If ever you find yourself in need of some quick cash perhaps the first place you should consider is your neighbourhood Pawn Shop in Detroit. Pawn shops have an advantage over most loan services because they provide you cash for a secured loan. This means that the pawn broker will loan you money based on the items you bring in for collateral. Of course the merchandise must have some value such as gold, silver and diamond studded jewelry. However, most pawn shops will take a large variety of items and their selection varies by area.
Along with jewelry other popular items to pawn include all variety of pistols and rifles, but most of the time the modern shooting equipment fares better than antique weaponry. This is mainly due to the resale possibility of these weapons. The target audience for older guns is often smaller so the pawn broker could have problems recouping their investment if the borrower fails to reclaim their property.
Pawn brokers are in business to make money and smart pawn shops such as C & L Exchange know that the best way to do that is to make a fair loan on the items people bring in. They also know that the best way to get repeat business is to make their loans on as many items as possible, including that extra car or your old fishing boat. Of course, your collateral doesn’t have to be that huge, even items such as power tools, machinist tools or simple mechanics wrenches have value and that makes them great choices for your favorite pawn shop.
Keep in mind however, to get the best loan possible your merchandise should be clean and in good condition. Damaged goods are difficult for the pawn shop to resell and resale value is what sets the price of the loan. As an example, if you have one brand new power saw and one worn workhorse power saw you should probably bring the new saw in. All things being equal, the new saw will get you a much better loan. Plus, it will provide a greater motivation to reclaim your property.
For reliable and smart pawn shops visit C & L Exchange.