Need advice for pawn shop/financial emergency

[Locke]

I dont think a pawn shop would work out well for you. In my experience, they tend to look at giving in the range of about a quarter to a fifth of actual value of property.

[AR_Six]

I don't get why pawn shops are even useful anymore given that Kijiji exists. If you have an item legitimately fair value of $1000 and you stick it on there for $600 someone will snap it up in a couple of days. If it's a particularly high-demand item, more like an hour.

[Rhettzky]

Originally Posted by AR_Six

I don't get why pawn shops are even useful anymore given that Kijiji exists. If you have an item legitimately fair value of $1000 and you stick it on there for $600 someone will snap it up in a couple of days. If it's a particularly high-demand item, more like an hour.

I think the idea with pawn is to pick up the item after you get paid. Like a loan on collateral type of deal.

[Deegee]

Can you get a loan for $3,000 instead of pawning items?

[Sidney Crosby's Hat]

Originally Posted by Rhettzky

I think the idea with pawn is to pick up the item after you get paid. Like a loan on collateral type of deal.

How much would you be able to pick it back up for? Double what you got for it? More? Legit question, I have no clue.

[jayswin]

Maybe the mods can make an exception and allow you to use this thread as a listing thread and see if CP can collectivly get you fair money for your items. Kind of the same way we've helped others in the past when a financial challenge comes their way.

[Boshi]

Originally Posted by Sidney Crosby's Hat

How much would you be able to pick it back up for? Double what you got for it? More? Legit question, I have no clue.

Double? No, no.. no.. lulz. They just charge a fee for holding it essentially--when you come back you pay what they gave you initially plus a small fee. They make their money on the ppl who accept crap cash for quality items with no way of coming back for it.

Unless you go over the contract limit.. then they set their own price on it and you'd be stuck paying whatever they say.

[squiggs96]

Originally Posted by Sidney Crosby's Hat

How much would you be able to pick it back up for? Double what you got for it? More? Legit question, I have no clue.

Originally Posted by Boshi

Double? No, no.. no.. lulz. They just charge a fee for holding it essentially--when you come back you pay what they gave you initially plus a small fee. They make their money on the ppl who accept crap cash for quality items with no way of coming back for it.

Unless you go over the contract limit.. then they set their own price on it and you'd be stuck paying whatever they say.

My buddy owned a pawn shop that he sold about ten years ago. According to him, the preferred ratio of people who come back to claim their items to the people who never come back is 1:1. Any big ticket item they hope to have an expired contract on, while the smaller stuff they want the interest on.

Their loans were either one week or one month in term, which you set out at the beginning. Interest was charged based on the full term of the contract, so if you got a month loan, and repaid the amount after two weeks, you still paid one month's interest.

Their interest they charged on a one month contract was 4.99% This may not seem like much, but it works out to a 59.88% annual rate. The legal maximum in Canada is 60%. They also charged application fees, that did not form part of the interest.

Not everything is pawned, as some stuff is straight up sold to them. Every now and then guys would come in during the winter, sell their jacket and take the money across the parking lot to the liquor store.

[DownhillGoat]

Originally Posted by squiggs96

The legal maximum in Canada is 60%.

Still? I thought that got reduced a few years ago?

[GreatWhiteEbola]

Are your clubs left-handed?

[DownhillGoat]

Originally Posted by vektor

is there anywhere where I can sell these things to get decent value atleast on them?

Also, I'll give you the same advice I got when I made a thread about pawn shops:

Originally Posted by Captain_Obvious

I gotta be honest I'm not too familiar with this topic so I'm going to call a friend of mine who's an expert on pawn shops in Calgary to come down and take a look at your question.

[Stay Golden]

I wouldn't advice pawning anything unless you don't mind getting 10% value of what its really worth.

Better to sell things on ebay or Kijiji if possible at 1/2 of what you value it at just to move it quickly.
Best of luck.
Hope it turns around for you.

[memphusk]

What size is the snowboard?

[sec304]

guitar/amp/electronics details?

[Hack&Lube]

Put them on Kijiji and the CP Buy/Sell.

[4X4]

How come nobody has suggested kijiji yet? Definitely the way to go.

[troutman]

Originally Posted by AR_Six

I don't get why pawn shops are even useful anymore given that Kijiji exists.

Many criminals don't have an internet connection.

[squiggs96]

Originally Posted by kunkstyle

Still? I thought that got reduced a few years ago?

From what I can find on the internet, Section 347 and 347(1) of the Criminal Code of Canada still have any amounts greater than 60% considered criminal interest.

It looks like in 2006-07 with Bill C-26, you can even charge higher than the 60% interest rate using a payday loan if the loan is for less than $1,500 and the term is 62 days or less.