You may have some gold or expensive items lying around and may be in need of some urgent funds for something important. If you are debating on whether you want to go to a pawn shop Sydney for some emergency cash, but don’t know how they work or what you should prepare beforehand, then this article is for you! Read along to get a gist of what you should know before pawning off your valuables.

Know how they work

Pawnbrokers Sydney works the same as any other pawnbrokers. To summarize, they take a look at your personal details, assess your items and take them as collateral. In return, they loan you a percentage of the value of your belongings for a period of time. The amount you pay back usually involves an interest that depends on a lot of factors as well as the pawn shop itself.

What kind of items do they take?

Pawn shops generally take anything that has good value, ranging from extravagant branded goods such as high-end watches or purses to antiques. They also take luxury jewelry such as gold jewelry or diamond jewelry.

Ask what documents they need

Generally, pawnbrokers ask for verification where a driver’s license is sufficient. However, some stores may require you to show extra documents or paperwork in regards to your possessions. In these cases, your safest bet is to ask the people at their desk directly.

What happens if you don’t repay

Pawnbrokers usually give you a good deal for your belongings, but charge an interest over time. This may become a difficulty for some. Moreover, if the loan is not paid back within the pre-determined time, they hold the right to sell off your possessions, effectively making your loss even worse.

Compare your options

If you have several options to choose from locally, you should check in with all of them. Ask them about your own case, what their procedures are, what certifications they hold and why you should choose them over another store. This will not only give you the opportunity to pick the best one, but you will also have a better understanding of what to expect during your loan.

We hope this article has helped you become a little more confident in going into a pawn shop. Remember to ask for any assistance and the staff should be happy to help you.