In order to pawn something, you must first be of the legal age. The minimum age requirement may vary by state, but it’s usually 18 years old or older. Some states may require the applicant to be at least 21 years old in order to apply. If you are under the legal age and you want to pawn something, you’ll need a parent or guardian to co-sign for you.
A quick definition
Pawning is a form of buying with an option to sell back. This means the buyer will receive ownership of the property and can either hold onto it for an agreed upon amount of time or liquidate it after a set period. The pawnshop will charge interest on the purchase at high rates and offers loans in return, but only if the customer is able to provide collateral that can be held by the establishment as a promise that they will pay back the loan if they cannot.
When it comes down to pawning something, customers need only bring items into their local pawnshop as long as they are 18 years of age or older.
The requirements by state
Pawn shops are an easy way to get fast cash without having to make any commitments. People can sell their items in order to earn some quick cash with no strings attached, so it’s perfect for anyone who is just looking for a little extra money. Unfortunately, there is no single minimum age that applies across the country, which means that requirements and standards vary depending on where the store is located.
As of right now, only six states set their own regulations for the minimum age requirement of an individual who wants to make a transaction with a pawn shop. This doesn’t mean that minors under the age of 18 can’t get a loan from a pawn shop, but they need permission from one or both parents/guardians before being able to do so.
Pawning Vs. Selling
Pawning an item can be a temporary fix for your lack of funds if the item is only needed for a short period of time. Generally, one must be at least 18 years old in order to enter into a legal contract. However, as with any legal agreement, it’s important that one fully understands what they are getting themselves into. For instance, there are certain rules on the maximum amount of money someone can receive from the pawnshop based on their age and where they live. The person or institution loaning the money will generally require one to sign a contract stating when the loaned funds should be paid back in full and stipulating what the penalties are for not meeting these requirements.
Difference Between a Pawn Shop and a Jewelry Store
Pawn shops are quick and easy places for people who need cash quickly to sell items of personal value. Pawn shops work on the basis of haves (those who bring in items) and have-nots (those who want things at a reduced price). To keep this system fair, prices are set by the items’ actual worth as evaluated by experts in different areas. There is also typically a flat 10% service charge when an item is pawned or redeemed. One major difference between a pawn shop and jewelry store is that anyone can buy jewelry at a jeweler’s store, regardless of how much money they make or don’t make; whereas those looking for funds should come to a proper retail establishment, like the best Houston pawn shops.
What can you pawn?
The number one question we get from people looking to know how old they need to be in order to pawn an item is what can I take in. The good news is we accept a wide variety of items, everything from jewelry and electronics, game consoles and expensive watches, guns and ammunition. We take many different firearms as well as broken or illegal weapons; there are also a few restrictions for some of these items so please contact us before bringing them in.
Pawn shops are great sources for emergency money if you don’t want to go through the bank or wait on your paycheck.
Items Not Allowed for Pawning
In general, the minimum age requirement for a person to legally take an item into a pawn shop is 18 years old. In order to take items that are not regulated by other federal or state law, including motorcycles and firearms, the person must be at least 18 years of age. In most states where gold and silver are regulated by weight, people under 18 may trade scrap gold or silver (less than 24 karats) if they have parental permission.
Learn more about what types of items can’t be taken in as a pawn!
Where can I get the best price for my jewelry?
Pawning a valuable family heirloom at your local Gold + Jewelry Superstore® is quick and easy. We’ll take it in for a fast appraisal and give you a guaranteed price for your item, so there’s no risk of us refusing to buy it. When we like what we see, we will give you the cash, plus some of our expertise. If we don’t like what we see or if it doesn’t meet our minimum standards, then we will tell you the reasons why – because knowing how to improve the value of your possession can turn a not-so-great situation into one that leads to success and makes this process easier for everyone.
Getting ready for your visit to the store
-Have the item(s) that you want to pawn with you (validated and insured, please). -Let the staff know what it is that you’re looking for in terms of a price. Most stores will offer buy back prices, but these can vary depending on how good or bad of condition the product is in. -Research the store before going there by checking their website or talking to friends who might’ve done business with them already. Having an idea of what they offer will allow for a smoother negotiation process.