Have you ever pawn your stuff at a pawnshop?

United States
June 26, 2010 11:14pm CST
In the economy down time, do you ever short of cash? For instance, if you need some instant cash to help you out for a week or something, would you pawn out of your stuff, like electronics; guitar or whatever you seem it valuable. Have you ever done that? If yes, do you think that their interest rate charge is outrageous, with a ballpark calculation in compare to banks, their annual rate is well over 260%. Usually 20% charge when you redeem your collateral. How often do you really pay back the loan?
17 responses
• India
27 Jun 10
i have a notion and belief that all the stuff .. gold, and jewelry are just to be adorned .. not for fashion purpose, but, for PAWNing the stuff.. when you are in dire need of cash. so, I have been on and off, using this feature of the economy world. .. You remember the SHYLOCK of the Merchant Of Venice? .. Is he not the money-lender, pawning stuff from people? .. .so, it has been here before the Bible. .. that is what I FEEL. And, when you step on to the shop... you don't have the option to choose the interest rate, etc. You came there in all urgency. and, there is no alternative, but to start trying to clear off the debt ... quickly. goodluck
• United States
27 Jun 10
Pawnshop existed for over thousand years I believe, and their purpose is to loan people money when they need instant cash while they can't get it from the bank. The loan borrowed against the collateral people bring to the shop. That is the way it is. And I SAW that movie too, base on the Shakespear story right?
• India
27 Jun 10
very right about Shakespear. .. and, A very nice topic on people.. thanks for that.
@meemingNEW (2228)
• Philippines
27 Jun 10
Yes I have pawned lots of stuff at a pawnshop several times. I used to be somewhat of a problem-child. The stuffs I pawned were mostly my mom's and my own gadgets as well. So that my mother won't know the stuffs I pawned, I save lots of cash to get it back but the main problem really is the high interest charge like you said above. But business is business, at least we can benefit from it when we pawn through the cash that we receive. Most of the time really, I get the things I pawned back if it isn't mine.
• India
27 Jun 10
did you ever lose anything .. any friend, or any lunch or tidbits from your mom, on the account of your pawning the stuff? .. just asking. i once had to live without my wife's support.. for over 30 days.. when i have put her jewelry into the hands of pawn broker. what else could I do? .. i was planning that new clinic.. and, left with no more cash reserves.
@samson1967 (7422)
• India
27 Jun 10
Here one can pawn only gold, not other things. I have so far pawned more than 250 grams of gold, but never redeemed them, because of Pawn brokers greediness and high rate of interests. Pawn brokers are really blood suckers. Now there are private banks who offer gold loan at attractive rate of interest. It comes in handy sometimes and the interest rate as low as 1% per month, i.e. 12% per annum.
• United States
27 Jun 10
True, those pawn shop broker won't offer you a high price but still charge your high interest rate. They only loan you 1/3 of the selling price that they think they can resell them with their set price. Only 1/3. So, don't expect too much you can get much money from them though. They have play by the book too. If you found a bank offer you a better deal, go for it.
• United States
28 Jun 10
PAWNING IS NOT A GOOD IDEA. I do not recomend that you do it, even in the most despereate times. Its quick cash thats better than nothing, and thats all. they will generally give you about 30-35% of the RE SALE value, so they can make money off of it. I regret it, and it is outrageous.
@oXAquaXo (607)
• United States
27 Jun 10
I have never personally pawned anything at a pawnshop, but according to a few friends, it's not worth it. They say that the interest rate charge is way too much, and you sometimes end up losing money. Even if the money was good, I would probably not pawn out my stuff. For some reason, I develop a wierd relationship with inanimate objects, so no matter what an item is in the house, I can never seem to throw it away, because it has some kind of sentimental value that I can't seem to figure out. So I probably wouldn't be able to do it, especially if it can only help me for a little while.
@eurekafemme (5881)
• Philippines
27 Jun 10
Yes, I have. It was a 24 K ring from an ex. Its design was that for a male. When I was cleaning my drawer I saw the ring. I asked myself what to do with it.Then, an officemate borrowed money for his sick child's medicine.I didn't have an extra cash so I told him to pawn the ring instead. I was not able to redeem it and my officemate was not able to pay me, too. I didn't have regrets though. I was able to help a friend in need. I don't want to keep the ring in the first place .:-)
• Philippines
27 Jun 10
i had it once and only once without the knowledge of my parents. i was really eager to help a friend who is in crises and im unsure if my parents could lend my friend and so to help i had my jewelry pawned and after a month when my friend has paid me for the money that i hand him, we immmediately get the jewelry at the pawnshop before its gone! thanks got it is still complete. =)
@Ladyslipper (1330)
• Philippines
27 Jun 10
I have only experienced this once and it was really an emergency. I really felt helpless during that time as it was the first time I ever experienced not having any cash when I need it most. My husband and I have money but we have to wait for it to be cleared in our Savings Account for 3 days. The check is not good for cashing out. It has to be deposited in our Savings Account under my name. The bad thing there is that the check was issued by a different bank- not the bank where we have a Savings Account. Banks have cut- off for check deposits and just because of unavoidable circumstances in the office we did not make it to the bank on the cut- off time. It means the check can just be deposited in the account the next business day. It was Tuesday and it takes 3 banking days for the check to be cleared. If we made it exactly at cut- off period then it means check will be cleared by Friday. However, we did not make it so that means check will be deposited already the next day which is Wednesday and it will clear by Monday. It means we have a money but it's stuck there in the bank and we can't use it. It was a very horrible day for me. We need to go to the grocery because the baby needs milk and diaper. If we will withdraw the maintaining balance it means we need to close our account since it's a Savings Account. Obviously we can't do that. We had no choice but to go to the pawnshop. At first I was hesitant and also my husband to go there. We're both shy since it's the first time we would ever do that. We are also worried that people we know would see us and might ask why we are in the pawnshop. However, since there is no option left as we also don't want to borrow money from our friends which we don't do then we ended up pawning. The interest rate though is not that high. It's just 5% every month. We were able to recover what we pawned. The same day the check cleared we went straight to the pawnshop to redeem what we pawned. In a way I can see that pawnshop helps in a situation where you need immediate funds. There's no hassle as long as you have something valuable to pawn. I just hope my husband and I would never have to do it again.
@sender621 (14956)
• United States
27 Jun 10
It has been a while but I have pawned a ring at a pawnshop. I don't want to be in a place in my life again where I was desperate. Once you give up an item, you take the risk of not getting it back. It takes so much more to reclaim it.
@grayxenon (1306)
• Philippines
27 Jun 10
i did once, a gift, a necklace, im not fond of wearing or collecting jewelries and accessories and when i got so broke an needed some cash i pawn the necklace. i sadly due to unavoidable circumstance i wasn't able to claim back the piece..
@juicekodai (1122)
• Philippines
27 Jun 10
yup.. i once pawned my ipod nano... i promised i would take it back on payday i just badly need cash that time... but when payday came, i had nothing left it was in the pawnshop for a month.. but i do make sure i dont just pawn something.. i only do it for emergency...
• Philippines
27 Jun 10
Twice i did. For a good reason its convenient to go this places in exchange of your things rather than asking people to lend you some. Well its given pawnshop is business. Interest are outrageous. But we got no choice. We use their services and we are bound to pay. Just dont do it as a habit coz at he end it will hurt you pocket more. Pay it slowly until its paid up. Thats it! Better find a way that will not make you end up that pawnshop again.
• Philippines
27 Jun 10
Many times did I encounter financial problems and the most convenient way for me to find some cash is by going to the pawnshop. I pawn my jewelries and it somehow relieved me from borrowing money from other people. Pawning is better than going to your friends or relatives.
@se7enthbird (8328)
• Philippines
27 Jun 10
yes we did. specially in emergency. i never pawned my guitar but i tried pawning my psp and ipod. when i have money i will not wait for the expiry date and i will get it already. i no longer think of what they rates are as long as i got money that i need for the emergency. if i think of that i may never find a place where to pawn and to get money. though sometimes we try borrowing from friends first before we try pawning. pawning is the last option.
@kaylachan (4776)
• Daytona Beach, Florida
27 Jun 10
Yes I have. I don't like it, and I didn't get much for it, but it was enough to pay for a cab to get me home. I'm not proud of it, but I don't have anything that's worth anything anymore. Apparently I never did. I felt guilty, but never the less, it was something I had to do at the time.
@juggerogre (1659)
• Philippines
27 Jun 10
I haven't tried pawning my stuffs. If ever I have problem with money I can always ask for some money from my friends or parents. They are always ready to help because they knew I will always pay them when I already got money.
@puccagirl (7316)
• Israel
27 Jun 10
I have never done it, but I think it can be a good option for people who need cash. I guess the fees are really not that reasonable though, which is a shame, but let's face it: the pawnshop needs to make money as well, somehow.