Many people don’t know that pawn shops are actually more like banks than stores. While pawn shops definitely buy items, they also give out loans. When you pawn an item, you actually use it as collateral for a loan. If you are in Chicago and need quick cash, bring in your Rolex! You can bring any item of value you’d like to appraise and see if you can get a loan for a good amount. If you were to bring in your Rolex to pawn it, the process is very simple. 

Get an Appraisal

People in Chicago bring in a Rolex watch and the pawnbroker will examine it to give you an appraisal value. This value will determine how much you can pawn it for. Your appraisal depends on the condition of your item as well as its current rarity and the value of its components. Most Rolex watches are made of a special steel known as Oystersteel, or 904L stainless steel. This is difficult to make and temper, but is extremely durable and doesn’t corrode easily. Rolex watches are one of the only items to appreciate over time rather than depreciate, so you never know what yours could be worth! Rolex pricing does change over time based on popularity as well, so even if you had yours appraised previously, you can bring it back and see if the value has changed. 

Rolex Pricing

The Rolex pricing range is pretty vast, ranging from about 6,000 to 75,000 dollars. While not every pawn shop can afford to pawn on the high end of that, we here at Chicago Super Pawn can. The most expensive Rolex watches ever sold have almost always been pre-owned! There are so many Rolexes in the world, but they hold onto their value well. If you need quick cash, bring in your Rolex, get it appraised, and pawn it. We are the premier Chicago pawn shop that specializes in high end watches and jewelry so you never need to worry about not getting a fair price.

Certified Pre-owned Rolex

If you have a certified pre-owned Rolex, you have an even better chance of making quite a bit of money off of it. Most of the time, a certified pre-owned Rolex is worth as much or even more than a new Rolex. If you have a certified Rolex, it is certified by a company, not by the manufacturer. This may only prove that it is an authentic Rolex and not a fake or a knock-off. Some other watches that are similar to Rolex still hold value, depending on the company. Some companies also restore Rolexes, then sell them as a certified pre-owned Rolex. If you need quick cash, bring in your Rolex! Rolex pricing can be tricky and take some time for a pawnbroker, so having a certified pre-owned Rolex can help you get your loan as quickly as possible. 

Pawning Your Rolex

Once you have an appraisal, you can choose to sell or pawn your Rolex watches. When you get the value, you can take out a loan for the value of that Rolex. The pawn shop will keep the item safe for you, as you still own it. When you pawn it, you usually have about 30 days to return and pay off the loan or to pay the interest and keep the loan going another 30 days. If you default on your payments, the pawn shop then keeps your item. If you decide not to come back to claim your item, the pawn shop can then offer it up for sale. Some people decide not to pawn their item, and simply sell it for cash. Pawning has its benefits! 

Benefits of Pawning

When you pawn an item instead of selling it, you get cash for it right away, but you don’t lose your item. If you live in Chicago and need quick cash, bring in your Rolex, take the cash, and come back and pay for it later. There are many reasons why someone would rather do this than take out a loan from a bank. The only thing you need to get a pawn loan is an item and a valid ID! You can even get a payment plan to buy back your item. No credit check! Sometimes people just need cash without worrying about a credit hit. Sometimes your credit is poor and you need money for a certain reason. Title loans and other ways to get cash can be so expensive! Using your item as collateral helps you get a loan without worrying about all the other things that go into other types of loans. 

Buying Items

If you are in Chicago and looking for Rolex watches, you can buy one at our store as well! The inventory does vary day to day, but there are many options for jewelry and watches available. You can even check our online stores to see what is in stock. Buying online is a great way to get the items you want without going too far, but in-store is a much better experience. You can see and play musical instruments, try on jewelry, and examine each item before you purchase any of them. We try to offer a good deal on our items for purchase as well! Rolex or not, each item is priced to sell. We also offer the option of trading! If you have an item of value you wish to upgrade or get a different item, comparing prices and appraising can get you a great deal. 

Pawn Your Rolex Watches

If you feel concerned about pawning, come into our Chicagoland store and we will gladly appraise your item and help you through the process. Pawn shops can be a little intimidating, but the best pawn shops are where you can strike a great deal. You can see what your item is worth and decide if a loan is right for you. It isn’t like a bank where you have to qualify, and you won’t have a credit check. You can bring in your Rolex, your PS4, jewelry, or any other items of value. This is a great way to get cash quickly, safely, and in a way where you don’t lose your valuable items. 

Many people don’t know that pawn shops are actually more like banks than stores. While pawn shops definitely buy items, they also give out loans on high end products like Rolexes. When you pawn an item, you actually use it as collateral for a loan. If you are in Chicago and need quick cash, bring in your Rolex! You can bring any item of value you’d like to appraise and see if you can get a loan for a good amount. If you were to bring in your Rolex to pawn it, the process is very simple. 

Get an Appraisal

People in Chicago bring in a Rolex watch and the pawnbroker will examine it to give you an appraisal value. This value will determine how much you can pawn it for. Your appraisal depends on the condition of your item as well as its current rarity and the value of its components. Most Rolex watches are made of a special steel known as Oystersteel, or 904L stainless steel. This is difficult to make and temper, but is extremely durable and doesn’t corrode easily. Rolex watches are one of the only items to appreciate over time rather than depreciate, so you never know what yours could be worth! Rolex pricing does change over time based on popularity as well, so even if you had yours appraised previously, you can bring it back and see if the value has changed. 

Rolex Pricing

The Rolex pricing range is pretty vast, ranging from about 6,000 to 75,000 dollars. While not every pawn shop can afford to pawn on the high end of that, we here at Chicago Super Pawn can. The most expensive Rolex watches ever sold have almost always been pre-owned! There are so many Rolexes in the world, but they hold onto their value well. If you need quick cash, bring in your Rolex, get it appraised, and pawn it. We are the premier Chicago pawn shop that specializes in high end watches and jewelry so you never need to worry about not getting a fair price.

Certified Pre-owned Rolex

If you have a certified pre-owned Rolex, you have an even better chance of making quite a bit of money off of it. Most of the time, a certified pre-owned Rolex is worth as much or even more than a new Rolex. If you have a certified Rolex, it is certified by a company, not by the manufacturer. This may only prove that it is an authentic Rolex and not a fake or a knock-off. Some other watches that are similar to Rolex still hold value, depending on the company. Some companies also restore Rolexes, then sell them as a certified pre-owned Rolex. If you need quick cash, bring in your Rolex! Rolex pricing can be tricky and take some time for a pawnbroker, so having a certified pre-owned Rolex can help you get your loan as quickly as possible. 

Pawning Your Rolex

Once you have an appraisal, you can choose to sell or pawn your Rolex watches. When you get the value, you can take out a loan for the value of that Rolex. The pawn shop will keep the item safe for you, as you still own it. When you pawn it, you usually have about 30 days to return and pay off the loan or to pay the interest and keep the loan going another 30 days. If you default on your payments, the pawn shop then keeps your item. If you decide not to come back to claim your item, the pawn shop can then offer it up for sale. Some people decide not to pawn their item, and simply sell it for cash. Pawning has its benefits! 

Benefits of Pawning

When you pawn an item instead of selling it, you get cash for it right away, but you don’t lose your item. If you live in Chicago and need quick cash, bring in your Rolex, take the cash, and come back and pay for it later. There are many reasons why someone would rather do this than take out a loan from a bank. The only thing you need to get a pawn loan is an item and a valid ID! You can even get a payment plan to buy back your item. No credit check! Sometimes people just need cash without worrying about a credit hit. Sometimes your credit is poor and you need money for a certain reason. Title loans and other ways to get cash can be so expensive! Using your item as collateral helps you get a loan without worrying about all the other things that go into other types of loans. 

Buying Items

If you are in Chicago and looking for Rolex watches, you can buy one at our store as well! The inventory does vary day to day, but there are many options for jewelry and watches available. You can even check our online stores to see what is in stock. Buying online is a great way to get the items you want without going too far, but in-store is a much better experience. You can see and play musical instruments, try on jewelry, and examine each item before you purchase any of them. We try to offer a good deal on our items for purchase as well! Rolex or not, each item is priced to sell. We also offer the option of trading! If you have an item of value you wish to upgrade or get a different item, comparing prices and appraising can get you a great deal. 

Pawn Your Rolex Watches

If you feel concerned about pawning, come into our Chicagoland store and we will gladly appraise your item and help you through the process. Pawn shops can be a little intimidating, but the best pawn shops are where you can strike a great deal. You can see what your item is worth and decide if a loan is right for you. It isn’t like a bank where you have to qualify, and you won’t have a credit check. You can bring in your Rolex, your PS4, jewelry, or any other items of value. This is a great way to get cash quickly, safely, and in a way where you don’t lose your valuable items. 

While people see pawn shops every day, not everyone understands the difference between pawning and selling. Many people in Chicago don’t know there is a difference between pawning and selling their items! Some even wonder, “what is a pawn shop?”. In many ways, selling and pawning are similar, but there is a big difference. When you pawn something, you still own that item. The best pawn shops are the ones where pawning is easy and affordable. When you know more about what a pawn shop does, you can utilize one yourself! 

What is a Pawn Shop?

A pawn shop is actually much more like a bank. When you pawn something, you use the item as collateral to receive a loan from the pawn shop. This avoids the need for checking your credit for a loan. All you need to get a loan from a pawn shop is a valuable item and a valid ID. For example, people looking for a Chicago pawn shop will come to the Chicago Super Pawn and bring in a Rolex to pawn. We can get them a loan on the spot!

Quoting a Price

When you first bring in your item, the pawnbroker will give it an evaluation. Appraising an item for its value can be somewhat complicated, especially for items with more value. Your broker will research the item and find out how much it is worth in today’s market. If you have jewelry, they will test the value of the stones and the metals using equipment and chemicals. Finding out how much your jewelry is worth beforehand may be useful to you. For example, producing a jeweler’s appraisal for your items could help. The condition of your item is also taken into consideration. A broken or damaged item is always worth less than one in good condition. Once an appraisal is made, the broker will let you know how much cash they will offer for your item. 

How Does Pawning Work?

Are you in Chicago and in need of some quick cash? Of course, you can always sell your item to a pawn shop. The appraisal will help the pawnbroker decide how much they will offer, then you can make the decision of if you will sell your item for that price or not. Generally, selling an item will be at a lower price so the pawn shop can make a profit if they sell the item. If you choose to pawn your item, you will have the opportunity to take out a loan and use the item as collateral. You will receive cash for the item, and you have a grace period to pay back the loan. This is the difference between pawning and selling! While your item has been pawned, you still own it, so the pawnbroker will take good care of it. 

Paying Back

Generally, you will have about 30 days to pay back the loan. Then you will have another 30 days before the pawn shop will sell your item. You could technically still have the opportunity to buy your item from the pawn shop itself when it goes up for sale, but anyone could purchase it at that time. Sometimes you can get a renewal, where you only pay the interest accrued on the loan, and then your loan period will start over. This depends on the item and on the pawnbroker. Here at Chicago Super Pawn, we will send you messages when it is time to pay. We also will prorate your payment. We think it is fair to charge you for the time that you had a loan, not the full month.

Why Pawn? 

Often people pawn to be able to have emergency cash. Sometimes a pay period lines up poorly with bills, or an unexpected expense comes up, like needing medicine. Sometimes people use pawn shops strategically to purchase another item that would be time sensitive, like a vehicle. Then, they can come back and pay off the pawn loan in the time they need it. Credit is so important in today’s world, so pawn shops are one of the last places you can get a loan without checking your credit. Some people have bad credit as a result of unfortunate circumstances. Maybe they are young and haven’t built up their credit much yet. This is why the best Chicago pawn shops offer good loans that won’t destroy your wallet, and help you get the cash you need. But most importantly, you don’t need to wait weeks for a loan approval. We know that life’s emergencies do not wait, so why should you need to?

Selling Items

When someone sells their item to the pawn shop, it then goes up for sale within the shop. People can get used items for a good price at a pawn shop! You can buy or sell things like video game consoles, necklaces, watches, rings, art, musical instruments, vintage items, and more! If you sell your item, the pawn shop will put it up for resale shortly afterwards in their shop. You can also look into trading. You may have some items you’d like to upgrade, and you may find a great deal on another piece. You can see what your item is worth and look into negotiating a trade with the pawnbroker. This is another option separate from pawning and selling. 

What Makes a Pawn Shop Great?

The best Chicago pawn shops are ones that can offer you a great deal! The difference between pawning and selling doesn’t matter if you aren’t able to get a good deal for either. Finding a pawn shop that will be flexible, trustworthy, and safe is very important. If you are seeking the best pawn shop near you, go in and take a look at what they have to offer, and speak with the pawnbrokers. You may want to ask about some of their policies and contracts before you bring in your item. Weigh your options! If you feel like you aren’t getting the value you are seeking out of your item, try another shop. Know the value of your item, and you may be able to find the deal you are hoping for! The best pawn shop won’t try to cheat you, but they want to help you get the best value and be able to have cash in hand for your item. They also want you to be able to safely pay the pawn loan and get your item back. 

Check Out Pawn Shops

Even if you aren’t looking for emergency cash, pay a visit if you are in Chicago! Pawn shops are great places to find a good deal. Knowing the difference between pawning and selling will help you to be able to utilize a pawn shop for your loan needs.