What do Pawn Shops Pay?

When you need a little bit (or a lot) of cash quickly, you might consider selling a valuable or two to your local pawn shop. If you are considering pawning some of your valuable items, you might be wondering, “how much do pawn shops pay?” There are several factors that affect how much pawn shops will pay for various valuable items. In this article, we will tell you how much pawn shops like Chicago Super Pawn might pay you for certain items. Consider this your pawn shop price guide!

Price Based on Value

When you need quick cash, pawn shops are the answer. If you don’t know how pawn shops work, you might not know how much pawn shops pay. There is no set price for how much a pawn shop will pay for any particular item. The price a pawn shop will pay depends on what the item is, the item’s condition, how old the item is, and how much the pawn shop employee thinks they can sell the item for. Unlike a personal loan, pawning an item doesn’t hurt your credit score.

A pawnbroker bases how much they pay on the value of the item. For example, a pawn shop will pay you more for a diamond ring than it will for a DVD player. And no two diamond rings or DVD players will fetch the same price. The amount a pawn shop pays depends on the condition of the item and other factors.

While some pawn shops will tell you with an online calculator how much money you can expect to get for an item, we do not resort to this tactic. At Chicago Super Pawn, we are the local pawn shop that you can trust. We do not tell you how much you will get for an item until we get the chance to inspect it in person. That is why we do not give a quote for your item over the phone.  

What Affects How Much a Pawn Shop Will Pay For an Item?

We base pawn loan amounts based on what you bring in and the condition that the value is in. The condition of the item is always taken into account during the appraisal process for a pawn loan. If an item is damaged, we will not be able to pay you as much for it. 

Difference Between Pawning and Selling

Before you bring in an item, you might have questions about the differences between pawning and selling. When you sell your valuables, they are gone forever. Unlike selling, pawning is more similar to taking out a loan with a pawn shop. Your items serve as collateral for your loan.

While you might be able to get more money for an item by selling it, if you pawn it, you can get the money you need and still get to possibly keep your item. 

High-Demand Pawn Items 

If you are wondering what pawn shops will pay most for, these are a few of the best items that are most in-demand by pawn shops: 

• Jewelry 
• High-end watches
• Designer purses 
• Musical instruments
• Power tools 
• Game consoles

Pawn Shop Price Guide

So, how much will a pawn shop pay you for your valuable items? While we can’t tell you exactly what any pawn shop will pay for your items, we can give you a basic idea. However, keep in mind that pawn shops also offer prices based on the condition, age, and value of the items you bring in.  

Jewelry 

Are you wondering how much your diamond is really worth? Jewelry is one of the most valuable items a pawn shop will pay you for. You can bring jewelry of all shapes and styles to a pawn shop, from rings to bracelets, necklaces and earrings, and even watches. Generally, a pawn shop will offer about 50% of jewelry’s resale value. 

For example, if a pawn shop estimates that it can resell a genuine diamond necklace for $500, you will walk out the door with a $250 cash loan. The value of jewelry can range from a few hundred to upwards of a few thousand dollars. When you bring in jewelry, we test the precious metals and diamonds to determine their worth. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, determining the carat weight of any stones, and noting the cut, clarity, and color of each. 

Electronics

Some electronics that might fetch a good price from a pawn shop include TVs, radios, video game consoles, computers, or cameras. If you have a vintage video game console you haven’t used in years, you might be able to make a quick buck! The price you are offered for your electronics varies widely depending on the item’s availability and its resale value. 

Apparel and Accessories

Do you have any designer bags sitting in the back of your closet gathering dust? Or what about those trendy Gucci loafers you bought last year that are already out of style? Bring in your designer purses, clothing, and accessories. Anything from high-end designer brands like Christain Dior, Louis Vuitton, and Yves Saint Laurent can fetch a good amount of cash. Designer purses can go for a lot of money in Chicago. Of course, the amount you receive will depend on how well the item has been cared for and its condition. 

Gold and Silver

Pawn shops will pay the most for rare precious metals, like gold and silver. That is because these are highly sought-after items that retain their value, even during a recession. In fact, the value of gold and silver can even increase during a recession. The price of gold is based on market values. The price of gold can also vary greatly. For example, a pawn shop will pay more for 24k gold than for 14k gold. 

We Pay Excellent Prices at Chicago Super Pawn

Now, you have all the information you need about how much pawn shops pay for various items. When you conduct business in Logan Square with Chicago Super Pawn, you can be sure you are getting a great deal. We are proud to offer the best prices. We offer immediate payments and collateral loans for items that are just sitting around your home, gathering dust. Bring your items to Chicago Super Pawn today! 

Best Electronics to Pawn Today

Pawning items can be an excellent way to make cash quickly, even in 2022. Many people forget that pawn shops are still around and thriving, but they can help you when you’re in a bind and need money fast. 

When you think of pawning an item, you may think of jewelry first. But jewelry is certainly not the only thing you can give to pawn shops for money. In most cases, pawn shops will take quite a few items off your hands if they’re of the right quality. Pawn shops have been known to sell clothes, tools, sports equipment, collectibles, firearms, and so much more.

One of the things people generally don’t think about pawning – but that can be incredibly lucrative – are electronics. Pawn shops will often take many types of electronics, including gaming systems, televisions, computers, laptops, and accessories. This is one unique way to get cash that is being overlooked by a lot of the population. 

What is Pawning? 

If you’re new to pawning items, we’ll give you the lowdown on what it actually means to pawn something. This way, you can decide whether it’s something you would be interested in doing. The most essential thing to know about pawning items is that you can get more money if you know the right items to offer. 

Not everyone is familiar with pawning, so let’s break it down to its bare bones. When you give an item to a pawn shop, you’re giving them the item as collateral against a cash loan. If you pay back the loan, you get your item back. If you don’t pay the loan, the pawn shop is free to keep your item. 

This is why pawning is all about choosing the right items. It has to be something of value in order to be pawned. Electronics are inherently valuable, so they’re good for pawning. But if you own something that is newer, for example, the latest model of a Mac computer, you’ll get more money for it. 

Timing will vary from store to store, but you are usually allowed a few months to repay your loan before they sell your item. Chicago Super Pawn, in Logan Square, has always had the reputation of working with their clients to ensure the best customer experience.  When you are in a situation where you need cash now, pawning can come in handy. 

The Best Electronics to Pawn Now

In 2022, there are a plethora of gadgets out in the world. If you happen to own a couple of these gadgets, then you have some leverage with pawn shops. Essentially, the newer the product is the better, but you can still cash in on older, unused tech. 

Do you have any old cell phones lying around? Many people keep their past cell phones despite not having any use for them. Pawn shops can take them off your hands and give you a chunk of cash in exchange. 

You can also pawn things like tablets and laptops. The newer the technology is, the more money you’re likely to get from a pawn shop. Even some things that you wouldn’t normally consider such as electronic watches can get you a good amount of money. 

You also need to consider the state of the electronics that you’ll be offering the shop. If your old iPhone has a cracked screen or a defunct home button, it’s not likely that you’ll get much for it. The appearance and functionality of the gadget certainly matter to a pawn shop. After all, they are looking to potentially sell these objects in the future. 

We Buy Electronics at Super Pawn

At Super Pawn, we are willing to take your electronics and any other items that may be of any value for money. While the appraisal process requires research, we will always try to get you the best possible deal. 

We also take into account our own ability to eventually sell the item. This is why it’s important that you bring us your electronics that are in the best condition, so we can give you the best deal. 

In addition to electronics, we also take jewelry, shoes, collectibles, musical instruments, and so much more. If you live in the Chicagoland area and are looking for a place to pawn your valuables, we’re here to help. 

We are located right in Logan Square, so if you want more information about our practices, stop by and talk to some of our knowledgeable staff. Our policies on collateral are air-tight, meaning while your object is still in pawn, it belongs to you. We will always keep these items safe and in good condition while you work on repaying your loan. 

Cash For Electronics Near Me

Before you begin the pawning process, you’ll want to do some research on how to go about it. Again, you can come in and talk to our staff, or you can give us a call. We’ll give you all the information you need to know about working with Chicago Super Pawn. 

You can also take a look at our website for any questions you might have regarding our process. Our FAQ and About sections are a good place to start. And, since you’re already reading one of our blog articles, take a look at other ones for more information about pawning in general. You’re liable to find some valuable information about what items pawn shops will take for more money. 

We want to give you the best deal in a scenario where you have to pawn your electronics or other valuables. If you do eventually want your items back, we will store and protect them while you repay your loan. Most people end up repaying the loan and taking the item home again. 

If you have any questions about Super Pawn or the practice of pawning items, please reach out to us. We’re here to help!

Are you wondering, “how do pawn shops work?” Maybe you have walked by our Logan Square pawn shop and are curious, or all you know about pawn shops is from Pawn Stars.  If you are new to pawn shops, the experts at Chicago Super Pawn will fill you in on everything you need to know before your first visit. From the pawn definition to breaking down exactly how pawn loans work, we will educate you on the art of pawning so you are prepared. Whether you are looking to pawn a valuable item that is just sitting around your home, or you are interested in perusing our selection of items including jewelry, arts, electronics, and designer items, we are here for you! 

How Do Pawn Shops Work?

Pawning is the system in which you give a pawn shop a valuable item in exchange for a cash loan. For example, if you have a Rolex or a Chanel purse you don’t use, you can bring it in and receive some cash, quickly. 

A pawn shop basically operates as a mini-bank. When you pawn something, you use the item as collateral to receive a loan from the pawn shop. All you need in order to pawn an item and get a loan is a valuable item and a valid ID. One of our pawnbrokers will research the item and find out how much it is worth so they can determine how much to offer you for a loan. If you accept the amount, then you will receive your money in just a few minutes! There is no need to check your credit or go through any other types of checks. 

Pawning an item is much different than selling your valuables, because you have the opportunity to get them back when you pay off your loan within a set amount of time (typically 30 or 60 days) if you so choose. However, if you do not pay off your loan on time or set up an extension or a renewal, then the pawn shop takes ownership of the item and can offer it for resale. 

At Chicago Super Pawn, we consider ourselves to be the NEW Logan Square neighborhood community bank for Chicagoans. If you wish to pawn an item, simply bring us an item of value along with your valid photo ID. You will receive the money for your item just minutes after your loan is approved.

Pawn Definition

So, what is a pawn? A pawn is the object left with a pawnbroker as security for money lent. For example, you might pawn a musical instrument or a designer handbag at Chicago Super Pawn. Some of the best items to pawn include: 

• Jewelry 
• High-end watches, like a Rolex
• Musical instruments
• Designer purses and other items 
• Precious metals 
• Power tools
• Electronics
• Game consoles
• Smartphones
• Antiques 
• Sporting goods 
• Any other valuables 

At Chicago Super Pawn, we accept pawns including gold and diamond jewelry, electronics, musical instruments, tools, designer purses, and more. 

Everything You Need to Know About Pawn Loans

A pawn loan at Chicago Super Pawn is an easy and quick way to borrow money, without having to go through a credit check or any other unnecessary hassle. Your loan is based on the value of your pawn or collateral, not your credit rating or pay schedule. 

How Long Is a Normal Pawn Loan?

A typical pawn loan may have a term length of 30 days (or one month), plus a grace period of another 30 days, or one month. 

Do You Offer Extensions on Pawn Loans?

Chicago Super Pawn offers extensions on some pawn loans. If you cannot pay back your loan in full during the loan or grace period, we offer extensions and renewals to give you extra time. Or, you can choose to surrender your collateral as payment in full. 

What is a Renewal? 

If you are unable to pay back your pawn loan in full on its due date, you may get a renewal. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate. 

What to Know About Local Pawn Shops

If you are considering a visit to your local neighborhood pawn shop, here are some important things to know in advance. 

Choose a Trustworthy Pawn Shop 

When you are considering local pawn shops, always choose to do business with a trustworthy one. A reliable pawn shop will be licensed, knowledgeable, open to negotiation, and ready to meet your needs. 

Decide If You Want to Buy or Sell

Your local pawn shop is a great place to sell valuable items for some quick cash, but it is also a wonderful place to shop. Many pawn shops like ours have a wide selection of designer items, electronics, and even reasonably priced jewelry that have been carefully appraised and are sold for an excellent price. 

Be Prepared

If you are bringing in items to sell, consider how much money you will accept in advance. Then, clean your items so they are looking their best and be sure to bring in any documentation. For example, if you bring in a designer bag, bring the receipt from when you purchased it to prove its authenticity. 

We are the Local Pawn Shop You Can Trust

If you are looking for a local pawn shop you can trust, you have found us. Chicago Super Pawn is the city’s premier pawn shop. Whether you need a special gift for a loved one during the holidays or need some cash quickly. 

Visit Chicago Super Pawn Today 

While we can’t tell you how every pawn shop operates, we can tell you what our pawning practices are at Chicago Super Pawn, the city’s premier pawn shop. We are the local pawn shop you can trust. We offer the smallest and most flexible loan payments possible, so you can pay off your loan quickly. We are here to help. Stop in today with one of your valuables to get an estimate, or to shop our wide selection of high-end electronics, purses, jewelry, and more! 

Trusting your local pawn shop is a big risk and you should heavily consider your options before purchasing any pawn items. What do you think of pawnshops? Do you think of a clean and well-organized shop or the complete opposite? There are a lot of myths about pawn shops. Truth is pawn shops range on both ends of the spectrum! 

Did you know that pawnshops were the banks before banking became an industry? That’s right, going to a pawnshop for a loan was how people would get money.

At Chicago Super Pawn, we make it our mission to provide the best experience possible for our Chicagoland customers. From the moment you walk in the door, we make it a priority to take care of our loyal customers. All your pawnshop experiences must leave you happy and satisfied!

Making purchases from pawnshops is a great way to save money on major items. The perfect gift for your next anniversary can be found at your local pawnshop. Jewelry, watches, and electronics are some of the top-selling pawn items in the Logan Square neighborhood. The best part is, when kept well, they rarely lose value! 

Today, Chicago Super Pawn is covering everything you need to know when considering trusting your local pawn shop. What makes a reliable pawn shop? What is good to buy at a pawn shop versus what should you not buy? All of your questions will be answered in this article!

Seven Signs Of A Reliable Pawn Shop

You should have some expectations when you walk into a pawnshop. You’ll want to know the signs of a reliable pawnshop to be able to know when a pawnbroker is ripping you off. First things first, you want to know the value of what item you’re looking at and stand your ground on what you’re willing to price it as versus not. Respectfully, you want to have realistic expectations that pawn prices are typically the standard price and you should keep that in mind when looking to purchase an item.

Here are our seven signs of a trust worth pawnshop:

1. Great Reviews

Great local pawn shops have available reviews! Any shop that doesn’t have any reviews or they don’t have any to be found is a red flag. Reviews are the best way to gauge if a business is legit and has a good customer satisfaction rate.

2. They Should Be Licensed

All brick and mortar stores must be licensed by the state. It is a major red flag if they do not have a license for what they sell. Usually, the license to sell is posted in the store entry or behind the counter. You can also lookup the shop license online before visiting.

3. The Pawn Shop Offers Prices First

Another sign of a quality pawn shop is that the pawnshop offers a price first. It is not recommended for a pawn broker to ask you what you’re willing to pay or how much you think it’s worth first. They know the item and are most likely trying to upsell you if this is the case. Be wary of this tactic.

4. Open To Negotiation

With that being said, a good pawnbroker should always be open to negotiation. It is smart for them to negotiate because they should want your business. Negotiation is an expectation of most pawn shops. A pawnbroker that won’t budge on pricing from the start is not recommended to argue with.

5. They Meet Your Needs

Pawnshops should always be customers first. Super Pawn Chicago does a great job of keeping a great reputation to meet your needs as a buyer. If you’re looking for a specific diamond ring cut and size and a pawn shop doesn’t have it, a good pawn will try to help you find the best fit for your needs.

6. They are Knowledgeable

Pawnbrokers should always know what they are selling. A knowledge of the product’s market is how pawnbrokers price pawn items. If a pawnbroker doesn’t know anything about the item, then 1) how can they convince you to buy it and 2) how do they know they priced the item fairly?

7. They Are Aware Of Market Standards

To reiterate the previous point, pawn shops and pawnbrokers must be aware of the marketplace. Certain markets have pricing standards. For example, jewelry has a market standard for purchasing. Pawnshops have to be aware of this to make a good and fair profit. You also want a fair pawnbroker. At Chicago Super Pawn, we recognize the value of repeat customers and work to be as fair as possible. In fact, we are one of the only pawnshops that will prorate your loan. 

What Is A Pawnbroker?

A pawnbroker is an individual or a business owner that offers loans with interest in exchange for holding onto valuable items. You may have heard of people who have given pawn brokers their wedding rings in exchange for loan money. Any valuable item, especially jewelry, can be used to get a loan from pawnbrokers.

When individuals have their valuable items on hold at a pawnshop for a loan, it is usually to get money to quickly pay bills, purchase medicine, or for any need really. Pawnbrokers offer a great alternative to banking loans at less risk. Pawnbrokers do not affect your credit. The only risk is losing your valuable item if the loan isn’t paid back in a set amount of time with the acquired interest.

This option has been helpful for many people in the past. Knowing the value of the item you are allowing pawnbrokers to hold onto is crucial. As well as knowing the difference between pawning and selling! You do not want a pawnbroker to devalue your item in your loan amount. By knowing its value, you give yourself options to negotiate with.

What To Buy vs. What Not To Buy At Your Local Pawn Shops

Resale stores can be a hit or miss. Depending on the reliability of your local pawn shop you may find some great finds for a great price. Most items can be outdated and at the end of their lifespan, going to be sold. But, if you shop smartly at your local pawn you can score big!

There are a few general dos and don’ts on what to look for when shopping at a reliable pawnshop. Whether you’re looking for personal items or to flip items, you can stand by our treasure-finding tips we’ve listed below.