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The Ins and Outs of Pawn Loans in California

The Ins and Outs of Pawn Loans in California

by | Oct 16, 2020 | Blog

Imagine this: after one or two unanticipated expenses pop up, your rent or car payment is due, and you are short $100. What should you do? You might consider a bank loan, but not only is the amount too small, but the hit to your credit report also isn’t worth it. Plus, getting your money could take weeks.

You might think about asking a friend or a family member. Still, the chances are good that they are facing similar financial troubles, not to mention that borrowing money from friends and family can be a tricky situation. Some might even think about potentially dangerous solutions like getting a cash advance on a credit card or obtaining a payday advance loan, both of which charge astonishing interest rates and trap many unsuspecting people into a vicious cycle of debt.

If you have an item of value, you could think about selling it online or on one of the many person-to-person sales apps out there. This can be a good option but comes with many compromises that make it troublesome. For one, you are at the mercy of demanding buyers who may try to lowball you at every turn, not to mention the fact that to list items cost money, which immediately eats into the funds you can expect. Also, waiting for your money to transfer over to you may be too slow. Worst of all, once you sell your item, it is gone forever. Selling something you treasure can be painful.

If this scenario sounds at all familiar, you are not alone, and you are not out of options. The solution you are looking for can be found at your local pawn shop. Pawn shop loans are fair, short term collateral cash loans, and they are designed to work with you, not against you.

At Central Mega Pawn, we believe that getting the emergency cash you need should not be a grueling and possibly heartbreaking experience. We are here to help. Keep reading to find out what you need to know about pawn loans in California.

How Pawn Shops Work

First, we will go over how pawn shops function in the first place. Since ancient times, pawn shops have been a resource for their communities for quick, easy funding. Today, the spirit is essentially the same:

  • You bring in something that you legally own, and that has value. (We will discuss how to determine if your item is valuable shortly)
  • After inspecting the item, if the pawnbroker is interested, he or she will offer a loan, usually in the amount equal to a fraction of the item’s value.
  • Once all the loan terms have been discussed and agreed upon, you receive your cash and leave your item at the shop.
  • You will receive a pawn ticket, which you should keep track of! It is the receipt for your item, and it contains all of your loan terms, like fees, repayment date, etc.
  • If you repay your loan plus interest in the agreed-upon terms, you will get your item back.
  • If you do not repay your loan plus interest, you surrender the item to the pawn shop. They will then put it up for sale to recoup the loss. You are under no further obligation, and your credit score is unaffected.

Getting a pawn loan in California

As stated above, it is a reasonably straightforward process to obtain a pawn loan in California. However, there are other things you should know:

  • Look for a reputable pawn shop. Your local pawn shop should have its certification prominently posted in the shop and website.
  • Be prepared to identify yourself. You will need to show your driver’s license or state ID, provide a thumbprint, and in some cases, have your photo taken. You may also be asked to provide detailed information about the item being pawned. While this sometimes feels excessive for first-timers, this is one of the many ways that pawn shops take care not to deal in stolen items, which is suitable for everyone.
  • In California, the loan period is generally 120 days, plus a ten-day grace period to repay your loan and accrued interest and fees.
  • Pawn interest rates and fees tend to be very fair and are regulated by the state. However, they can vary depending on the size of the loan and can add up, so look over your agreement carefully before signing.

What can you use for collateral?

We will now discuss the kinds of things you can use for collateral to get your pawn loan! The good news is that you can pawn just about anything. The bad news is that not everything will have a monetary value. Below are some things to consider before choosing what to use for collateral.

  • Keep in mind that no matter your item’s sentimental value, and regardless of how much you paid for it when you first purchased it, it may not be worth as much as you think. Your pawnbroker must use its current market value to determine its worth. Then, you can only expect about a percentage of the determined value.
  • Remember that pawnbrokers tend to specialize in items particular to their community. For example, pawn shops in farming communities will have many farm-related items, while urban ones will specialize in other things. Some specialize in things like gold, jewelry, or electronics.
  • Don’t be too intimidated to negotiate with your pawnbroker on things like amounts or even loan terms. We have a handy guide to help you conquer your hesitation, available here.

Why Central Mega Pawn?

At Central Mega Pawn, we want your business, not your merchandise. We love to help our community get the cash they need, and we love assisting first-time customers to become repeat visitors. Our goal is to go above and beyond for you every time. The next time you need quick cash for bills, emergencies, or any reason at all, visit us and find out why we are Southern California’s leading resource for pawn loans!

Antiquing at Pawnshops: 5 Things You Should Know

Antiquing at Pawnshops: 5 Things You Should Know

by | Oct 5, 2020 | Blog

By any measure, antiquing is an underrated pastime. However, with the popularity of television shows about antiques, house flipping, and interior design, the hobby is taking off. And it’s no wonder – the best thing these shows have done is to help people develop an appreciation for older, well-loved items. Finding, cleaning, and having that first, or next, unique item seems to provide a level of fun and satisfaction that can’t be beaten. It is certainly not hyperbole to say that antiquing is the closest most of us will ever get to real-life treasure-hunting!

If you are interested in antiquing, you might be wondering where to find your next great acquisition. If you follow the recommendations of the popular shows and channels about antiquing, your first instinct might be to spend countless hours scouring every flea market, garage sale, and run-down antique store in your area.

However, there is a resource in every community worldwide for fun, high-quality antiquing, including your own neighborhood: the local pawn shop. Your local pawn shop is likely a treasure trove of unique items that would thrill any fan of antiquing, from beginner to veteran. If you are surprised to hear that a pawn shop might have what you are looking for, it is understandable. Pawn shops are the secret weapon of many smart shoppers. However, as with everything else, it is a good idea to arm yourself with helpful knowledge before you begin your search.

At Central Mega Pawn, we want to help you get the most for your money and to enjoy the fun of antiquing. To that end, we have put together this helpful guide to get the most out of your pawn shop explorations. Keep reading to find five essential things that you should know about antiquing at pawn shops.

How do pawn shops work?

First, let’s look at why and how a pawn shop is a great place for antiquing. For starters, pawn shops have long been valuable members of their communities. They provide everything from emergency cash loans to a place for people to easily and quickly sell unwanted valuables. People bring their valuables to their local pawnshops to either sell or pawn, which is how your next great antique found its way to the shelves.

For the purposes of antiquing, pawn shops are valuable to you because they only purchase and stock high-quality items. Unlike places like garage sales, where you must sift through piles upon piles of useless things, your local pawnbroker has already done a great deal of the hard work of deciding what is valuable and what is not.

1. How to Start Your Search

Pawn shops are reflections of their communities. So, before you choose a pawn shop to check out, study its community. For example, in farming communities, you will likely find farmhouse-style antiques at that area’s local pawn shop. This is perfect if your goal is to find a great farmhouse or farm style antique, but it is not ideal if you are looking for something unrelated, such as a vintage typewriter or globe. The more distinct a community, the more likely it is that you will find related items.

2. How to Spot Valuable Antiques

Spotting valuable antiques is vastly different than how people evaluate other items. For example, human imperfections and minor wear often make an antique more valuable than pristine items. You can also know where to look for designer marks on a particular item and use a magnet to determine sterling silver vs. silver-plated metal.

3. Become a Specialist

If you are just starting out in antiquing, you might be in the middle of figuring out what items genuinely speak to you and what your goals are. Below are some popular types of items for antiquing. Each has its own rubric for determining its rarity and value. Some are even more likely to have documentation on its origins and history.

  • Wood
  • Rugs
  • Art
  • Silver
  • Porcelain and ceramics

Becoming knowledgeable about what to look for in a particular type of item will arm you with a valuable resource when looking for genuine antiques.

4. Trust Your Gut

Always trust your gut when deciding on buying an antique, regardless of the circumstances. If something seems a little off about an item, it is usually the right decision to walk away, even if you feel conflicted. Sure, you might miss out on a unique item, but your peace of mind is not worth sacrificing. Plus, one of the great things about antiquing is that there is always something new and different around every corner. Also, keep in mind that trusting your gut goes for good feelings as well! If you have a great feeling about an item, be sure to pick it up!

5. Don’t Be Afraid to Negotiate

Sometimes, people are too intimidated to haggle or negotiate at a pawn shop. This might be because pawn brokers are professionals, or due to what people see in the media, but dealing with a pawn broker does not need to be a stressful experience. After all, unlike many sellers at flea markets or garage sales, pawn brokers do not overvalue their items. Also, pawn brokers are used to haggling! They will not take it personally and will not be offended if you decide to walk away.

At Central Mega Pawn, we love taking the difficult part out of antiquing! You can rest assured that every item you find in our shop has been verified to be authentic to the best of our professionals’ abilities. We run a clean and well-organized shop so that you can quickly find what you’re looking for, which is unlike most antique stores that charge a premium for their items. We are picky about what things we purchase and sell and are proud to offer you a great central location in the Inland Empire for all your antiques, relics, and collectibles. Visit us online or in-person and see how we can quickly become your secret weapon for your antiquing!

Fake Vs. Fact: How to Avoid Buying Designer Knockoffs – Louis Vuitton Edition

Fake Vs. Fact: How to Avoid Buying Designer Knockoffs – Louis Vuitton Edition

by | Sep 17, 2020 | Blog

Louis Vuitton is one of the most counterfeited designers out there. Scammers know that there is a massive demand for their bags. With all the different lines that have come out through the years, including canvas monogram, epi, vernis, damier azur, making sure you are buying a genuine article has never been more challenging. Luckily, at Central Mega Pawn, we’ve put together a guide to help you make sure you are spending your hard-earned dollars on genuine Louis Vuitton bags. Keep reading to learn everything you need to know to avoid buying knockoff material.

An authentic Louis Vuitton bag always has the following characteristics:

  • High-Quality Materials: Louis Vuitton bags are expensive, partly because they are made out of genuine, costly materials such as top-tier leathers made from boa, crocodile, lambskin, and camel skin. Knockoffs, on the other hand, are easily recognizable by their use of pleather or vinyl, or other material that feels rough or stiff to the touch. A genuine Louis Vuitton bag feels smooth and soft to the touch, thanks to the expert craftsmanship that goes into its construction at every step of the process.
  • Trim: Louis Vuitton trim tans naturally as it ages because it is genuine material. Fakes, on the other hand, have tags that do not age or tan. If you encounter a so-called gently used Louis Vuitton bag with trim that looked worn but not aged, you have not found an authentic piece.
  • Careful Monogram placement: On genuine Louis Vuitton bags, monograms are always consistent. There will be no misalignment or incorrectly cropped monograms, and you will never encounter a seam in the middle of the genuine Louis Vuitton bag.
  • Separate Tags: These are never attached to a genuine Louis Vuitton bag. Keep in mind that even when tags are part of the purchase, they are placed within the purse itself or in the accompanying dust bag. Tags are never attached to genuine Louis Vuitton bags with plastic pins!
  • Genuine Hardware: the hardware on a Louis Vuitton bag is always an indicator of authenticity. Fake purses will very often have painted or decorated plastic tags. In contrast, an authentic piece will have gold, or sometimes, brass metal hardware engraved with Louis Vuitton bags’ trademark logo.
  • Dust Bags: All genuine Louis Vuitton bags come with a soft dust bag. While imitators may try to throw you off with nylon or plastic dust bags, real articles will come with a bag in a soft tan leather that features the trademark LV log in the center.

Do Your Research

As a savvy buyer, you should know about some basic features about the bag you are buying. For example, if you are looking for a bag in the “Speedy” line, you should know that no genuine bag has metal or gold feet on the bottom.

Whenever possible, do your research on the type of bag you are interested in. A knowledgeable buyer will be able to spot the tiny additions or changes that make knockoffs so hard to discern by other buyers.

Beware of Extra Accessories

Many Louis Vuitton knockoffs attempt to con people by throwing in fake accessories along with their counterfeit bag. To this day, authentic Louis Vuitton bags do not come with extra accessories. However, while lines like the Neverfull have the option to add a shoulder strap, it is never included as a standard purchase.

Examine Details Like Handles and Stitching

The high-quality workmanship of genuine Louis Vuitton bags is easy to spot on genuine articles. The handles and stitching are precise and durable. If your potential bag has any loose threads, the chances are good that you’re dealing with a knockoff.

Lettering

The lettering on your bag is another clear indicator of a knockoff or an authentic Louis Vuitton bag. Lettering done by scammers is hasty and sloppy. On the other hand, genuine bags proudly feature clear and precise lettering that gives all their bags their signature quality. Thankfully, there are some signs you can look out for to ensure that your Louis Vuitton bag is authentic:

  • The “O” in Louis Vuitton should be perfectly round, not oval.
  • The horizontal line in the “L” should be very short.
  • The name Louis Vuitton is almost always spelled out in all capital letters. However, even on models where the brand name is not capitalized, it is done in a distinctive script that is difficult to replicate.

Don’t Fall for “Certificates of Authenticity”

Some scammers try to fool buyers by providing certificates or cards of authenticity. While genuine bags sometimes come with a white or cream-colored card on the inside with the model name and a barcode, real bags do not come with cards or certificates of authenticity.

Look for Date Codes

Since 1980, every Louis Vuitton bag comes with a date code that indicates where and when it was made. The codes are usually stamped on a leather tag on the bag’s interior or into the lining itself. However, the codes can be difficult to find, depending on the model. The codes’ structure can vary as well – some have all numbers; some have a combination of letters and numbers. Scammers try to fool buyers by sloppily stamping a serial number on the inside.

Commonly Replicated Louis Vuitton Bags

One of the many things that not only make Louis Vuitton bags so beloved but also susceptible to fraud is the fact that there are so many innovative styles and types of bags in the Louis Vuitton collection. While some styles are more frequently knocked-off than others, below is a list of the most commonly replicated bags on the black market:

  • Signature Monogram Canvas
  • Takashi Murakami Collection
  • Damier Graphite Canvas
  • Speedy
  • Neverfull
  • Alma

At Central Mega Pawn, we take every step possible to ensure that you will find only genuine articles in our shop. When you’re in the market for a genuine Louis Vuitton bag, you can rest assured that ours will be the real thing. Visit us today to see what bags we have in stock!

A Guide to Pawning or Selling Your Guitar to Your Local Pawn Shop

A Guide to Pawning or Selling Your Guitar to Your Local Pawn Shop

by | Sep 2, 2020 | Blog

Guitar owners are a special kind of person. Once they start playing, they never seem to have enough guitars or accessories. But, sometimes, life happens, and guitar players need to pare down their collection due to a move or for some quick cash. Whatever the reason, if you are a guitar owner and are thinking of pawning or selling your guitar at your local pawn shop but are not sure where to start, Central Mega Pawn has you covered. Keep reading to find a guide to getting the most for your guitar at your local pawn shop.

How Pawnshops Work

If you are new to working with your local pawnshop, you should know a few things beforehand. For one, a pawnshop can only make loans against or buy items that they can resell. This means that you may not get the full amount that you are expecting. Generally, count on an offer of about 40 – 60% of your guitar and gear’s going rate, unless it is a rare specimen.

Also, every pawnshop is a reflection of the community it serves, which means that demand for guitars will be a factor in how much your pawnbroker will offer, or if they will even accept it at all. Some guitar brands can also command a higher price due to their popularity or reputation for quality, while other brands are generally avoided. Popular guitar brands include but are in no way limited to:

  • Gibson
  • Yamaha
  • Fender
  • Epiphone
  • Gretsch

Finally, pawnshops are in the business of making collateral-based, short-term loans. This means that your loan is secured by an item of value – in this case, your guitars. When you take out a pawn loan, your pawnbroker will hold on to your guitar until you repay your loan. If you do not repay, the pawnbroker takes possession of your guitar and sells it to recover the amount.

When it comes to reaching a price, feel free to negotiate with your pawnbroker. However, be sure to have realistic expectations. We will go over how to figure out a fair price a little later.

Pawning

Pawning your guitar and gear is an excellent option if you need a quick, safe cash loan. Pawn loans are one of the safest kinds of loans out there. Pawn loans do not put your credit score at risk, and they do not trap you in a vicious cycle of debt like other sources of loans, such as payday advances.

Even better, you can get your guitar back when you pay your loan back on time, which is excellent news if you are not entirely ready to part with your instrument or gear just yet. Your guitar and guitar gear can be a source of quick cash whenever you need it.

Selling

Selling your guitar and gear to your pawn shop is an excellent alternative to selling online through Craigslist or Reverb websites. When you sell to a pawn shop, you get your cash in hand in minutes, unlike selling where you will have to create an account at the website, take and post photos, then deal with picky buyers who will try to lowball you, then risk your safety by meeting in public for the handoff. Selling to your local pawnshop is quick and easy.

Pawning vs. Selling Your Guitar

Pawning or selling your guitar and guitar gear is a personal decision. If you are not ready to let go of your guitar forever, a pawn loan may be your best option. If you just need the most cash possible for your gear, selling may be the way to go, as on average, a pawnbroker can offer a little more money when you sell. However, you will not get your gear back when you sell, which may be a concern if you plan to keep using your guitar, either to play or to use again and again for a pawn loan.

How to get the most for your guitars at your local pawnshop

Regardless of if you are buying or selling, here is a quick guide to getting the most for your gear:

  • Do your homework – Even if you have lots of experience with buying and selling guitars and guitar gear, it is still vital to learn as much as possible about the going rate for everything you plan on pawning or selling. While prices on guitars don’t fluctuate too wildly, the market is still vulnerable to change. So, in addition to looking around for prices at big-box music stores like Guitar Center, look at completed sales on auction sites like eBay or Reverb.
  • Clean it – Make your guitar look as beautiful as the day you took it home. The more appealing it is right off the bat, the more attractive it will be to your pawnbroker, and the more leverage you may have when it comes time to negotiate an amount.
  • Gather any and all accessories – Do you have a case, straps, amps, pedals, extra strings lying around too that you can also bear to part with? The more “complete” a set up you can offer your pawnbroker, the more they may be willing to offer.
  • Negotiate – Whether you are selling, or pawning your guitars, a skill that will come in handy is the ability and willingness to negotiate with your pawnbroker. One of the best things about working with your local pawnshop is that you may have room to negotiate the offer on your price or loan terms. This is where your research will come in handy – you will walk in knowing what it is a fair price and will be able to work knowledgeably with your pawnbroker to arrive at a price that works for everyone.

Pawnshops are members of your community. As such, they want to make connections with their neighbors and support them in times of need. Visit us today to see how we can help you get a fair price for your guitars and guitar gear.

How Much Do Pawn Shops Pay for Silver?

How Much Do Pawn Shops Pay for Silver?

by | Aug 16, 2020 | Blog

If you’ve got loose silver, silver jewelry, watches, or other authentic silver items lying around, you might be wondering if you can turn them into quick, safe and convenient cash by pawning or selling them at your local pawn shop. Luckily, silver is always in demand. However, how much you can expect your pawnshop to pay for your silver is subject to many factors. Keep reading to find out what affects the amount of money you can expect, why silver is always in demand, and how to get the most for your silver at your local pawn shop, regardless of if you are selling or pawning.

Two main factors that affect the price of silver

Although silver is undeniably valuable, the amount of money you can expect your local pawn shop to pay for your silver can change wildly. The following factors can affect how much you can expect when you pawn or sell your silver or silver items:

The Open Market – all buyers of silver, from pawn shops to fancy boutiques, use the current market value for silver. Market value consistently fluctuates and is affected by current events, the national and global economy, and supply and demand. To check the market value of silver per ounce, you can visit sites that track the prices of precious metals to get an idea of the current value and see if the value has gone up or down in recent weeks.

Purity and Weight – while the purity of another popular precious metal, gold, is measured in karats, the purity of silver is expressed as a percentage. This means that the higher percentage of pure silver in your item, the greater the weight, and the more you can expect for your items.

How to determine the purity of your silver

For most people, the easiest and most obvious way to determine their silver purity is to look for markings, particularly on jewelry items. Sometimes, these markings may be printed extremely small, so you might need a magnifying glass. Markings usually measure the percentage of silver in the metal mixture of the particular item. For example, a marking that states “Sterling .975” means that the thing is 97.5% silver.

Some people may choose to opt to buy equipment like electronic testers or investing in density tests. Still, it is usually easier and more economical to take it to your local pawnshop. They will have the tools and equipment to find out for sure the purity of your silver. At Central Mega Pawn, we employ an in-house jeweler, one of only a handful of pawnshops nationwide to do so. They will be happy to use their tools, expertise, and experience to tell you what you have.

Why silver is always in demand

Despite the many things that may affect the price of silver, it is almost always in demand. This is because it is considered a “precious metal,” which means that it is inherently rare. Throughout history, silver has been used for a multitude of purposes, such as:

  • Electronics – Silver is an excellent electrical conductor. Also, it is durable and can last for many cycles, which means that nearly all modern electronics have a silver component of some kind. From kid’s toys to microwaves, silver is a vital part of electronic items.
  • Jewelry and decoration – Since ancient times, silver has been used for jewelry, and is still a popular metal for all kinds of jewelry today. Silver is durable, reflective, and malleable, allowing for customization. Although silver may tarnish after wear, it can be polished and cleaned, looking like new all over again for many years to come.
  • Photography – The traditional practice of developing photographs with chemicals depended heavily on the use of silver. Although digital photography has lessened the demand for silver for these purposes, artists and photographers still use silver to develop images.
  • Medical uses – Silver has powerful microbial properties and is used in bandages, creams, and even eye drops. It can help prevent infection in open wounds and can be used to sanitize medical devices that are susceptible to bacterial infection, such as respirators.
  • Currency – Silver has been used for coins and bullion for centuries and still continues today. Silver coins are popular with collectors, and mints worldwide still use silver in their coins today.

How to get the most for your silver at your local pawnshop

Gather as many pieces as you can – if your silver item has certificates of purity, original packaging, or any other accompanying material, bring it with you. This will help your pawnbroker make the best deal possible.

Do your homework – teach yourself some of the basics of how precious metals are appraised and weighed, and remember that the purer the metals, the more valuable they are.

Clean your jewelry – do your best to clean your silver safely. Avoid harsh chemicals or abrasive materials. The cleaner it is, the easier it is for your pawnbroker to appraise the item.

Have realistic expectations – once you have an idea of what you might expect, be prepared to get an offer of a fraction of the value. Your local pawnbroker must make a profit on every item in their shop, so they cannot offer you an even exchange against the actual value of your silver.

Be prepared to negotiate – your pawnbroker will be open to realistic negotiations. The more homework you do, the more knowledgeable you will be. Don’t be afraid to walk away if the offer doesn’t come close to your standards. Unlike many other items that pass through the pawnshop, your jewelry will retain its value, and you will be able to come back another time or visit another shop.

Lastly: get your cash! – at Central Mega Pawn, we get you cash in hand in minutes.

If you live in or around the Inland Empire in Southern California, Central Mega Pawn should be your one-stop shop when you need to sell or pawn your silver. Contact us today to see how we can help you!