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The Ins and Outs of Pawn Loans in California

The Ins and Outs of Pawn Loans in California

Imagine this: after one or two unanticipated expenses pop up, your rent or car payment is due, and you are short $100. What should you do? You might consider a bank loan, but not only is the amount too small, but the hit to your credit report also isn’t worth it. Plus, getting your money could take weeks.

You might think about asking a friend or a family member. Still, the chances are good that they are facing similar financial troubles, not to mention that borrowing money from friends and family can be a tricky situation. Some might even think about potentially dangerous solutions like getting a cash advance on a credit card or obtaining a payday advance loan, both of which charge astonishing interest rates and trap many unsuspecting people into a vicious cycle of debt.

If you have an item of value, you could think about selling it online or on one of the many person-to-person sales apps out there. This can be a good option but comes with many compromises that make it troublesome. For one, you are at the mercy of demanding buyers who may try to lowball you at every turn, not to mention the fact that to list items cost money, which immediately eats into the funds you can expect. Also, waiting for your money to transfer over to you may be too slow. Worst of all, once you sell your item, it is gone forever. Selling something you treasure can be painful.

If this scenario sounds at all familiar, you are not alone, and you are not out of options. The solution you are looking for can be found at your local pawn shop. Pawn shop loans are fair, short term collateral cash loans, and they are designed to work with you, not against you.

At Central Mega Pawn, we believe that getting the emergency cash you need should not be a grueling and possibly heartbreaking experience. We are here to help. Keep reading to find out what you need to know about pawn loans in California.

How Pawn Shops Work

First, we will go over how pawn shops function in the first place. Since ancient times, pawn shops have been a resource for their communities for quick, easy funding. Today, the spirit is essentially the same:

  • You bring in something that you legally own, and that has value. (We will discuss how to determine if your item is valuable shortly)
  • After inspecting the item, if the pawnbroker is interested, he or she will offer a loan, usually in the amount equal to a fraction of the item’s value.
  • Once all the loan terms have been discussed and agreed upon, you receive your cash and leave your item at the shop.
  • You will receive a pawn ticket, which you should keep track of! It is the receipt for your item, and it contains all of your loan terms, like fees, repayment date, etc.
  • If you repay your loan plus interest in the agreed-upon terms, you will get your item back.
  • If you do not repay your loan plus interest, you surrender the item to the pawn shop. They will then put it up for sale to recoup the loss. You are under no further obligation, and your credit score is unaffected.

Getting a pawn loan in California

As stated above, it is a reasonably straightforward process to obtain a pawn loan in California. However, there are other things you should know:

  • Look for a reputable pawn shop. Your local pawn shop should have its certification prominently posted in the shop and website.
  • Be prepared to identify yourself. You will need to show your driver’s license or state ID, provide a thumbprint, and in some cases, have your photo taken. You may also be asked to provide detailed information about the item being pawned. While this sometimes feels excessive for first-timers, this is one of the many ways that pawn shops take care not to deal in stolen items, which is suitable for everyone.
  • In California, the loan period is generally 120 days, plus a ten-day grace period to repay your loan and accrued interest and fees.
  • Pawn interest rates and fees tend to be very fair and are regulated by the state. However, they can vary depending on the size of the loan and can add up, so look over your agreement carefully before signing.

What can you use for collateral?

We will now discuss the kinds of things you can use for collateral to get your pawn loan! The good news is that you can pawn just about anything. The bad news is that not everything will have a monetary value. Below are some things to consider before choosing what to use for collateral.

  • Keep in mind that no matter your item’s sentimental value, and regardless of how much you paid for it when you first purchased it, it may not be worth as much as you think. Your pawnbroker must use its current market value to determine its worth. Then, you can only expect about a percentage of the determined value.
  • Remember that pawnbrokers tend to specialize in items particular to their community. For example, pawn shops in farming communities will have many farm-related items, while urban ones will specialize in other things. Some specialize in things like gold, jewelry, or electronics.
  • Don’t be too intimidated to negotiate with your pawnbroker on things like amounts or even loan terms. We have a handy guide to help you conquer your hesitation, available here.

Why Central Mega Pawn?

At Central Mega Pawn, we want your business, not your merchandise. We love to help our community get the cash they need, and we love assisting first-time customers to become repeat visitors. Our goal is to go above and beyond for you every time. The next time you need quick cash for bills, emergencies, or any reason at all, visit us and find out why we are Southern California’s leading resource for pawn loans!

Antiquing at Pawnshops: 5 Things You Should Know

Antiquing at Pawnshops: 5 Things You Should Know

By any measure, antiquing is an underrated pastime. However, with the popularity of television shows about antiques, house flipping, and interior design, the hobby is taking off. And it’s no wonder – the best thing these shows have done is to help people develop an appreciation for older, well-loved items. Finding, cleaning, and having that first, or next, unique item seems to provide a level of fun and satisfaction that can’t be beaten. It is certainly not hyperbole to say that antiquing is the closest most of us will ever get to real-life treasure-hunting!

If you are interested in antiquing, you might be wondering where to find your next great acquisition. If you follow the recommendations of the popular shows and channels about antiquing, your first instinct might be to spend countless hours scouring every flea market, garage sale, and run-down antique store in your area.

However, there is a resource in every community worldwide for fun, high-quality antiquing, including your own neighborhood: the local pawn shop. Your local pawn shop is likely a treasure trove of unique items that would thrill any fan of antiquing, from beginner to veteran. If you are surprised to hear that a pawn shop might have what you are looking for, it is understandable. Pawn shops are the secret weapon of many smart shoppers. However, as with everything else, it is a good idea to arm yourself with helpful knowledge before you begin your search.

At Central Mega Pawn, we want to help you get the most for your money and to enjoy the fun of antiquing. To that end, we have put together this helpful guide to get the most out of your pawn shop explorations. Keep reading to find five essential things that you should know about antiquing at pawn shops.

How do pawn shops work?

First, let’s look at why and how a pawn shop is a great place for antiquing. For starters, pawn shops have long been valuable members of their communities. They provide everything from emergency cash loans to a place for people to easily and quickly sell unwanted valuables. People bring their valuables to their local pawnshops to either sell or pawn, which is how your next great antique found its way to the shelves.

For the purposes of antiquing, pawn shops are valuable to you because they only purchase and stock high-quality items. Unlike places like garage sales, where you must sift through piles upon piles of useless things, your local pawnbroker has already done a great deal of the hard work of deciding what is valuable and what is not.

1. How to Start Your Search

Pawn shops are reflections of their communities. So, before you choose a pawn shop to check out, study its community. For example, in farming communities, you will likely find farmhouse-style antiques at that area’s local pawn shop. This is perfect if your goal is to find a great farmhouse or farm style antique, but it is not ideal if you are looking for something unrelated, such as a vintage typewriter or globe. The more distinct a community, the more likely it is that you will find related items.

2. How to Spot Valuable Antiques

Spotting valuable antiques is vastly different than how people evaluate other items. For example, human imperfections and minor wear often make an antique more valuable than pristine items. You can also know where to look for designer marks on a particular item and use a magnet to determine sterling silver vs. silver-plated metal.

3. Become a Specialist

If you are just starting out in antiquing, you might be in the middle of figuring out what items genuinely speak to you and what your goals are. Below are some popular types of items for antiquing. Each has its own rubric for determining its rarity and value. Some are even more likely to have documentation on its origins and history.

  • Wood
  • Rugs
  • Art
  • Silver
  • Porcelain and ceramics

Becoming knowledgeable about what to look for in a particular type of item will arm you with a valuable resource when looking for genuine antiques.

4. Trust Your Gut

Always trust your gut when deciding on buying an antique, regardless of the circumstances. If something seems a little off about an item, it is usually the right decision to walk away, even if you feel conflicted. Sure, you might miss out on a unique item, but your peace of mind is not worth sacrificing. Plus, one of the great things about antiquing is that there is always something new and different around every corner. Also, keep in mind that trusting your gut goes for good feelings as well! If you have a great feeling about an item, be sure to pick it up!

5. Don’t Be Afraid to Negotiate

Sometimes, people are too intimidated to haggle or negotiate at a pawn shop. This might be because pawn brokers are professionals, or due to what people see in the media, but dealing with a pawn broker does not need to be a stressful experience. After all, unlike many sellers at flea markets or garage sales, pawn brokers do not overvalue their items. Also, pawn brokers are used to haggling! They will not take it personally and will not be offended if you decide to walk away.

At Central Mega Pawn, we love taking the difficult part out of antiquing! You can rest assured that every item you find in our shop has been verified to be authentic to the best of our professionals’ abilities. We run a clean and well-organized shop so that you can quickly find what you’re looking for, which is unlike most antique stores that charge a premium for their items. We are picky about what things we purchase and sell and are proud to offer you a great central location in the Inland Empire for all your antiques, relics, and collectibles. Visit us online or in-person and see how we can quickly become your secret weapon for your antiquing!