Pawning electronics is a quick way to get extra cash in a pinch. According to Statista, about 30.1% of Americans pawn electronics when they need cash, but there are a few things to know before you head to your local pawn shop. Keep these things in mind when you’re ready to sell or get a loan for your old phones or game consoles.

1. Include the Cords

Some people show up at a pawn shop with expensive game consoles but cannot sell them because the person working can’t verify that they operate successfully. Before heading to the shop to sell anything, ensure you have all the necessary cords. Phones and laptops should be adequately charged so employees can verify they work.

2. Restore to Factory Settings

Laptops and phones should not have a password on them. Likewise, you’ll want to ensure you restore gaming consoles to their factory settings. Pawn shop employees do not delete any information before re-selling electronics. It can be a disaster if you accidentally leave your payment information on your phone or PlayStation. The shop is not responsible for ensuring that you delete information.

3. Understand the Terms

Pawn shops often end up selling items they are stuck with because a person did not follow the loan terms, making it critical to understand terms and conditions. Ask questions to determine whether one late payment will mean losing your item. Also, ensure that you can pay off the loan in advance without having to pay a fee.

4. Keep Track of Payments

Keeping proper records is essential to ensuring you get your electronics back after pawning them. It’s common for customers to have one or two more payments but think the item is paid off. We recommend using a calendar or planner and writing down payment deadlines as well as how much is due to prevent misunderstandings.

5. Understand Resale Value

Pawn shops consider reselling value when determining how much they will give you for pawning your electronics. While you may have paid over $500 for a new gaming console, you’re unlikely to get that much when getting a pawn loan. Instead, a shop may only give you a couple hundred because that’s all they can sell it for.

Learning about a pawn shop before heading inside to pawn your electronics is essential to ensure a seamless transaction. Contact Florida Cash Inc if you have any more questions today!