Pawning vs. Selling – which option is best for me?

Pawning vs. Selling – which option is best for me?

Most Americans find themselves in a cash-crunch at some point in their lives, and many have considered selling their prized possessions to fill that gap. Jordan Tabach-Bank, the owner and CEO of both Beverly Loan Company & New York Loan Company wants the elite of Manhattan to consider all of their options. “Due to the unfortunate stigma attached to the pawn business, many people have never considered the possibility of a collateral loan,” Tabach-Bank explained. “One of the many benefits of a short term collateral loan is you’re able to keep your treasured possessions and walk out with cash in hand in a matter of minutes.”

There are many differences between selling and pawning. When you sell a piece, it is final; title passes and you no longer have ownership over that item. While it can be emotionally difficult to sell personal objects, it is a quick and seamless process. There are hundreds of different locations to sell your prized jewelry, gold or watches in New York City, but it’s still important to find a reputable buyer who has the expertise and understanding to value your pieces.

When you pawn an item, you essentially receive a loan against your collateral until you repay the amount borrowed plus any accrued interest/fees. Pawn shops are highly regulated on a federal, state, and local level, which means that you’ll pay the same interest and fees anywhere in the state. Most pawn customers enjoy the fact that they can acquire quick cash but still retain ownership of their belongings, many of which have strong sentimental value. It’s important to find a pawn shop where you feel comfortable and secure leaving your prized possessions.

At New York Loan Company, there are GIA certified gemologists on staff to ensure that you get top dollar for your high-end timepieces, and vintage and modern jewelry. In addition to diamond and signed jewelry, New York Loan also accepts fine art and sports, entertainment, and political memorabilia, as well as sterling silver flatware and fine crystal.

New York Loan Company is recognized as the foremost collateral lender of luxury goods in the United States. Their Manhattan location resides in the newly developed International Gem Tower on 47th Street between 5th & 6th Ave, known as the Diamond District.