From Business: H. Schoenberg has been your local pawn broker serving Hudson and surrounding counties since 1885. We buy and sell Gold, Diamond Jewelry. The History of Pawn broki…

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Tips & Advice

Do pawn shops accept anything of value?

Items a pawn shop will accept are completely up to the individual shop. They are in the business of making money, so they will want protection on your collateral. Most accept items of value they can easily liquidate to recoup any losses. Pawn shops can accept any items they want (as long as they are legal) but it is at their discretion. Usually they’ll take most reasonable items. Remember: they prioritize monetary value, not sentimental value.

Do pawn shops appraise jewelry?

While there might be some pawn shops that provide that service, most don’t. Pawn shops will give you an estimated value of your jewelry, usually based on the precious metal content or any diamonds or stones. They cannot sell off all the jewelry they take in, so ideally they like jewelry they can melt down to sell off the gold or silver content. They are not jewelry appraisers--that is a different market value from what a pawn shop will expect to get.

How do pawn-shop loans work?

Pawn-shop loans are a very simple process. You give them collateral, an item you own worth the loan amount, and they give you cash. You repay the loan within a set time, which is set by the shop in accordance with any state and local laws. Once you repay the loan, plus interest, you get your collateral back.

Do pawn shops provide loans?

Pawn shops provide small cash loans based on what equivalent collateral you can provide. For example, if you need to borrow $500, and have a gold watch, fancy guitar, or computer to use as collateral, they can loan you the money--but you need an item worth the amount you are borrowing. They do not provide mortgages or high-end loans. A pawn shop’s core business is small, short-term loans.

Can pawned items be picked up early?

Most pawn shops allow you to pay off your loan and retrieve your collateral early, but remember that these terms and conditions are set forth by the business and any state and local laws. Research the laws in your area to know what they are, and then speak to the shop about its specific policies. Unless there are penalties for early repayment, you should be able to pick up your items as soon as you pay off the loan.

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