There are two ways that customers can get quick cash at a pawn shop.
By pawning, known as "pledging" an item, the customer is contracting a short-term collateral loan. The loan is secured using personal property (anything of value) which is safely and securely held by the pawn shop and later redeemed by repayment of the original loan amount with fees and interest.
A "Buy" is simply a purchase of the customer's items. The pawnshop receives the property, and the customer gets immediate payment with no strings attached.
When you approach the pawn counter, the associate will ask "How can we help you today?" They will ask if you are looking to sell your items, or if you want a loan. The associate will ask how much you were looking to get. The broker will carefully evaluate the item, looking at details such as condition, materials, and other factors. After final negotiation on loan or purchase price, they will write-up the transaction, take details of the items(s) and your identification for the record. Finally, they will receive your items, have you sign the contract, and immediately get you your cash. No waiting, just quick money.
If you have done a pawn transaction (short-term collateral loan), when you come back to redeem your items, the clerk will ask for your pawn receipt and identification. Upon verifying the requested redeem, the clerk will ask for the repayment amount, then process the redemption paper work. After a short wait the clerk will present you with your merchandise, and the transaction will be concluded. No fuss, no muss.
So what will you get if you pawn, or sell, your items to a pawn shop?
It's important to remember that the pawn shop is in business to make a profit. There's employees to pay, bills to pay, and other costs associated with maintaining a well run pawn business. With this in mind, it means that customers should expect to get less than the potential value, whether retail or resale, for their merchandise. Some items are easier to deal with, like gold jewelry and other valuables, which may get you a better payout. Some items are significantly more difficult, like collectibles and consumer electronics, which may be harder to get "full-book" valuations out of. Generally if it's in high demand, the broker will be able to get you more. If it's an item that is a "slow mover", don't expect top-dollar.
Some customers come into a pawn shop with extremely unrealistic expectations. Generally they either over value their items, or they expect the pawnbroker to attempt to "get over" on them. Both of these are unrealistic situations that are unfortunate popular misunderstandings. The fact is that many pawn shops try their best to evaluate merchandise fairly. While there are a few "bad actors" out there, most pawn shops understand that cheating people is not good business. Pawn shops, like any other business, want their customers to walk away feeling that they were treated fairly and given a good deal.
NoJo Traders is a friendly, safe, and welcoming business. As such, we promote and value the following behavior, both in our employees and our customers:
To uphold these things, it is the store's policy to ask all customers and employees to refriain from the following:
The following Terms and Conditions are strictly held by NoJo Trading Company LLC, d.b.a. NoJo Traders.