Author: Lambert Pawn

  • Do You Need an Independent Appraisal to Pawn Something?

    Do You Need an Independent Appraisal to Pawn Something?

    Have you ever wondered if you need to have an independent appraisal before pawning an item? The short answer is no.  An independent appraisal is not necessary in order to pawn an item; however an independent appraisal can sometimes be useful to both the individual looking to pawn an item as well as the pawn shop.

    When deciding to pawn an item, you will want to make sure to do some research on the value of the item ahead of walking into a pawn shop. The “go to” research method for most individuals is to look online for going rates of the item they are looking to pawn. You can look on eBay and search their closed auctions to see the prices other sellers have received on the same or similar item. Another useful site to reference current prices on antiques is rubylane.com.

    Do You Need an Independent Appraisal to Pawn Something?

    For jewelry and art pieces in particular, an independent appraisal may be helpful as these kinds of pieces are more 1 of a kind type items. Most of the time, appraisals are used for insurance purposes on high value items. Fortunately, the information in an appraisal can often times help the pawn shop value the piece as well. For instance, an independent appraisal on a gold diamond ring should provide information on the cut, clarity and carat weight of the stones as well as the type of gold in the setting. For art pieces, appraisals usually contain basic information useful to the pawn shop regarding the age, artist and frame quality. If you already have an independent appraisal, be sure to bring it with when you visit your local pawn shop.

    The downside to an independent appraisal is that you will, of course, have to pay a fee to the appraiser, which may or may not be worth it depending on the overall value of the item. So, the best idea would be to start your research online and go from there.

    Whether you choose to research your item’s value online or pay for an independent appraisal, remember that what a pawn shop offers you for the item will not be what the item appraised for or what the resale value is online. You can expect to receive 30-60 percent of the resale value of the item when you pawn it.

    Have a question or curious what you could get for one of your personal items? Contact us or stop in!

  • Traditional Loans vs. Pawn Loans

    Traditional Loans vs. Pawn Loans

    The recent wave of reality TV shows has created a perception that pawn shops are really great places to buy and sell unique and/or rare items. However, that perception is a bit skewed and has taken the focus off of what pawn stores were originally intended for. That is, to provide loan options to those who may not otherwise qualify for a traditional bank loan.

    A pawn loan is a temporary loan between the pawn shop and the borrower. The loan uses items in possession of the borrower as collateral for the loan. The pawn shop retains ownership and possession of the item until the lender can pay the loan back. If the lender is not able to pay the loan back within in the set time frame (most states give you at least 30 days), the permanent ownership of the item remains with the shop.

    Pawn valuable items for cash in Whittier CA

    Contrary to what some may believe, pawn loans are safe loans for borrowers. Until the loan is paid back, it is the responsibility of the pawn store to keep the item held for collateral safe and stored properly. Also, most facets of pawn loans are regulated by the states including the interest rates. In fact, interest rates attached to pawn loans are typically much more affordable than rates attached to payday or cash advances. Again, rates are regulated state-by-state so in some areas this may not hold true.

    Perhaps the most distinguishable difference between a pawn loan and a traditional loan is that defaulting on a pawn loan does not impact your credit score in anyway. Pawn loans are considered “no recourse” loans. So if the borrower forfeits the loan, they simply lose their pawned item and do not have to worry about the pawn shop suing them for payment or reporting them to the credit bureaus. In addition, if regular interest payments are made on the loan, one can typically extend the loan as needed until able to pay back the principal in full, offering more flexibility than other traditional loans.

    In short, pawn loans are safe and easy loans to complete. They offer an option for quick cash to those who may not qualify elsewhere or who prefer to avoid the high interest rates of cash advances. However, unless you’re certain you can make regular interest payments or pay the principal within the set amount of days, don’t put something up as collateral that you can’t bear to lose.

  • How to Tell if your Gold is Real

    How to Tell if your Gold is Real

    In need of quick cash? One of the most common items pawned for quick cash is gold. It can be difficult to distinguish real solid gold pieces from gold plated or fashion jewelry by sight alone, though.

    So what is the best way to determine if your gold is real and can be pawned for money? The hands down best way is to take your gold jewelry to a certified jeweler or licensed pawn shop that buys gold, and have it tested. Keep in mind that anything that tests less than 10 karats is not considered real gold.

    How to test if gold is real

    If you are curious right now about whether or not your gold is real, here are 4 of the most common home tests you can try to test if your gold is real. Beware not all gold tests are fool proof.

    4 Ways to Test if your Gold is Real

    • Take a bite out of it. We’ve all heard you can check if gold is real by biting down on it. If it is real gold, your teeth will leave bite marks.
      • While the above is true, it is important to consider that even gold-plated items will show indents from bite marks.
      • This gold test method is not recommended as it can cause damage to your teeth.
    • Take a peek. Gold pieces often have engravings or markings verifying the karat of the gold.
      • Unfortunately, counterfeiters are smart and can easily engrave a fake piece to make it look as if it’s real gold.
      • Engravings may fade after years of wear and no longer be visible.
    • Discoloration is a major sign of a counterfeit piece. If there are any areas where the color of the gold is wearing off and you can see other metal peeking through, it is gold plated at best. Discoloration typically occurs on the edges of jewelry pieces where there is constant friction.
    • Get a magnet! For this gold test to work, you are going to need a magnet stronger than your typical refrigerator magnet. If the gold piece sticks to the magnet, it is not real. Gold is NOT magnetic.
      • Unfortunately, this is also not a fool-proof gold test as counterfeit gold pieces can be made with non-magnetic metal as well.

    In short, leave the gold testing to the pros. If you want to be certain your gold piece is 100% gold, find a local certified jeweler or stop in our store.

  • 5 Luxury Items You Can Pawn for Money

    5 Luxury Items You Can Pawn for Money

    Sometimes you need to get cash quickly for short term use. You may find yourself looking around your house, wishing that you could get money for some of your valuables. You’ll be happy to know that you can, in fact, pawn luxury items. This works much the same way it would if you were to sell them for a profit – except that in this case, you have the option to get your items back. So if you’re looking for cash for a purely short term need, here are five luxury items you can pawn.

    Luxury Items to Pawn for Money

    5 Luxury Items to Pawn for Money

    1. Designer Goods Have a high-end bag you know is not a fake? Or designer sunglasses, shoes or other goods? All of these things can hold their value – or even increase. As a result, they are items that you can pawn for money. If you’re not ready to part with them forever, you just have to pay back the loan before it’s due. This way you can get the cash you need and keep your wardrobe stylish.
    2. Jewelry Whether your jewelry is gold or another precious metal, it can be pawned. Whether the stone is a diamond, other precious gem, or doesn’t have a gemstone at all, it can be pawned. Of course, the type of metal, size, type of stone, and so on will determine how your jewelry is valued by a pawnbroker. Go in with a general idea of what your jewelry is worth today in order to facilitate the pawn loan and have a successful transaction.
    3. Cars Have an extra car sitting around? You may be surprised but many people do. Whether it’s an additional vehicle that you can live without for a short period of time or one you’ve restored and only drive occasionally, a car can get you access to quite a bit of short term cash. Be prepared to prove you’re the car’s owner and you’re on your way.
    4. Artwork Valuable paintings, sculptures and other high quality art pieces can help you obtain a pawn loan for money. These items are things you likely will not even miss from your home short term, making them great choices to pawn so you can get quick access to cash.
    5. Electronics Your phone, tablet, TV, laptop, gaming console – if it’s high-powered technology, it can be pawned. These items should be in good condition. The newer they are, the larger pawn loan you can obtain with them.

    The long and short of it is, if you have items that you would be expensive to replace and are in good condition, they can likely help you to secure a pawn loan. Pawning your luxury items can be a great way to obtain cash in the short term and at great interest rates.

    If you have any questions about whether you can pawn a particular luxury items, don’t hesitate to contact us. We’re always happy to help.

  • What You Need to Know about Firearms Consignment

    What You Need to Know about Firearms Consignment

    Get money for your firearms from Lambert PawnIf you own firearms, you may wonder about selling firearms on consignment. There are many lines of thinking about this, but if you’d like to sell your guns for a fair price, consignment can often help you get the best price for your guns.

    Before you get started, there are a few things you should know in order to make sure you enter into the firearms consignment process as informed as possible.

    How Does Firearms Consignment Work?

    First, it’s important to understand how consignment works in general. A consignment sale is one where the owner of the item (you) remains the owner until the piece is sold to a third party. What that means is that you take your firearm to a consignment store and make an agreement that they will sell it on your behalf since they have access to more people interested in purchasing firearms than you do. You go home but retain ownership of the gun. When the shop sells the gun to a third party, you receive relinquish ownership and receive payment.

    3 Things to Know about Gun Consignment

    • Consignment Fees Since the gun consignment shop is doing work to bring your gun to a new owner, they receive a portion of the sale price. This consignment fee is not paid until the firearm is sold. There should be no upfront costs to firearm consignment. However, consignment fees can range from 15-25%. Make sure you know what the consignment fee is and why. A lower fee is not always better – it may mean you get a lower price for your firearm or it takes longer to sell since the shop does not intend to work hard to sell it. Alternately, a high fee is not always better. It may simply mean the shop wants more money. Make sure you know whether the fee is fair for the work that’s being done.
    • Firearm Promotion In order to sell well, it’s important to understand how your firearms will be promoted. Some shops take high quality photos and get a full, detailed description of the firearm to provide to potential buyers. This can increase the likelihood that buyers will come in to see your item. Some shops have a special rack designed for guns that are on consignment. Regardless of what their practice is, it is important that you understand how your item will be promoted and how likely it is to sell.
    • Licensed Dealers There are plenty of people who are willing to take a cut of your profit in exchange for selling your firearm. However, if these shops are not properly licensed on a local, state and federal level, this can spell trouble for your consignment deal. Make sure you’re working with a professional firearms consignment shop that is properly licensed at all required levels.

    Firearms consignment can be an excellent way to get the best value for your firearms. However, it is not something you should jump into uninformed. If you still have questions about firearms consignment, we’re happy to help. Feel free to contact us to learn more about firearms consignment in your area.

  • Can I Fund My Small Business with Pawn Loans?

    Can I Fund My Small Business with Pawn Loans?

    If you own a small business, from time to time you’ll find you need access to quick cash. There’s not always time to fill out the paperwork or wait to get approval from a bank; things often need to happen quickly in order to take advantage of the opportunities that present themselves for your business. Whether you’re expanding your inventory to fulfill a big order or opening a second location, it can be helpful to understand some of the best ways to get access to the money you need for your small business in a short amount of time.

    Fund Small Business Pawn Loans

    Funding your Small Business with a Pawn Loan

    So you may find yourself wondering whether pawn loans can work for your small business. It’s not an unusual question. In fact, any number of small businesses use pawn loans to get access to the cash they need to make their business dreams a reality. Pawn brokers can offer a short-term, low interest loan in exchange for personal valuables or business assets.

    Unlike traditional loans, there are no complicated loan forms to fill out, credit checks, proof of income or assets, or tax returns to provide. Instead, the loan process is simple. All that is required is something of value to act as collateral on the loan. This can be something personal, like a watch, or something owned by the business, like a computer. While the items themselves will vary from business to business and may be dictated by the situation (you can’t pawn a computer if you need it to complete your project on time), the only true requirements are that you own the items and they have value.

    Your small business can take advantage of these types of loans to receive money without jumping through a lot of hurdles. Short term loans can solve any number of problems and let you take advantage of the opportunities that present themselves to your business. In fact, this option is becoming increasingly popular with solopreneurs and other business owners.

    The pawn industry continues to evolve over time, making it more and more applicable to entrepreneurs and growing businesses. If you have questions about whether pawn loans may be the right option for your small business needs, give us a call at 562-945-0290 today.

  • The Differences Between 10, 14, 18, 22 and 24 Karat Gold

    The Differences Between 10, 14, 18, 22 and 24 Karat Gold

    It can be quite confusing to purchase items made of gold without fully understanding the differences between karats. Even when speaking to a jeweler or pawnbroker, it’s not always easy to determine what number of karats would be best for your purchase. In fact, if you talk to ten different people, you may well get ten different opinions on what the “best” type of gold is based on the number of karats. So, we’ve created a quick guide to which number of karats is best used for which types of items.

    What are Gold Karats?

    It may be helpful to start with a definition. Karats refer to how much gold is present per 24 parts of alloy. So 24 karat gold is often referred to as pure gold because if you were to examine 24 parts of the metal, all of them would be gold. In contrast, if you looked at 24 parts of a 10 karat gold alloy, only ten of them would be gold and the remaining 14 would be another type of metal.

    Differences between 10, 14, 18, 22 and 24 karat gold

    Differences between 10, 14, 18, 22, & 24 Karat Gold

    • 10 karat gold Because 10 karat gold is very diluted, it can tarnish or blacken when exposed to perspiration or household chemicals. As a result, it is not the best choice for jewelry that is worn every day. It’s also important to note that due to its dilution, 10 karat gold is not considered gold in all countries, which can be an important point if you are looking to resell items.
    • 14 karat gold 14 karat gold is a very popular option for everyday-wear jewelry. It is durable and relatively inexpensive as it is not as pure as other karats. While 14 karat gold is an extremely popular choice, it has its detractors due to its level of purity.
    • 18 karat gold 18 karat gold is the most popular for jewelry. It has a high enough gold content to be considered desirable while having enough other metal to make it durable and stable. As a result, it can hold gemstones in place without prongs bending or loosening, and can be worn as a part of your daily activities. However, as it is still less durable than 14 karat gold, some would advise you that 14 karat gold is a better option.
    • 22 karat gold The most expensive jewelry is often made from 22 karat gold. Because it is 22 parts gold and only 2 parts come from another metal (often silver or copper) it is still quite soft and has to be taken care of very carefully. This may not be the right material for items like wedding rings that are worn regularly. This is also the karat that is used to make gold Krugerrand.
    • 24 karat gold While 24 karat gold may sound the most desirable gold, it is found to be too soft for many types of products. In fact, when handled too often or too roughly, gold particles can even rub off on your hands. As a result, you are most likely to only see 24 karat gold used to make gold bars.

    Ultimately, there’s much debate as to which is the “best” form of gold. People frequently debate which factor is the most important: purity, durability or color quality. In the end, finding the best gold for your project really comes down to what you’d like to do with it, how often the item will be used, and whether it will come in contact with chemicals, perspiration and other potentially damaging elements.

    When all is said and done, rather than trying to choose which gold is universally acknowledged as the “best”, choose the karat that is right for you.

  • 3 Things to Consider When Valuing Gold Items

    3 Things to Consider When Valuing Gold Items

    How to Value GoldMany people have gold items lying around the house, unused for whatever reason. It’s not surprising that people often wonder what those items may be worth. In order to understand the value of gold items, experts look at a variety of factors. The main three things that one should consider when pricing items made from gold are the current price of gold, the weight of the item and the number of karats.

    Why do these three factors play such an important role in pricing your gold items?

    How to Value Gold

    1. Price of Gold The price of gold fluctuates on a daily basis. This is because gold is a commodity traded on many exchanges around the world. Based on supply and demand, as well as other economic indicators, the price of gold can go up or down dramatically. In ideal circumstances, you want to wait until the price of gold is high before you sell your gold items in order to get the best possible price for them.
    2. Weight of the Item Once you know the price of gold, you can use that plus the weight of your item to get a good estimate of what your item is worth. Gold is priced in ounces, so taking the price of gold times the weight of the item can give you a good place to start. Keep in mind that since the price of gold changes, your estimate will change over time. If you think your price is good today, you may not want to wait several months before selling the item.
    3. Karats The number of karats tells you how much gold is present in 24 parts of alloy. 24 karats indicates that of 24 parts of alloy, all of them are gold. This is why 24 karat gold is also referred to as pure gold. Knowing how pure your gold is will have a direct effect on the worth of your item.

    The price of gold, weight of the item and number of karats are the basic elements of pricing any gold item. There are a number of other factors to keep in mind when pricing gold, such as how rare the item is and whether it is something that might be in high demand. Still, these three factors will come into play when pricing almost any gold item. They serve as a good base for creating an estimate for what your gold item is worth. Understanding these factors can help give you peace of mind and help you to get the best deal possible when selling gold items.

  • The Evolution of the Pawn Industry

    The Evolution of the Pawn Industry

    pawn shop historyAll too often, when people think of pawn shops, they think of a stereotype they saw in a movie one time. We all tend to associate businesses we don’t know with what we see in the media. Unfortunately, these portrayals are not always accurate. The pawn industry today is a vibrant business community, with many services to fit a variety of customers – even the wealthy.

    The pawn industry has a rich history and has gone through many changes through time. Though the pawn industry did not always look exactly as it does now, lending money based on collateral has been one of the most important businesses throughout time. People who needed to get cash fast could do so in exchange for an item of value. Still, it wasn’t until 1785 that pawnbrokers were required to have a license (a fun fact for a future trivia night). This served to make the business more reliable for prospective buyers. Since then, the industry has only improved.

    Today there are more than 12,000 pawn shops in the U.S. alone. They operate on much the same model as pawn brokers have since inception. Whenever someone needed access to cash quickly, they could sell an item with the intention to buy it back plus a small amount of interest. If the person is uninterested or unwilling to buy the item back, the pawnbroker then has the right to sell the item to another customer.

    During the Great Depression, pawn brokers were some of the only places families could access cash. While many banks failed, the pawn industry provided people with money they desperately needed. This continues today. Many Americans don’t have access to banks or the time to fill out the lengthy paperwork required for personal loans. The pawn industry fills this need by providing millions of Americans access to cash at reasonable rates and terms.

    Pawn loans are held to high standards and are required to be upfront about the terms and conditions of their loans. The National Pawnbrokers Association, established in 1988, serves to further regulate the industry. In fact, each pawned item is registered and documented to prevent the sale of stolen items. This helps to ensure that characters with less than positive intentions take their business elsewhere. Due to this registry, it’s common that pawnbrokers often know the history of the items in their shops, whether they are antiques, electronics or jewelry. Over the years, the pawn industry has become increasingly mainstream and continues to provide a solid alternative to traditional personal loans.