If you need cash quickly, going to a pawn shop may be your best option. Pawn shops are short-term lenders that offer a percentage of an item’s value as a loan with the borrower given a set amount of time to pay back the loan, plus interest and fees. The pawn shop keeps the item as collateral if the borrower fails to pay back the loan within the designated timeframe. This type of borrowing is often used by people who need a quick fix or are unable to obtain a traditional loan due to credit issues. More info usapawnandjewelry.com

How to Find a Pawn Shop Nearby in Minutes

Jewelry (authentic, real jewelry – not costume jewelry) generally yields the highest amounts of cash. Electronics like televisions, DVD players, and video game consoles are also good choices as they tend to hold resale value. Bringing in the original box and chargers can help increase the total value of an electronics item. Musical instruments like guitars, flutes and violins can be pawned for a decent price as well. Tools and equipment, such as lawnmowers and leaf blowers, can also yield a fair amount of cash for a pawn shop.

Pawnshops are often a good source of money for the unemployed or those with bad credit who are not looking to take out a traditional loan, since they do not conduct credit checks and only require the borrower to present identification. However, the resale value of an item can vary significantly and if you are unable to pay the loan back, you will lose ownership of the item.