sure that you have it set to grams so that you can easily convert the weight to pennyweight (standard jewel scale) if necessary.

Separate Your Gold by Karat

When you put your gold together to bring to the pawn shop, make sure that you separate it out by karat. You’ll ensure you get a fair price for your gold since the value will be based on karat and weight.

Clean Your Jewelry – Don’t Polish It

While you want your gold to make a good impression, don’t polish it before you bring it to the pawn shop. Instead, clean it gently with a damp cloth to remove dirt and dust. Polish can remove gold, especially from jewelry, resulting in a loss of value.

Look Up the Market Value

You’ve done a lot of work so far to ensure you get a good price for your gold. You should do three more steps, though, to get the best price you can. The first of these last three steps is to look up what your gold is worth. While a pawn shop will not pay you the full market value (they have to be able to sell and make money too) you can still ensure a fair price with knowledge.

Get Prices Before You Sell

The second of the final three steps is simple: shop around. Go to a few different area stores and let them make offers before you choose the pawn shop you want. Getting different offers will let you know what the value of your gold is in your area and will arm you in negotiating once you’re in the shop to sell.

Go to a Licensed and Reputable Pawn Shop

The final step is to choose a licensed and reputable pawn shop. Check reviews. Look into their licensure. Do your research on the shop. A good pawn shop will be reflected in their business practices and their reviews.

Do you need extra funds for an emergency? Do you just want some extra cash? If you have gold or jewelry you’d like to sell, contact us or stop by today. We’re here, serving Philadelphia and the surrounding areas.

If you have some collectibles and other unused items around your house, you’ve probably considered selling them. It’s a good way to get the extra money that you may need. If you’re looking at eBay or other auction sites, we have some things for you to consider. You may find that your local pawn shop is a better choice.

No Fees on Your Transactions

eBay earned the moniker “fee-bay” for a reason. For many sellers, especially those selling certain types of collectibles, the site can take several fees. They’re not alone. Most auction websites require listing fees, and some have transaction fees that can be imposed at the time someone purchases your items or later when you go to take your funds. Pawnshops, however, offer you a way to sell your items without worrying about additional fees.

No Wait

Unless you’re selling a high-demand item, you’ll likely have to wait for your item to sell. That wait can take weeks or even months, depending on how you put your item up for sale. Worse, if another seller undercuts you or if the demand for the item drops off, you may not sell it at all. At your local pawn shop, you have no wait. Once you bring in the item, the pawnshop buys it right away and you walk out with your money.

Pawnshops Are Easier

Online selling takes work. You need to set up your listing, including researching the price it’s selling at (which may or may not be what it’s worth). You have to write up the description and take photographs to upload. With a pawnshop, all you need to do is bring in the item you want to sell.

eBay Sales Are Final

Once you sell your items on a site like eBay and ship them off, they’re gone. What if you need some extra money, but don’t want to give up your jewelry or collectible? Pawnshops give you the option to pawn the item instead of selling it – that is taking a loan against the item for the cash you need now to pay back later. As long as you pay back the loan, you can get your item back. If you need cash but don’t want to sell your things, a pawnshop is your best option.

Pawnshops Are Good for Buyers Too

Selling isn’t the only time a pawnshop is better. For buyers, pawnshops offer advantages too. If you’re looking for inexpensive jewelry or used or collectible items, some reasons to consider a pawnshop over sites like eBay include,

• Seeing the item before you buy it
• Avoiding shipping time and shipping fees
• No wait once you buy the item
• No bidding wars against other buyers

Do you need extra funds for an emergency? Do you just want some extra cash? Are you looking for jewelry or collectibles? Contact us or stop by today. We’re here, serving Philadelphia and the surrounding areas.

Do you own a luxury watch that you’re not wearing anymore? Timepieces make wonderful gifts, but all too often they’re left sitting in the bottom of our jewelry box or the back of our dresser drawer. You could leave it in the drawer, hoping to wear your watch again one day – or you can make some money. If you’re ready to put your watch to use for you, here are 3 options you have for selling your watch.

Online Selling

With the internet at our fingertips (chances are good you’re reading this on your phone), it is easy to sell anything we have online. Sites like eBay have become staples for buying and selling items. Putting your watch up for sale is as simple as taking some pictures and putting up a description. Online selling has its drawbacks, however. You have a lot of competition for someone to find your watch as sites like eBay have millions of sellers using their service. You also must compete with prices that can range from extremely undercutting the value of your watch to over-pricing the watch. Then there’s the time factor. Because you must wait for potential buyers to find your listing, it can take several days or even weeks for your watch to sell.

Buy/Sell/Trade

Buy/Sell/Trade stores are another option for selling your watch. What is a buy/sell/trade store? It’s all in the name – they run on a business model of buying items at agreed-upon prices, accepting items in trade for store credit, and selling items people like you have brought it. If you need fast cash, they are a good option, as you are selling locally the same day you go in. However, once you sell the watch, it’s sold. In most cases, you can’t reclaim it from the store without paying the retail price.

Pawn Shops

If your watch has been sitting in your jewelry box or the back of your drawer for a long time, it’s probably because it holds more than monetary value to you. Sometimes, we’re hesitant to part with watches and jewelry because they were gifts or because we know we’ll want to wear them one day.

Like buy/sell/trade stores, pawn shops give you the ability to sell your watch locally and fast. Pawnshops have one advantage over the buy/sell/trade store, however. If you have been hesitant to sell the watch – or just want the option to hold onto it – you can use it as collateral for a loan instead of selling it. If you’re able to pay back the loan, you can reclaim your watch later. This gives you the cash you may need or want now, and your valuable watch back after you’ve paid off the loan.

Are you looking to sell your watch fast for cash? Contact us today to discuss your needs.

If you’re strapped for cash, you want a reliable pawnshop. Knowing where to go to get the best price for your jewelry, clothing, or electronics, though, can seem daunting. We have a lot of pawn shops in the area and choosing the right one is important if you want to make sure you’re working with someone you can trust. Here are 5 ways you can make sure that you’re choosing a reliable pawnshop.

Ask Around

People use pawnshops often, so chances are, you know someone who has either pawned items before or bought something from your local pawnshops. Ask them for recommendations. Find out what the staff at the shop is like – are they polite and knowledgeable about the items that come through their shop? Do they offer fair value for items?

Look at the Reputation

When you’re looking for a pawn shop, check out the reviews on local sites. What do people say about working with them? Are they listed with the Better Business Bureau or local agencies? Are their complaints, and how were those complaints resolved? A company having a bad review, or a complaint is not always a red flag. Not everyone will be happy and sometimes, the unexpected can happen even in customer service. What you want to pay attention to for warning signs are,

• The kinds of complaints and if you see the same problem repeatedly
• If complaints are left unresolved
• If the pawnshop makes excuses about why a complaint isn’t “really” their fault

Research Market Prices

Knowledge is important when it comes to pawning your valuable items. Look up what your jewelry or electronics are worth so that you have an idea of what kind of price you should expect to get. Expect some variation in what a pawn shop is willing to offer you. Market prices are averages, not fixed rules. However, if a pawnshop is significantly undercutting the value of what you want to pawn, they’re not reputable and you don’t want to work with them.

Check Licensing

All businesses must follow certain requirements with the IRS as well as state and local government agencies. Don’t be afraid to ask about the pawn shop’s license and be proactive, looking them up with your area small business agency. If they’re not in compliance, that is a good sign they aren’t reputable.

Trust Your Gut

The most important factor in whether you can trust a pawn shop is how you feel when you go inside. No matter what kind of reputation they have, what recommendations you get from friends, if you walk in and don’t like what you see, don’t work with them. If the shop is filthy, if merchandise looks to be poor quality, or if the staff are inattentive or rude, those are good signs that you’re in a bad shop. You can always shop around a little more.

Do you need extra funds for an emergency? Do you just want some extra cash? Contact us today to discuss your needs. We’re here, serving Philadelphia and surrounding areas.

Life can hit us with unexpected emergencies, sometimes faster than we can easily react to them. An unplanned bill because the pet is sick, something is leaking from the car, or something broke in the house can easily put you behind. Sometimes monthly expenses add up and just put you behind on bills. There are lots of reasons that you may find yourself wanting to take out a quick loan to keep up. Here are some reasons why you should consider using a pawnshop for that loan.

No Credit Checks

Credit checks are a hassle even when we’re not stressed about bills and emergencies. Depending on your credit history, credit checks can also delay how quickly you can get the loan, just compounding the emergency. With a pawn shop, you don’t have to worry about a credit check, since you’re borrowing against collateral (the item you put up for pawn). You don’t have to worry about the extra time, possible credit declines, or potential hits to your credit for applying for the loan.

The Pawn Shop Gives You Choice

With a pawn shop, you have a choice on how you want to get the extra money that you need. You can pawn the item and take out a loan based on its value with a promise to repay the loan later. If you are concerned about paying back a loan or don’t want to worry about paying it back, you can choose to just sell the item outright. That kind of flexibility is important when you’re short on cash or have an emergency.

You Don’t Have to Sell Treasured Items

Just because you can choose to sell the jewelry, electronics, or other items that you bring to the pawnshop doesn’t mean that you must sell them. One of the biggest advantages that a pawn shop offers is that you don’t have to give up your items. As long as you are able to repay the loan, the pawnshop will hold what you pawn for you to reclaim.

It Doesn’t Have to Be an Emergency

A pawn shop loan isn’t just for emergencies. Any time you want some extra cash – extra money for a date, cash to treat yourself to something new, or any other splurge – a pawn shop is there. If you have electronics or jewelry that you’re not using, you can take it in and get the cash you want. You don’t have to worry about having to justify the loan the way you might for other short-term loans.

Do you need a loan for an emergency? Do you just want some extra cash? Contact us today to discuss your needs. We’re here, serving Philadelphia and surrounding areas.

You find yourself needing fast cash and you’re looking at two options – pawn shops and buy/sell/trade stores. They look similar – often the stores use similar signage and advertising verbiage. There are some important differences though, both for people who are looking for fast cash and people looking to buy.

What Is a Pawn Shop?

At its core, a pawn shop is a place where you can get a short-term loan by putting personal items up for collateral. Where a bank will require you to put up, say, your home for collateral for a loan, a pawn shop will loan you money based on the value of things like jewelry and electronic equipment. Once you pay off the loan, you can reclaim the item and take it home with you. Since pawn shops also buy items outright and sometimes people don’t pay back their loans, they also offer items for you to buy, usually well below retail price.

What Is a Buy/Sell/Trade Store?

It’s all in the name; a buy/sell/trade store is one that allows you to bring in items to sell, offers items for you to buy, and allows you to trade things you have for things you want in the store – usually by establishing store credit for what you bring in. Once you sell your items to these shops, they’re gone. If you change your mind, you won’t just be paying back the money you bought it for. Usually, you’ll pay whatever price they want to sell the item at.

Which Is Better?

Pawn or sell, it depends on what your needs are. Both are good fast-cash options. With a buy/sell/trade store, you get cash in hand and don’t have to pay anything back. The deal is final. With a pawn shop, you must repay the money based on the terms the store establishes with you. If you feel confident in repaying the loan, going with a pawn shop means that you will get the item back in the end. This is good if you’re looking at the possibility of selling valuable jewelry or something with sentimental or family value.

If you’re in the market to buy something under retail price, both types of shops offer value. Since they deal with the public, you can usually find things you won’t find in retail stores anymore. You will also find items at prices well below retail price for the same or similar items. Since a pawn shop will often buy items outright, if you have something you want to sell, you can still save money. For those in the market to buy, the main difference comes with waiting time. If a pawn shop is displaying items still under loan, you won’t be able to buy it until the pawn shop knows whether or not the person who pawned the item will be able to pay back the loan. With a buy/sell/trade store, the items on display are available to buy right away.

Do you need fast cash? Contact us today to discuss your needs.

The holidays are upon us. As the malls and superstores fill up with shoppers, you’re probably looking for alternatives to finish your list. After all, who wants to stand in huge crowds right now? Instead, visit us at Cash Express Pawn Shop. Here are 5 reasons to avoid the lines and make pawn shops your alternative for holiday shopping.

You Are Supporting Local Small Businesses

Whether you’re in the city, the suburbs, or the country, keeping small businesses strong is so important. Most pawn shops are locally owned small businesses. When you choose a pawn shop over other alternatives (like online shopping) you are supporting community businesses.

You Can Find Unique Treasures

Pawnshops are a great place to find things that you won’t find in stores anymore. Among the things pawn shops always buy are antiques and designer clothing. That means finding a rare and unique collectible that will make a unique gift. Pawn shops are also a great place to find clothing for cosplayers or nice, fancy clothing at an inexpensive price. You can also find fine jewelry you won’t find in department stores.

You Can Bring In Things to Sell

Do you have any jewelry you don’t wear anymore? Maybe you’ve replaced your smartphone, and the old one is still in good condition. Most of us have a few things that we can take with us to a pawn shop when we go shopping. Why not bring them with you? Selling your own items when you buy is a great way to save money (or even make money) while you finish your holiday shopping.

Negotiate Prices

When you shop at the mall, the price you see is what you have to pay. That’s not always the case with pawn shops. Most pawn shops are willing to negotiate prices for what they sell. The trick is to be prepared. Usually, big-ticket items are fixed, but many other great gifts are open for discussion. If you want to save a little extra on a gift, remember

• Call ahead to find out what kinds of items are not negotiable on pricing
• Be friendly to staff in the store. When you negotiate, you want to start from a friendly disposition
• Start lower than what you want to pay, but don’t go too low.

Same-day Loans

If you’re feeling strapped for cash and don’t want to sell items, consider using them to obtain a loan instead. You can get extra cash for your holiday shopping and pay back the loan over time to receive your pawned items back. So that old phone or jewelry that you’re not ready to part with yet can still do something for you.

The number one reason to holiday shop with us … our friendly staff and prompt service as well as our wonderful selection of antiques and jewelry. We know you’ll find the perfect gift, so stop by now.

Gold coins are a worthwhile investment to make. The most common questions we here, however, are how to go about buying them, and where the best places to purchase them are. From coin dealers to gold sellers, to pawnshops, to individuals, you have a lot of places to choose from, each with their advantages and disadvantages. While you always want a good deal on an investment, low price isn’t everything when it comes to buying gold coins.

Considerations

Before you look to buying gold coins, you should keep a few things in mind.

Storage – Where do you want to keep your gold coins? The answer will depend, in part, on what your purpose is. If you’re buying them as an investment, you may want to keep them in a secure location in your home or with a custodian. If you’re purchasing them as a collector, on the other hand, you’ll want a safe and secure way to display them. Before you begin purchasing, decide what you want from your purchase and research your options.

Insurance – Whether you’re collecting or investing, you want to have insurance for your coins. Check your homeowners insurance or renters insurance to see what keeping them at home may add to your premiums. If you choose storage, make sure that your investment is covered by their insurance or if you’ll need a separate policy.

Source and Purity – When you purchase gold coins, you want to make sure that they come from a reputable manufacturer who guarantees quality. You also want to ensure that the gold has a purity level worth the investment that you’re making – usually at least 91% pure at minimum.

Where to Purchase Gold Coins

Now that you know what you want from your gold coins and you know how you’ll store and insure them, you need to look at where to buy.

Government Mints – Governments often issue gold bullion coins each year, with a minted value, that you can purchase. The minted value will be based on the government currency and are what that governing body guarantees their worth to be, but not their actual value (or price to purchase).

Private Mints – Private mints are essentially companies that mint their own gold bullion coins for sale. These do not have a monetary value backed by any government. Their value will depend on the purity of the gold and later upon the rarity and collectability of the coin.

Individual collectors – Individual collectors may sell coins that they have in their possession, from their own investments or what they have inherited, for example. They may sell bullion coins from government or private mints, or numismatic coins (rare coins purchased for their rarity rather than gold content). Numismatic coins are more for the collector than the investor.

Coin Dealers – Dealers vary from local coin sellers to online stores, to trade show dealers, to dealers who advertise on television. Coin dealers may specialize in a variety of mints, or only in specific ones. They can also vary widely in price and quality, so it is important to research a dealer before you buy.

Pawnshops – Gold coins are a popular item for pawnshops to purchase from private individuals because of their high value. As a result, you can often find gold bullion coins that are no longer minted and harder to find. Depending on the pawnshop, what you find is often comparable to dealers, though the price may sometimes be higher, since you’re often buying coins that are older and harder to find.

If you’re looking for gold coins, contact Philadelphia Pawn Shop Cash Express today to see what we have available.

If you’ve ever thought of using a pawn shop, you may wonder what exactly store buy. At Cash Express of Philadelphia, we are always looking for items of value. While our stock changes from day to day, there are some items for which we’re nearly always looking. What we don’t want is knock-offs, like designer purses. So when you walk into our gallery, you have the confidence you’re getting the real deal.

1. Jewelry

Jewelry is a popular item, provided you have proof of purchase. Why? We want to make sure the items for resale haven’t been stolen.

Gold jewelry brings a higher return than silver, and even broken pieces still have value. See, metal can be melted and gems pulled out to make whole new pieces. Designer costume jewelry and anything with diamonds is a pretty successful sell.

For buyers, Jewelry sells quickly at reasonable prices in our store, so if you’re eyeing a piece, get it as soon as possible. And don’t worry, there is something you’ll love in every budget range.

Watches are similar to jewelry in that they require proof of authenticity. Big names in watches include Cartier, Chanel, Piaget, and Rolex. The right timepiece can go for thousands of dollars.

2. Designer Items:

Even if it’s a dress from 1940, anything with a designer label has value. They always make a fashion statement. Can you say, Louis Vuitton? Or how about Chanel? When you care for your designer items, the price goes up. So even if the article shows a minor ware from time, it can still be sellable.

3. Antiques:

Depending on how much room a store has, you can even sell silverware, statuary, candlesticks, rugs, and even furniture! Currency, in particular, appeals to the antiquarian. If you are selling, bring in your item so we can give you a price. When you or someone you know loves old coins or paper money, you can find something here to round out their prized collection.

4. Gemstones and Diamonds

Gemstones and diamonds, whether loose or in a setting, fetch a pretty penny. So what kind of precious stones? Emeralds, Amethyst, Topaz, Sapphire, Ruby, and Opal are all examples of what you can pawn.

5. Entertainment Items:

From video game consoles (Wii, Xbox, Playstation) in good working order have an appeal because shoppers often want an older version when theirs breaks. Oh, don’t forget flat-screen TVs. In this category, we also accept electric or acoustic guitars, amplifiers, and student instruments.

Pawning Tips:

When considering selling to Cash Express, do your research first. If there are any relevant facts, bring them along. Take a moment to clean up your item so we can see it clearly. When there’s a certificate of authenticity or proof of ownership (or both), they help tremendously in determining what we can give you.

If you have questions, please give us a call at (215) 922-1560. You can also email info@pawnphiladelphia.com, or fill out our online contact form. Our team of experts is happy to help you in any way possible.