How To Reclaim Your Pawn Jewelry?

Jewelry is the most common pawning item in the world. Many pawn shops offer short term loans to the people for a specific period of time. Even though it is a practical way to get quick cash, many people feel that they lose their pawn items. However, getting a complete knowledge of how pawn shops work will help you to reclaim your pawn jewelry back. By following a few steps, you can rest easy knowing that you don’t have to put a burden on your shoulders nor you’ve to lose your hard-earned jewelry. 

Research Thoroughly
 

First and foremost you need to research thoroughly and ensure that you have a detailed knowledge about the working of pawn shops. This will help you to safeguard your pawn jewelry, gadget or gold. In addition, you need to thoroughly evaluate the rules and regulations of the specific pawn shop. Here is the list of most vital things you need to check out before you plan to put your jewelry in the pawn shop. 

What will happen if you don’t make the payment on time? 

In how many days can you get your pawn item back? 

What is the grace period after the expiry date? 

What are the interest rates associated with the pawn period? 

Is it possible to extend the pawn period? If yes, then how? 

How, when and where you’ll make the payments? 

Having knowledge about the aforementioned things will help you to decide the reclaim process. 

Get Organised

If you truly wish to retrieve or reclaim your pawn jewelry, a crucial step is to keep yourself organised. This is one of the best ways to get your hard-earned item back from the pawn shop. 

• Do not miss the payments and be sure you always stay on the top of the payments. Many times a busy schedule can make it hard for you to remember the payment period. In this case, try setting a reminder on your cell phone or calendar.

• For the best results, set a reminder a few days before the actual expiry date. This will help you to reclaim your items smoothly. If you have your pawn ticket with you, it’s well and good. But if not, keep the ticket handy.

• On the right date, be sure you visit the pawn shop to pick your items or extend the loan terms. 

Many pawn shops usually remind their customers before the expiry date. Confirm with the pawn shop if they’re ready to send you the reminders. In case they do, pay extra attention to mail, text notifications and phone calls.

Create The Repayment Plan

Most importantly, having a reliable and detailed repayment plan is extremely vital. Knowing how you will repay the loan will improve your chances of success. Remember, you should always know how you’re going to cover the pawn loan. Here are a few things that will assist you in repaying your loan. 

• While creating the repayment plan, you need to start with determining the weekly amount. For instance, if your loan amount is $360 and you’ve 3 months to pay it, calculate the weekly amount. Divide the total amount by the number of the weeks, that is, $360 ÷ 12 = 30.

• Be sure to always keep those $30 secure and safe each weekend. Try to limit your expenses or sell some of your unwanted house stuff to complete the loan amount.

• Keeping away $30 after each week will help you to reclaim your pawn jewelry without any extra hassle. 

Following the right steps will not only help you to create the right repayment plan but also ensures that you never lose your item. 

Few Other Things You Need To Keep In Mind 

• In case you feel you won’t be able to pay the loan, try visiting the pawn shop and explaining to them your case. You can even access other options if you can’t pay the pawn.

• Request an extension if you can’t make payments on time.

• Pre-evaluation during pawning jewelry is extremely important. It is a way to determine how much you need to borrow and how much you can afford to pay. Do not borrow more than what you can afford as it can lead to losing your item.

• Evaluate your jewelry to know the worth of the pawning item.

• Don’t settle on the first pawn shop you find. Instead, look around and pick the pawn shop that offers a wide range of options. 

Final Thoughts

There is no doubt that pawning an item comes with numerous benefits. As long as you know how to reclaim the pawn jewelry, you can rest easy knowing that you’ll get the best benefits along with quick cash. By following the above simple steps and having a detailed repayment plan by your side will help you to reclaim your pawn jewelry from the pawn shop.