Pawning your items could be an excellent option to obtain some fast money if you need it! If you know the finest stuff to pawn, you can easily earn $100 to $500 from pawning even if you’re just clearing out an old closet full of goodies. However, being burned on value or attempting to pawn the wrong item are the last things you want to do when pawning. So you’re in luck if you’re asking, “What can I pawn for $500?” We’ll go over a couple of different things that could be really profitable.
Pawning is only a smart choice if you desire the freedom to buy the item again in the future. Otherwise, you may typically make more money by simply selling your item directly to a local customer or on a website like eBay.
How Does Pawning Work and What Is It?
Pawning is the practice of borrowing money from a pawnshop with collateral in exchange for a cash loan. To put it another way, when you pawn something, you are using it as security for the loan that you are taking out from the pawnshop. The important thing to remember is that you are using valuable property you possess as collateral.
When you pawn something, the pawnshop keeps it until your loan is fully repaid. Here are a few additional points regarding pawning objects for cash:
- Loan Amount. Usually, the total loan you receive is significantly less than the true worth of your collateral. Therefore, if you wish to pawn something for $500 or more, it will likely be a pricey item.
- Keep an eye out for the pawnshop’s ticket or other documents that serves as proof that you are the rightful owner of your collateral.
- Repayment Periods. Although each pawnshop may operate a little differently, you typically have a few months to pay back your loan in full, including interest. The pawnshop retains the item you are pawning in order to make up for their loss if you are late with your loan payments.
- Interest Rates. In reality, pawnshops are subject to very strict regulation, and many states cap the amount of interest they can charge customers. However, don’t be shocked if you encounter pawn loans that are pretty high—in the 10% to 20% area.
The owners of pawnshops are also notorious for haggling, and if you’re pawning something extremely valuable, you might need to show proof of ownership. Don’t be worried by this. In fact, because of all the rules governing the sector, the media has made pawn shops appear much shadier than they actually are.
What Kind of Items Can I Pawn for $500?
Depending on the business and the item’s condition, you can expect to receive between 30 and 70 percent of the item’s value when you pawn it. Thus, the actual value of a single item must be greater than $500 in order to earn $500 from pawning it. Here are a few things that might fit that description.
Vehicles for Pawn for $500 or More
Selling or pawning your car, getting a title loan, or needing a significant sum of money quickly are all options. Your car must be in working order, be in decent condition, and have a clear title (no auto loans). Your vehicle’s brand, model, mileage, and condition can all affect how much money you can obtain for it. The pawnshop will keep your car if you pawn it, and you won’t be able to drive it until you pay it back. If you take out a title loan, which is only permitted in a few jurisdictions, you might be allowed to keep your car as long as your payments are up to date.
Jewelry
If you need a lot of money, pawning jewelry is usually an excellent alternative. You might get $500 or perhaps more depending on the style and size of your jewelry. There’s a strong possibility you’ll leave the store with $500 or more if your piece is made of diamonds, gold, or platinum. The following are some of the most expensive jewelry items: rings, watches, diamonds, and other valuable metal.
The last-resort goods would be heirlooms from the family and wedding or engagement bands. Your ancestors would be happy to assist you if you are in need. With rings, you and your partner might momentarily swap out the pricey bands for less expensive ones. Additionally, non-jewelry types of precious metals, such as a collection of gold or silver coins, are pawnable.
Before accepting an offer, don’t be afraid to call about at a few different pawn shops or, if you’re pawning a collection of jewelry, to even get it appraised. This is a good general concept to remember, but jewelry in particular should be aware of it because it’s so simple to pawn.
Pawning or Grouping Several Cheaper Items
It’s perfectly OK if you don’t have many products worth $500 or more. In fact, it’s a positive sign because it probably suggests you’re thrifty and don’t make impulsive purchases. Search your house, attic, and garage instead for things you don’t use frequently. Small kitchen appliances, designer shoes, clothes, and accessories, video game discs, and other home goods can all add up.
Collectible Bank Notes and Coins
A pawnshop will pay you more than face value for rare currency including federal reserve notes, valuable American coins, American Eagles, silver certificates, and silver dollars. When it comes to coins, which is preferable, pawn or sell? It varies. Selling a collectible coin to a collector might yield a higher price, but going through a pawnshop will be quicker, simpler, and more practical.
Televisions
Do you own a premium television? This is an excellent opportunity to earn $500. Newer televisions might cost up to $2,000 or even more. There is a high chance you’ll leave with $500 in your pocket if you have one of them. It’s important to remember that if you want to win $500 or more, you’ll need the newest and best television. A television that is even a little bit older than a year will be significantly less valuable than one that is more recent.
You can also notify the pawnshop about a variety of different electronics. You can pawn items like desktop computers, digital cameras, video game consoles, and digital cameras. You can probably receive around $100 if you have a GoPro that you no longer use, an Apple Watch or another item.
The price you receive for a video game system will vary based on what you’re selling and the broker you sell it to. Popular and more recent systems, like the Nintendo Switch, provide far more. If they are still inside of the original box, this is especially true.
The Bottom Line
Building a savings account in contemporary America might be challenging. Many Americans live paycheck to paycheck because it seems like everything’s getting more expensive and because earnings aren’t expanding fast enough to keep up with rising costs of living.
You might think about visiting a pawnshop if you find yourself in a scenario where you require quick cash. Make sure you learn as much as you can about the thing you want to sell by doing some research on it.