PAWNING - Frequently Asked Questions
What does the STATUS of my pawn application mean?In Progress - This means your application is not complete. Please follow the instructions to complete and submit your pawn listing. Pending - This means that your application is pending approval Denied - This means that your application has been denied Expired - This means that your application has expired and is no longer valid Published - This means that your application has been published is open for offers Completed - This means that you have completed a pawn transaction. Congrats!
How much will I get for my item?After you submit your item, our expert appraisers will review and make you an offer.
Should I pawn or sell my item?That's up to you! However, we believe that by pawning (instead of selling) your valuable or sentimental item, you don't have to get rid of it - as soon as you pay back your pawn loan, you get your item back!
What is a pawn loan?A pawn loan is a short term cash loan that is secured against a valuable item such as a watch. YouPawn will securely store your item until you pay back the pawn loan - then we will return the item to you. A pawn loan is a great way to get quick cash when you are in need. Also, if by chance you are unable to pay back the pawn loan, your credit score will NOT be affected (that's a plus!).
What is a RATING on an item?This is the Risk Rating - this will tell you how risky a loan investment would be on an item.
What is a TruePawn value?This is the amount that we believe you should loan on a specific item. This amount takes into account current market value, and is subject to change.
How does pawning work?YouPawn makes it easy to get you the most cash for the items you own in just a few steps: Step 1: Submit Your Item Post a description and a photo of your item on YouPawn.com. Step 2: Get Offers Sit back and watch the offers come in. You pick the best one. Step 3: Ship Goods Print a shipping label and ship your item for appraisal. Step 4: Get Cash Once you’ve accepted loan offer, your funds will be sent to you electronically within 24 hours.
I’m a bit nervous about pawning something for the first time. What should I know?Pawning has been around for centuries and is based on a simple collateral for loan business model. It's an easy, legal way to turn property you don't want to sell into a quick, secure and affordable loan. While Hollywood has a history of portraying pawn shops somewhat "shadowy," the truth is that it’s a simple, transparent, and quick way to get cash.
How is the loan value determined?Your loan value is based on the resale value of your collateral (the item). This is determined by qualified appraisal specialists that work with the pawnbrokers who make you the offer - using a variety of factors including condition and marketability.
How long do I have to pay back my pawn loan?Four months.
What happens to my collateral if I do not pay back my loan?The pawn investor that secured your pawn loan will keep your item and may attempt to resell the collateral.
Will defaulting my pawn loan affect my credit score?Absolutely not. Pawn investors do not report to credit agencies. The advantage of pawn loans is that both you and the pawnbroker simultaneously hold something of value. If you default on your pawn loan, the pawnbroker simply keeps the item.
What is the minimum/maximum amount I can borrow?Our network currently offers loans ranging from $200 to over $50,000.
How does YouPawn store my items?YouPawn will store your item in our secure facility until you pay back your loan.
Where do I ship my item for appraisal?When it's time to ship, we'll create a personalized shipping label for you so that you can send your item (for free) to our secure appraisal center in New York City.