Need holiday cash? Try pawning for presents - KMSP-TV

Need holiday cash? Try pawning for presents

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Tight on cash? You don't have to be a "pawn star" to pawn items for holiday shopping.

IF you're looking for a high amount of cash, Todd Hills, with, suggests pawning high-end jewelry, diamonds, and watches.

He says pawning luxury items that are 100 percent authentic and valuable are best.

If you're unsure of your item's authenticity or worth, it can be officially evaluated and appraised by a quality jeweler or antique dealer.

The top items being pawned during the holidays are a Louis Vuitton Jewelry trunk, diamond rings. bracelets, earrings, necklaces, pins, brooches, high-end watches (Rolex, Panerai, Chopard, Beritling), a 3.27 ct loose diamond and designer guitars.

Tips to not get scammed:

1. Be on the lookout for hidden fees/interest rates. Know the rules of your pawn shop.
2. Research your pawn shop's monthly interest rate as well as other hidden fees associated with it.
3. Research the loan period on your item and if there are any penalties associated with defaulted loans.
4. Pawn shops are also in the business of charging for shipping and storage fees. They can sometimes charge you for your pawn ticket.
5. Many pawn shops will also resell your item once the loan period is up. If you don't reclaim it right away, the pawnbroker will resell your item even if you have paid your loan off.
6. Before pawning in person or online, it is important to research potential businesses so you don't get scammed into a bad loan offer. Look up reviews of the pawn shop online.

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