Can You Pawn a Laptop? And What to Expect If You Do
Pawning valuable items can be a smart way to get money quickly, but there are a few things you need to know before taking the plunge, especially if you’re looking to pawn or sell your laptop. Here’s how it works and what you can expect when pawning your laptop. Read on to learn more!
How to Find a Good Pawn Shop
A good pawn shop should be able to give you an estimate for how much your item is worth. But before you go, know what you’re looking for: that means knowing how long your laptop has been around, which of its features are unique, and whether or not it’s in great condition. Your best bet might be trying out a few pawn shops—the one-stop shops don’t tend to have as high of an approval rate, while more specialized establishments may offer higher payouts. Once you find one that looks promising, give them your item and let them inspect it.
How Much Money Will I Get for My Broken or Old Computer?
This is where it gets tricky. Depending on your local pawn shop, you could get anywhere from $30 – $200 for your broken laptop. Although there are some super sketchy pawn shops that might pay as little as $10 (or even nothing at all), don’t be afraid to check out places near you and call ahead of time. The worst they can say is no, right?
Why Should I Pawn My Laptop vs. Selling it Online?
When it comes time to sell an old laptop, you may have several options available. The most common include selling it online, swapping it for cash with someone else, or giving it away. For many of us, pawning seems like a great option. However, if you’re not careful, pawn shops can take advantage of you. To learn more about how they work and what you can expect when you pay them a visit, read on.
How Does the Process Work at Some of These Stores?
Retail pawnshops and their online counterparts, like iGold Vault, offer an easy way for consumers to raise quick cash by pawning an item. To do so, you must provide proof of identification and fill out forms that include information about your item (including its serial number), how much you want to receive and what exactly will happen if you fail to make repayment on time. Most stores have simple procedures for repaying your loan with interest. These are usually similar: Get approved for a loan; bring in collateral; make regular payments; then reclaim your collateral once it’s paid off.
What if the Store Won’t Buy My Laptop?
- Don’t Try This Unless it’s Your Last Resort: Sometimes, all you need is $50-$100 for that special occasion and then you can pay it back in time for your next paycheck. However, pawnshops often charge triple of what an item is worth and if your item doesn’t sell, most will hold on to your collateral (your computer) until you do pay off what you owe. In addition, pawning may be illegal in some states so don’t take our word for it—check with your local police or attorney general before trying anything.
Consider your current financial situation. Remember that there are fees associated with pawning, and you may end up receiving less money than you actually need. Decide what you can afford to lose before going forward. For example, if your computer is worth $500 but you can only get $250 for it at a pawn shop, consider alternatives. Determine whether or not you have any other assets that might help—such as valuables like jewelry or musical instruments—or income streams (like an extra room in your house) that might generate revenue while saving up enough money for a replacement laptop on your own.