Many low-income and middle-income customers rely on pawn shops because they are an important source of credit to many working-class people. It is a business that gives secured loans to people. Borrowers need to surrender a piece of jewelry to the pawn shop as collateral.
Pawn shops do not directly compete with mainstream financial institutions such as finance companies, credit unions, and commercial banks. Instead, they cater to customers whose needs are not served by traditional financial institutions.
Pawn shops generally cater to two types of customers, and these are the main customers that we get at Metropolitan Pawnbrokers. Check out our website cash4jewelrynow to see how it works. The first types of customers are those people that have a high credit risk so they cannot borrow directly from finance companies. However, they need to leave valuable property with the pawn broker, particularly jewelry for cash4jewelrynow customers. The jewelry will serve as collateral for the loan. The second type of customers are those that do not need a huge amount of cash, but just require a small amount to maybe pay for utility bills or rent. They may have unforeseen expenses and maybe they just need a little something to tide them over before the next paycheck. Traditional lenders are typically unwilling to lend a small amount of cash with security. As we can see, pawn shops are very helpful to people who have genuine need for emergency cash.
Pawn shops usually have affordable percentage rates at to be paid at a specified period. The payment terms are usually on a staggered basis, giving borrowers the flexibility to pay with convenience. For instance, at cash4jewelrynow, the usual period is 4 months at 3% interest per month.
To help you out, here are the types or brands of watches and jewelries that we buy or hold as collateral:
Cartier is well-known for its quality wristwatches and specially crafted classic jewelry. Because of its classic timelessness, the resale value of Cartier jewelry or Cartier watches is quite high.
Metropolitan Pawnbrokers accepts Cartier engagement and wedding rings, bracelets, necklaces, pendants, charms, earrings, broaches, chains, and cufflinks.
Cartier also has iconic watch designs. We accept the 1906 classic women’s Baignoire, men’s and women’s Balloon Bleu de Cartier, and other models such as Declaration and La Dona de Cartier.
Rolex is a premium watch brand, and is ranked by Forbes Magazine as one of the Top 100 iconic global brands. Owning a Rolex is actually a privilege, and when times are tough, it will prove to be more valuable in meeting our emergency cash needs. Over the years, we have honed our expertise in appraising Rolex watches. With two decades under our belt, we will buy Rolex watches at a fair price. We accept classic Rolex designs such as Oyster Quartz, Oyster Perpetual, Professional, Cellini, and Tudor.
3. Other Wrist Watch brands
Aside from Cartier and Rolex, we also buy or keep as collateral other top-notch watch brands. Our pawn shop also accepts other premium wrist watch brands such as Bulgaria, Chopard, Baume & Mercier, Omega, Longinus, TAG Heuer, Dunhill, Van Cleef and Arpels, Franck Muller, Jaeger-LeCoultre and many others.
4. Pocket Watches
We also buy unique pocket watches. Because of their uniqueness and novelty, we pay a good amount of money for customers who sell their pocket watches. We accept the following brands: Ball, Howard, Patek Philippe, Gruen, Elgin, Rockford, South Bend, and many others.
5. Tiffany and Co.
American luxury retailer Tiffany & Co. is quite known the world over for their exquisite jewelry and watches. At Metropolitan Pawnbrokers, we accept several types of Tiffany jewelry such as rings, bracelets and bangles, charms, necklaces and pendants, cufflinks, Solitaire pieces and designer collections such as Peretti, Picasso, Atlas, Etoile, and many more. We also buy various designs and models of Tiffany watches such as the Atlas, Cocktail, Tiffany Grand, and Tiffany Mark.
This article should give our customers an idea on what types or brands of jewelry or watches that we accept as collateral or buy for cash at cash4jewelrynow.
Pawn shops may only have a minor role in terms of consumer credit percentage, but based on the number of pawn shops in major cities in the United States, pawn shops are needed and appear to have a major role in direct consumer finance. According to a study, there is one pawn shop for every two commercial banks in a city in America. Based on the ratio of the population, this is a significant statistic. This is the reason why Metropolitan Pawnbrokers strive to give excellent service to our customers and provide them an atmosphere of trust and dependability. Our comprehensive list of services and customer-centric environment has garnered for us a solid reputation. Customers come back for repeat business.