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If you’re in need of some fast cash, one of your best options is to visit a pawn shop. Whether you want to pawn or sell gold, or are thinking of selling diamonds or another valuable, the shop can take items off your hands so that you can resolve your financial emergency quickly. So you’re prepared for your first visit, here’s what you can expect to happen.

What to Expect When Pawning for the First Time

pawn shop1. You Might Need to Negotiate

Be prepared to negotiate if you have a certain figure in mind. If you come into the pawn shop with a valuable watch that’s been appraised by a collector, don’t automatically assume you’ll receive that amount. Have a minimum figure in mind that you’re willing to accept because the broker will assess the value and make an offer. You must accept the loan terms before transaction can occur.

2. You Will Be Given a Ticket

After you’ve negotiated and accepted a fair loan amount for your collateral, your pawn broker will provide you with a ticket that shows proof of the transaction. It includes details about the item that you pawned, the loan amount, and the amount due in exchange for the item at a later date. You’ll need to hold on to this for the duration of the terms.

3. You Have Payment Options

Once you’re ready to get your item back, you’ll need to return to the pawn shop with your ticket by the specified due date. At this point, you’ll pay back the amount of the loan along with any specified fees, which should be explained in full before you pawn your item. If you cannot pay back the loan, there are no penalties involved; you simply forfeit your item to the pawn shop. If you need to extend the duration of the loan, you can always contact the shop. It’s often possible, but you might need to pay interest on the extra time.

 

If you need fast cash for an emergency, visit American Trading Company in Cincinnati, OH, to receive the best value for your valuables. Whether you’re pawning or selling diamonds, gold, or rare coins, you can trust these professionals to offer outstanding rates. Visit their website for information about what they buy, or call the pawn shop at (513) 661-3633 to ask about specialty items.

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