People mistakenly think that pawning an item is akin to kissing it goodbye.
But in reality, a pawn loan can be a practical way to obtain cash when you are in a bind. No need to mess with your credit, hit on family members for money, and best of all, no need to lose your items. Every year, hundreds of CashCo clients take their pawns back home, having benefited from a short-term loan.
While many pawn shops will tell you how to pawn your items, none will share with you the recipe on how to get them back. That´s what makes us here at CashCo different. We care about our clients and support them at every stage.
Here´s a step-by-step guide to getting your items back:
Step No. 1. Do your homework. Before placing a piece of jewelry, gold or gadget to pawn, you should be aware of how the loan process works. You should also know the specific rules of the pawn shop of your choice. Make sure you understand all the important points, including:
– How many days do you have to pick up the item
– If there is a grace period after the expiration date
– What happens if you default on a payment
– Interest rates
– If it´s possible to extend the pawn period -and how
– Where and how to make payments
This information will help you get organized and retrieve your item. Too busy? We are one of the few pawnshops open on Sunday, so you can come during the weekend and discuss the terms of the pawn at leisure. We have three current locations for your convenience.
Step No. 2. Get organized. Believe it or not, a big part of retrieving an item is simply a matter of good organization. So follow these pointers:
- Stay on top of payments by setting up a reminder on your calendar at home and your cell phone
- Set an alert on your phone a few days before the expiration date
- Keep the pawn ticket handy, so you can visit the pawnshop to either extend your loan terms or pick up your items
- Answer phone calls coming from CashCo: we call our customers routinely before their items are about to expire
- Open CashCo mail delivered to your home (legal reminders). CashCo helps you not lose your items by sending you monthly reminders before your item´s expiration date
- Want to receive a text notification? We can make it happen! Just opt-in for that service
- Ask a family member to remind you of this date ‘just-in-case’ all else fails
At the end of the day, you are the one responsible for keeping track of your pawn expiration date. However, at CashCo we do everything we can to keep our customers informed about the status of their pawn.
Step No. 3. The payment plan. In our 15 years of experience, we´ve noticed that clients who have a clear idea of how to repay the loan have a better success rate at recovering their items. Are you using your next paycheck to cover the pawn loan? Excellent! Are you depending on winning the lottery to pay back? Not such a good idea.
The thing is, you don´t need a windfall, but a plan.
Here are some ideas:
- Write down the dollar amount you need to pay and divide it by the number of weeks of the pawn period. Say you need to repay $240 in 3 months. That is 20 ÷ 12 = 20.
- Make a note that says $20 on each Sunday of your calendar, from today to the week before the expiration date. Designate a drawer for that money (not your wallet). Even better, put it in a savings account that you don´t use for everyday expenses.
- Now, get serious: do anything you need to do to get those $20 in the drawer by the end of each week. Cut overspending by making your coffee at home (instead of going to that fancy place we all know), change your cable TV plan, or even sell some unwanted housewares at the local swap meet.
- Remember: Those $20 are untouchable. You are not to use them for anything but repaying the loan.
- Still short? Get creative. Offer a service in exchange for payment: Babysit, walk dogs, teach a skill.
- Got more than $20 extra dollars lying around this week? Don´t spend them! Put them in the drawer. The sooner you retrieve your things, the better.
What you Need to Know About the Pre-Pawn Evaluation
An evaluation is the part of the process where the pawn specialist assess the value of an item and determines how much money you´ll get for your pawn. At CashCo, we give more cash than any other pawnshop in San Diego.
Remember, everyday items, such as electronics or gadgets, are in a different category than jewelry or gold. Before pawning an item, you should have a realistic idea of how much money you can afford to pay. Do you know how much is gold worth? You could get a loan of $750 or more for a gold ring. Sweet! Wait a second. Will you have an extra $750 in the next 120 days so pay the lawn? If the answer is yes… go ahead. But if the answer is no, maybe you´re better off selling your gold for cash or pawning an item of lesser value.
Obvious (and not so Obvious) Things you Should Consider
- If at some point you realize that it will be hard to pay off the pawn, contact CashCo immediately to review your options.
- Make your payments on time — and if you can’t, consider requesting an extension.
- Be aware that if you request an extension, you´ll have to pay interest at the original expiration date
- Don´t borrow more than you can repay. The evaluation will help you assess how much money you´ll be able to borrow.
- Find out how much gold is worth before pawning a gold item
- Don´t rush. Look for pawn shops that can accommodate your schedule, some pawn shops are open on Sundays
- Always choose reputable pawn shops. The community has voted CashCo the No. 1 Pawn Shop in San Diego. This speaks about our commitment to fairness and customer service. Look at our reviews on Yelp and our customer´s comments on Facebook and Twitter, and you´ll know why more people trust us as their go-to pawn shop in San Diego