If you are in need of extra cash and find yourself debating between pawning or selling your wedding ring, there are multiple areas to consider. If completely undecided on the matter, the first thing you will want to ask yourself is, are you ready to part ways with this sentimental piece of jewelry? If you are willing to part with this jewelry and as a result decide to sell it, it is important to establish whether there is a possibility you will want the ring back.
It also helps to consider things such as how you will feel if you see someone else wearing your ring. If these questions hit a nerve and you find yourself feeling anxious about parting with your beloved piece of jewelry, you may want to pawn the ring instead of selling it. However, even if you pawn the ring, you must consider how you will feel if you aren’t able to pay the loan back. How will you handle the situation if you default on the loan and your ring is sold to another person?
Pawning Your Wedding Ring
If you are looking for a loan in order to obtain quick cash that you can repay, pawning your ring may be the right decision. Just remember that when paying back a pawn loan, you must repay the principal balance of the loan (which includes interest and fees) within the agreed upon timeframe. If you are unable to repay the loan in full, the pawnshop has the right to keep your wedding ring and resell it for a profit. This is why it is important to make sure you are comfortable with the fact that if you are unable to repay the loan, your ring will be sold to someone else.
Selling Your Wedding Ring
If you aren’t interested in having to repay a loan to a pawnshop, you always have the option of selling the ring for cash. Selling is a great option for if you are looking to part ways with your jewelry. If you are undecided about whether you can separate yourself from your wedding ring, it is best to sleep on it so that you make the decision that is right for you. It is important to note that once a ring is sold to a pawnshop, it becomes part of their inventory of items for sale. Pawnshops also have to make a profit so if thinking you can sell your ring and buy it back later, it won’t be for the same price that you sold it for. There is also no way to guarantee that the ring will still be for sale when you are ready to repurchase it from the pawnshop. In situations like these, it is in your best interest to pawn the ring instead of selling it outright.
If you live in or around Eureka, California and have decided to pawn or sell your wedding ring, the Eureka Trading Company can assist! The Eureka Pawn Shop buys and provides pawn loans for all types of jewelry. Stop into Eureka Trading Co today!