What to know before you pawn your belongings

This transcript is automatically generated

My -- you'd better -- that seventy.

-- sixteen.

1650.

You've -- sixteen to.

School right.

Usually -- Doing -- 1750.

Well that's a scene from history's hit reality TV show pawn stars.

And while -- shops have been around since the beginning of time.

The roles been changing in the last few years as the top economy is left many Americans in need of some quick cash.

What should you be thinking about if you're considering plodding your property.

Do you leave it there you get it back how does that work in today's take charge consumer protection segment.

We find out from the -- -- -- -- -- The star of history's pawn stars and it's great to have you Rick although I would argue that your dad is pretty much a start to end your son.

Great show.

Thanks you're literally we were hoping for a season or two we never thought -- -- -- -- -- -- but you know upon.

Shops are sweeping the country there were showing up in neighborhoods that in the old days we wouldn't have thought they would.

And regular folks are walking in with stuff.

So if you want some quick cash is -- the way to go.

-- A lot of different things I mean if you need to get a loan and you have very poor credit I would suggest going to a pawnshop as opposed to one of these payday loan places.

What do these payday -- places they charge an extreme amount of interest.

And what happens is if you don't pay them back next thing you know -- -- court issues they garnish your wages and literally on a hundred all alone could turn to thousands of dollars.

With a pawnshop you bring in some property.

You -- alone against that's.

A short time later you can come and pick it up -- -- interest may be of service -- to.

-- get your property back but -- percent but something happens and you're not able to get your property back to -- up alone.

You just lose your property there's no.

There's no court issues there's no wage -- -- there's -- of those things can happen so.

It's a lot safer bets and for a lot of people with poor credit and financial issues.

I suggest going to the pot shop because in the ends.

It's just a lot safer bet.

Some people might not realize that they can get a loan and pay it back and get their property back but they can also sell their stuff out right.

And as you said not have to worry about a credit agency or anyone coming after you.

But how do you know when you walk in we saw clip where the gentleman thought initially he had something was willing to take 300 dollars.

For you told him it's worth 2500.

And then he settled at twelve or 1550 I forget what the number was how do we know what our stops -- -- just like when you sell your house you go to treat your car in for a new car something really do your due diligence.

-- and others that information box everyone's got a home called the Internet.

Just do a lot of research and don't take your first offered go from store to store check them out.

If you walk into a store and you don't feel comfortable turn around a walk out.

It's just that simple it's it's like you know.

Due diligence.

And people don't really realize I think how highly regulated.

The -- business is.

I you have to keep detailed information and receipts.

But it's also very profitable I'm sure this is one of the reasons people go into -- how much interest do you charge.

We charge 13% a month.

Which sounds like a lot of money but.

Most -- -- the United States the -- -- average low is like 75 dollars.

A -- -- is basically designed for.

You know just -- you -- for a couple of days things like that there are -- -- a lot larger loans.

I used to do loans for like ten or fifteen dollars a lot of times but it's not sure it's not a financial solution it's a short term thing to get you by.

A lawyer says it's for people with pork product right.

But you -- real.

Listen even for us I like to clean out my closets on occasion -- I might find something in there that is valuable may be an old music box or who knows what.

What stuff is the first stop you should consider if you're not attached to it bringing in to see someone like Q.

Are -- first thing is like that old jewelry you got -- 1980 is that big nugget bracelets stuff like that that you'll never Wear again.

Things like that if you target it set Kelly -- that's that's really our style.

But -- never -- -- -- -- things like that break you know and place that shop around don't take your first price go from store to store.

And if you tell if you tell these people your shop and at that immediately they're gonna raise the prices.

People can come into your store and buy things to do they get -- at a good price.

Yeah they do because literally I get a -- wholesale I consult for a lot less than retail.

Most pot -- when you buy things will provide you with a warranty and everything else you buy electronics.

Remember the jewelry as far as the jewelry goes.

There's no -- there's really no such thing as -- use -- The benefactors federal law about them there's no such thing as -- -- interest should you go into what people into a high end jewelry store.

That nice diamond ring your buying.

Probably that diamond came out of a pawn -- -- or not.

-- and no computers and TV sets and other things can be brought into our tell me.

The one day that was -- that you have that is your favorite thing of all time dying to now.

Toy it's the season my super boring -- out -- -- And so what did you pay for it in what is it worth.

It's probably worth this is this what sort of -- this one's.

The first patriots Super Bowl -- Super Bowl rings the value of them depends on how popular the team is so.

Obviously.

-- the cardinals are gonna go what went for less of the patriots.

This one is probably worth -- 3540000.

Dollars.

And sort for a 100000 dollar price tag -- -- -- showcase all never saw it.

It's great will you enjoy it we really enjoyed having you wrecked.

And that the show's great and maybe we help some folks out -- are in need of some short term cash great to meet you.

All right thanks for Arab Riyadh say hi to the family.

-- I would effort Knapp pawnshop for at for more.

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What to know before you pawn your belongings

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