What Is the Difference Between Pawning and Selling?

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If you are in need of money, you have a few options. One of the most straightforward options is to go to a pawn shop and get money for items you have. Typically, pawn shops deal mostly in jewellery and other items of value. When you go to a pawn shop, you’ll have two options. You can pawn something or sell it. But what is the difference? Which one is right for you?

Pawning and Selling

When you go to experienced pawnbrokers in Dagenham, they’ll offer you the option to pawn or to sell.

  • Selling something is exactly as it sounds. The pawnbroker will offer you a sum of money for the item. If you sell it to them, they will own it and you’ll get the money in return.
  • If you want to pawn something, the pawnbroker will not necessarily own it. They’ll offer you a sum of money against the value of your item. A pawnbroker will also give you a time frame; it works much as a loan does. You’ll take that money and use it however you please; you’ll then need to pay back the pawnbroker in the agreed-upon time. If you don’t pay the broker back, they will then own the item and be able to sell it.

Which One?

There are advantages and disadvantages to each. The advantage to selling is how straightforward it is; however, you’ll get less money. If you decide to pawn it, you’ll get more money but you’ll have to pay that money back. You’ll also risk losing that item if you’re unable to repay the broker.