Pawn shop locations are financial one-stop stores that accept items like jewelry, power tools and electronics as collateral for short-term loans. They also offer a variety of other services such as remittance, bill payment and microfinancing to people in communities where mainstream banking options are scarce.

According to the National Pawnbrokers Association, there are 11,000 pawn shops in the US, with an average of 5-6 employees and about $8 million in revenue. Most are family-owned and operated.

Pawn Shop Locations: Where to Sell and Buy Safely

Items like gold jewelry, electronic devices and musical instruments are commonly sold at pawn shops. Aside from these items, pawnbrokers will consider other things depending on their shop’s specialty and local market demand. For example, a pawn shop may not buy prom dresses and formal wear, but it may take in vintage clothing from the 1930s. They will also not take wheelchairs or home medical equipment, but if you have these items, you can probably sell them to a company that specializes in purchasing and selling used healthcare equipment.

Pawnshops are a great way to make fast cash, especially for those who need a quick infusion of funds to cover emergencies or other unexpected expenses. It’s important to remember, however, that pawning an item is not a good long-term solution to money issues. In addition to the risk of losing your valuable possessions, pawnshop loans often carry high interest rates.

To help you avoid this, always ask the pawnbroker about their fees for processing and storage before you hand over your items to a pawn shop. Also, make sure you understand the terms of your loan and check to see if your state’s laws on pawnshop lending are consistent with federal regulations such as the Equal Credit Opportunity Act and the Truth in Lending Act.