How pawning works
A pawn shop lends you money against your gold and keeps it until you repay the loan with interest and fees. The loan is normally a fraction of what the gold is worth. If you cannot repay in time, you lose the item.
How selling works
When you sell, you are paid for the gold outright and there is nothing to repay. With WM Gold Exchange the gold is tested and weighed in front of you and the money reflects in your account before you hand it over.
Which is better?
Pawn only if the piece has sentimental value and you are sure you can repay quickly. For jewellery you no longer wear, broken gold or coins you do not need, selling is simpler and usually pays more.
More questions
- Do pawn shops pay less than gold buyers?
- A pawn loan is usually lower than a sale offer, because the lender has to cover the risk and costs of the loan.
- Can I sell gold I have already pawned?
- You would need to repay the pawn loan and collect the item first.
Other quick answers
- How much is 9ct gold worth per gram?
- How much is 14ct gold worth per gram?
- How much is 18ct gold worth per gram?
- Gold buyers near me