Pawnshops date back to Ancient China. Over 3,000 years ago, Pawn brokering was viewed as a respectable profession, and local peasants would work with pawnshops and obtain short-term credit.
Around the 19th century, pawnshops were showing up in the United States due to industrial manufacturing. Workers who worked these jobs would find themselves short on cash to pay for their basic needs like housing, rent, and food. Manufacturing jobs didn’t pay well, and workers had to find a way to make ends meet between paydays.
During the Great Depression, communities found that pawnshops were the only place to secure cash for their valuable items, and pawnshops became a significant source of consumer credit. They fill a gap for many people.
Pawnshops have continued to find their place in communities. Most U.S. communities have a local pawn shop, and today it’s estimated there are 11,000 pawnshops dotted across America. Pawnshops are the general public’s go-to solution to get loans quickly. They are a place to sell items without waiting on payments or mail out valuable items, wondering if the item will bring the amount needed.
Pawn loans are loans known as collateral loans and are easier to obtain than loans from banks, credit unions, and other financial institutions that often require credit checks. Pawn shops aren’t concerned about poor credit, credit scores, or employment history. The valuable item a person brings to the shop is used to secure the loan.
If a pawn loan defaults on, the pawn shop uses the item used by the borrower to stock their inventories with luxury items, designer handbags, fine jewelry, gold, silver, and precious metals and gems. Pawn shops carry high-end luxury items such as designer hand bags at a fraction of the cost compared to big box stores.
Unlike consignment shops, pawn shops will offer to buy designer handbags for cash or set up a collateral loan using the designer bag as collateral, making it possible for the pawnshop to resell these items at a bargain price.
Pawnshops are Regulated
Pawnshops provide an alternative means to obtain a short-term loan and quick cash. Many people assume that pawnshops engage in illegal practices and sell stolen goods, and this is simply not true. Pawnshops are located across the United States and are regulated by strict laws.
First and foremost, pawn shops have to have a state license to conduct business according to the state they are located in. Interest rates are regulated by the state and must be disclosed upfront, so there is no surprise to the customer.
All pawnshops must have a copy of a customer’s state-issued ID when they do business with that customer. This regulation was put in place in 2001 under the Patriot Act, and this keeps criminals from stealing goods to bring into a pawnshop to sell for easy money.
Who Uses Pawnshops?
In today’s world, many different types of customers frequent pawn shops. Stereotypic ideas color the view of who uses pawnshops today. People assume that customers who use pawn shops are lower class, unable to plan financially, or hold jobs, which is simply not true.
Services Provided by Pawnshops
Pawnshops are often dual shops that provide loans and buying services while having an extensive retail inventory of name-brand items. Because of this, pawnshops serve collectors, people searching for bargain prices, and those wanting to sell unused items for quick cash. Pre-owned items made by top designers are highly admired, and customers can buy these at pawn shops that have in-store retail shops by going to the store or through shops that have an online service.
Pawnshops also provide a service of writing bridge loans or collateral loans. These types of loans generate quick cash at reasonable interest rates. People who need to make up the difference in cash available for a significant purchase like a home or car can go to a pawn shop with their valuable items for a temporary “cash advance” through securing a collateral loan.
Designer handbags, brand name tools, electronics, musical instruments, diamonds, gold, and silver are all worth money and have a cash value. Pawnshops will appraise and buy these items or use them to write a loan against them with no questions asked. All that is needed is a valid state ID.
Pawnbrokers are experts in appraising and valuing designer items and distinguishing between authentic and fake ones. Some shops have authentication tools, such as an ED-XRF Analyzer used to determine the purity of precious metals or a Presidium Gem Tester to test diamonds and gems. Appraising and valuing items brought in to a pawn shop can give customers a free quote that gets them the money they need. Money isn’t easy to come by these days, and spending it wisely is essential. Working with a local pawnshop to get a price quote on valuable items opens up a financial avenue for people.
Do Luxury Handbags Bring Value?
Luxury handbags are beautiful and hold their value, especially if they are taken care of and stored well. Bags like these are sought after, and pawnshops are buyers of these types of bags and sell these. Online consignment shops can offer to list these purses for a commission, but they cannot loan on these items and will not outright buy these items.
Pawnshops Have Bargains on Pre Owned Handbags
Pre-owned handbags like Louis Vuitton and Prada are sold in pawnshops without paying absorbent prices. It is a well-known fact that the average prices in pawn shops are lower than in big box stores. Some pawnshops have online store services where they sell various valuable items, providing designer purses at a discount price nationwide. Pawn shops are not the only place to buy and sell handbags, but it is the best place to sell handbags for several people.
Can Pawnshops Pick Up My Things?
Include the Details for Increased Value
When selling your valuable items like a Louis Vuitton luxury handbag or a designer purse, make sure you include as much detail as possible when you are selling the item. Including an original box and/or dust bag will bring added value. The right buyer will want to know whatever details are available regardless of whether they are purchasing the item in the online marketplace or person in the store. Pre-owned designer bags can bring top dollar if the special features, boxes, certifications, and details are provided.
In today’s pawnshop industry, many shops offer free quotes online as an alternative to coming into the store. This service provides the customer with an avenue to determine if it is worth their time to sell their luxury handbag or other items. By providing a free online quote, the customers have a route for selling items without leaving their homes. Pawnbrokers provide price quotes with clear pictures, a serial number, and a detailed description. The pawnbroker compares the information to the current market value and checks other online stores like eBay. The broker provides the customer with a quote, and the customer can either decide to sell their valuable item or obtain a collateral loan. The process is easy.
Sometimes customers want to purchase a valuable item and can do so online/. The pawnbroker lists the items for sale in their store online and then explains the shipping process. Once all the details are disclosed, and the best price is determined, customer can purchase their item directly on the same business day. The upfront, honest approach assures customers that they got a good deal on their purses and spent their money wisely. Because pawn brokers are experts in appraising and validating the authenticity of valuable goods, buyers can rest assured that they are getting the “real” thing, not a fake.
Designers like Louis Vuitton, Gucci, Chanel, and Hermes will not reduce their prices on their exceptionally sophisticated bags. Some brick-and-mortar stores may have a sale, but the cost of a designer handbag is still steep. Classic tweed and metal Chanel handbag have a price tag of $9,100.
Shopping at a pawnshop will provide you with a variety from which to choose. Pre-owned collections are often brought into the shop for sale or to use as a collateral loan, making it possible for you to choose from several bags that become available for purchase. Inventories in pawn shops change daily, so frequently checking back is essential.
Consideration #1: Is a Pawn Shop a Reputable Place to Shop for a Designer Bag? Do Some Homework...
When shopping for a designer handbag, there are many places to shop for pre-owned collections. Auctions, eBay, online consignment shops, and Craigslist, are all choices. The issue is that you never honestly know what you are buying. Some of these “shops” sell counterfeits and often don’t have someone checking the authenticity of the purses, bags, wallets, and handbags being sold. The purpose of these shops is to sell, and you get what you get.
It isn’t easy to sort through what is real and not. Nothing is worse than being excited to have found and purchased a designer bag from eBay or through a listing on an online consignment store, and when you get it, you find out the designer bag you bought at the purchase price you paid is a fake.
You can avoid these issues by buying a pre-owned designer bag from a reputable pawn shop. The pawnbrokers in the shop are trained and have experience and often authenticity tools to determine if the bag they bought for resale or loaned on is authentic or not. Pawn shops are experts in selling designer handbags and other second-hand name-brand items. They make sure that what they take in is authenticated, so they don’t lose money by loaning on some item that is a replica. Pawn shops have a vested interest in making sure they deal with the real deal.
Do Your Research on the Shop You Use
If you are set on eBay or Craigslist, remember the platform doesn’t do authenticity testing. Does the pawn shop you want to have an authenticity guarantee? Does the shop have an authenticity program like Entrupy they use? What do the reviews for the shop say? How long has the shop been in business? What does the return policy for the shop say?
Consideration #2: What Bag is Right for You?
Pawn shops provide a variety of designer bags to choose from. Because they carry Prada, Gucci, Louis Vuitton, Chanel, and other designer bags, you can try on, examine, and consider the price on several different ones, up close and in person. If you are completing a purchase through a shop’s online store, ask for details and several pictures. Pawnbrokers are happy to help!
While you are making your way through the selection of available bags, ask yourself some questions. Does the bag fit your style, taste, purpose? Is it the look you are after? Does the bag look new or worn? Is the price complementary to the condition of the purse? Will the bag hold its value so you can get the selling price you want when you decide to sell it in the future?
Because Louis Vuitton first crafted travel trunks, the craftmanship in their designer clutches, bags, and wallets hold the same level of durability. Louise Vuitton bags don’t scratch, and the finish is not easily marred.
A “Head Turner”
If you are looking for a “head turner” and prestigious bag, consider a Hermes bag to complement your style. Not only are these beautiful, they can be expensive even as a previously loved bag but well worth the investment. A recent listing for an authenticated Epsom Verso Kelly Retourne 32 Rouge CasaqueCobalt Hermes handbag had a price tag of $11,250.
Consideration #3: What is the Savings Shopping at a Pawnshop for A Designer Bags?
When shopping for a pre-owned designer bag, consider the bag’s condition, the designer of the bag, and the demand in the market for the bag. What does the bag sell for new, and is it still available? Some designer bags are no longer available for sale but in excellent condition can bring a higher price than what they sold for new. The bag is rare because it is no longer made, and stores don’t sell it. If it’s a rare bag, it will indeed cost a lot. Recently an authenticated exclusive pre-owned designer handbag, 40cm Matte Bronze Crocodile Hermes Birkin Bag, was listed for $335, 950.00.
Look In Your Closet
Maybe you have some designer bags you are no longer using. Take a look in your closet. Consignment shops will sell your unwanted designer bags for you, but you will have to wait until the right person comes along and buys them before you get paid, and you will have to pay the consignment shop a consignment commission. You can always sell your bags on eBay and pay their fees or Craigslist, where people don’t show up to pay for what they said they would buy. You can sell online to companies that buy and sell designer handbags, but you will need to wait for your money and pay handling fees.
As an alternative, after going through the designer purses in your closet, consider taking them with you to the pawnshop and working a deal for the pawn shop to buy them for fast cash. You could also clear your closet of valuable items and put the money towards the bag you want to buy. Another solution may be that you use the bags found sitting in your closet as a valuable item to obtain a short-term loan against so you can buy the designer purse you saw in the shop. This is a helpful solution if you don’t want to use the money out of your checking account until after you get your bonus next month.
Pawnshops also buy luxury watches, gold, diamonds, silver, and gems. Do you have unused or broken gold necklaces, bracelets, or earrings you could sell to the pawnshop in exchange for the luxury purse you want to buy?
R & J Jewelry and Loan is located in San Jose, California, and serves the surrounding areas of Evergreen, Los Gatos, and Monte Sereno. We have been a family-owned pawnshop in business since 1978. We specialize in luxury accessories and items like designer handbags with a reputation built on personalized services. Being a trusted buyer and seller of designer purses like Chanel, Gucci, Louis Vuitton, Hermes, Prada, Birkin, Fendi, Yves Saint Laurent, Givenchy, and Dior, we offer a large, ever-changing inventory.
If you are in the market to buy previously owned designer handbags, you can view our stores’ entire inventory online or visit the store in San Jose. Clients can make an offer on luxury items and view shipping options without leaving home or dealing with traffic. These services are available nationwide. We love used designer bags and enjoy working with our out-of-state customers so they can purchase the bag they have wanted for a long time.
You may decide to sell your valuable items to us because funds are paid quickly, and you will leave with cash in hand instead of waiting for items to sell online. If you don’t want to sell your items, valuable items can also be used as collateral for a short-term loan versus obtaining a payday loan. At R & J, Jewelry and Loan does not require a credit check while offering affordable interest rates and reasonable repayment terms.
We serve the communities of Evergreen, Los Gatos, San Jose, and Monte Sorento are safe and trustworthy stores. We are considered an outlet to sell valuable items. The team at the store is highly trained in luxury item appraisal and will value items in front of you, our valued client. We accept a wide range of inventory, including gold, silver, diamonds, gemstones, watches, and luxury handbags. We are in the market to sell, buy, and loan.