Christmas Sneaking Up On You And No Money? Pawn Or Sell Your Gold

4 November 2018
 Categories: , Blog


Christmas is coming up fast, and if you have no money and a lot of people to buy for this can be stressful for you. Fortunately, there is still time to make the money you need. One way is to pawn or sell gold jewelry or other gold you may have. To help you below is information about pawning and selling the gold.

Pawn Your Gold

When you walk into a pawn shop such as Morningstar's Jewelers & Pawnbrokers, they will inspect your gold to determine the worth. Once they do this, they will offer you an amount. The pawn shop keeps your gold until you pay the loan back. If you do not pay the loan within the allotted time, the pawn shop keeps the jewelry.

This type of loan is known as collateral based, which is securing a loan with something such as jewelry. The amount of money the pawnbroker will offer you will not be the entire value of what the gold is worth but instead a fraction of it.

You will be charged an interest rate, and some pawn shops charge a storage fee. This is something you need to ask about as you want a low interest rate. The pawnbroker will set up a payment plan with you, which is generally paying monthly.

Sell Your Gold

If you think your gold is worth a lot of money, you may want to consider selling it. For example, you could sell it to a jewelry store or have a gold party. A gold party is inviting friends and family members over that also have gold to sell. You then invite certified buyers to come to your gold party. These buyers will bring gold testing kits and a scale to help determine the value of the gold. You do not have to pay any fees for this.

You can also find gold buyers that you can directly sell your gold to. Look in your area and online for these buyers.

Before you do anything, determine what your gold is worth, so you can sell the gold for what it is worth. The value depends on how much your gold weighs.  Because of this, remove any stones from the jewelry, such as diamonds. You can then sell the stones to make more money.

These are just two ways you can make money. Other ways include selling items via online auctions or offering services to people, such as shoveling snow or walking dogs.