Whether to Sell or Loan Your Jewelry for Cash

Although you always try your best to be organized and on budget, sometimes unanticipated expenses can arise that you aren’t financially prepared for. When you’re in a pinch and need cash quickly, getting a loan from the bank isn’t always a viable option. This endeavor can be made even more difficult, or even impossible, if you have a low credit score at the time. In trying times like these, Tustin and Irvine residents know that Watch & Wares is an excellent solution for getting cash quickly without any judgment. Selling or loaning your valuables will allow you to get the cash you need without affecting your credit score or becoming beholden to your bank. But which is the best option for you: pawning or selling? Here are a few factors to consider when debating whether to sell or loan your valuable jewelry for cash.

Why You Should Loan

If your jewelry has sentimental value and you don’t want to permanently part with it, a pawn loan is a great option. The biggest benefit to pawning rather than selling is the ability to get your item back in the end. With a Watch & Wares loan plan, you have four months to fully repay the loan; once you’ve done so, you’ll receive your item back in the same condition it was given to us. You also have the option to renew your loan by paying off the interest, allowing you more time to find the money and more opportunity to reclaim your item. 

Another benefit of pawn loans is that your credit score is never affected. If you miss a payment or default on your loan, you don’t need to worry about your credit score dropping. If you fail to repay the loan, we simply keep your jewelry as repayment and the exchange is finalized. Unlike a bank loan, loans through Watch & Wares are a quick process that aren’t dependent on your past financial records and won’t affect your future financial records in any way.

Why You Should Sell

Pawnshops don’t exclusively deal with pawn loans; they also buy and sell jewelry and other valuable items. Watch & Wares is a full-service jewelry store with a wide selection of fine jewelry that you won’t find anywhere else. If you’re seeking quick cash but no longer need your item or don’t want to have to worry about a repayment plan, selling is a good way to go. The main benefit of selling is that you’ll receive a much higher value for your item compared to pawn loans. When stores accept jewelry loans, they have to consider the possibility that the customer will default on their loan and not return for their item. This risk of losing out on cash as well as interest is what causes pawnshops to offer a lower value for jewelry that is loaned versus jewelry that is being sold. If you want as much money as possible from the transaction, selling your item outright will guarantee you a higher value. 

Another benefit of selling is the convenience and lack of hassle. If you don’t need any of the items anymore, why pawn them and have to worry about repayment? Selling your items outright means that you won’t have to worry about payment plans, interest, or defaulting on the loan. Bring your unwanted jewelry in for a one-time transaction, and leave with the cash the same day! 

If you’re an Irvine resident looking for a way to get cash fast, or if you have unwanted jewelry pieces that you’re looking to sell, bring your valuables into Watch & Wares Tustin. Our friendly and knowledgeable team members are always happy to assist you with whatever jewelry services you need. We have served the Orange County area for more than 25 years, so you can always trust us to consistently offer fair and competitive values in a comfortable setting with exceptional customer service.