What Should You Know When Pawning Your Wedding Ring?

Certain pieces of jewellery are more significant than others. For instance, your wedding has a special significance, it represents the love and affection that two people getting into a union have for each other. They are also evidence for everyone to see that you have taken an oath to be faithful and devoted to someone else. Because of this, it is understandable why people spend a long time picking out the perfect ring and spending a lot of money on it.

So, when the gold you want to pawn is as significant as a wedding ring. There are numerous alternatives that you can explore but you first have to examine if you have control over what you do with the wedding ring.  When you have done so, consider whether you should pawn or sell your wedding ring.  These alternatives have their own advantages and disadvantages.

Pawning your wedding ring

Pawning your precious wedding ring means you are pledging it to a Brisbane pawn shop for a pawn loan. You can collect your ring after you have paid your loan in full. This was you get the cash when you need it without having to lose the one important piece of jewellery you have.  However, if you fail to repay the loan the pawnbroker will take ownership of the ring and sell it.

There are different reasons why you would want to pawn your wedding ring. You may be doing so because you need cash and that happens to be the major piece of gold jewellery you have. You may not be ready to sell the ring right now but are desperately in need of cash. You could also want to sell your gold because the relationship is over, you are heading for a divorce and you don’t want anything to remind you of the past. It’s better to sell than to throw it in the river – you could be throwing away a lot of cash. If you are not that attached to the ring, defaulting and losing it won’t cause you grief. Pawning or selling it a pawnbroker leaves you with no obligation.  The pawnbroker will also be thinking of whether a customer is likely to return for it or purposefully forfeit it to the pawnbroker by not paying back the loan. A Brisbane pawnshop has to consider the risks and the fact that they will not be making money off the interest and loan fees. This is one reason that the ring will not fetch a price close to the actual retail value of the ring. Besides, it’s pointless to keep a wedding ring that might not hold great memories.

Do not accept the first offer you receive. This is the downfall for a lot of pawnshop sellers. They get so excited by the prospect of someone willing to pay them for something that is of no use to them and simply accept without checking whether there are other ways of getting a higher price.

It’s a good idea to ask for quotes from other pawnshops in Brisbane. Only where you have considered multiple bids will you be able to make a good decision on the Brisbane pawn shop that will give you the best price.

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