Earlier in 2020, companies small and large suffered when lockdowns and social distancing measures were put in place.

Doors are now slowly opening, but many businesses are still struggling to get by — especially smaller businesses that don’t have tons of cash to sit on.

Yet despite the hard economic times we’re all in, business has been booming for pawn shops. Many may wonder how such a specific industry can do so well right now when other businesses are not.

Why Are Pawn Shops Doing So Well During These Tumultuous Times?

In many states, pawn shops have been granted the “essential business” title, joining the ranks of other critical enterprises such as grocery stores and banks. Consequently, they’ve been allowed to continue their operations, as long as they follow and enforce social distance and mask protocols.

But why are they so essential? It’s a valid question. Pawn shops seem like the last type of business to be considered necessary for survival, but they’re more important than you think.

Customers Are Leveraging Their Items For Financial Assistance

Pawn shops are essential because of their ability to make loans.

Not just any loans, though. Pawn loans.

These are short-term loans that require no credit check. You borrow against an item of value to get them, and you can have the money in as little as a couple of hours. All you have to do is pay back the loan plus interest and fees within 30 days to get your item back.

If you can’t pay it back, the worst that happens is you lose your item. No credit score damage and no debt collectors here.

People can also sell their items outright if they don’t need it. Pawn shops are one of the easiest places to get rid of any miscellaneous items of value you have.

But that doesn’t explain why they’re doing so well. More on that next.

Many Pawn Shop Items Are in High Demand

In times like these, specific items become sought after — especially when everyone is locked inside.

Pawn shops happen to carry many of these items.

For example, video games and video game consoles are flying off the shelves. When you’re stuck in your house all day, you have much more time to fire up a console and play.

Lockdowns also led to a great increase in remote work, too. As a result, desktops and laptops are also selling well at pawn shops.

Then, of course, people are buying up firearms and ammunition. It’s grim to think about, but owning a firearm can make you feel more secure in uncertain times. And since firearms are expensive items, a pawn shop is where most people turn to when money isn’t as stable.

Stimulus Checks

Most Americans received several hundred to a few thousand dollars in stimulus money. Much of the money is bound to be spent on good deals at pawn shops.

Pawn Shops Are Strict About Social Distancing

Since pawn shops are essential, the government’s eye is on them. They are extra careful about social distancing, ensuring everyone wears a mask and remains properly distanced. Items and surfaces are sanitized frequently.

Want some extra cash to pad your savings? Need a laptop to work from home? Don’t worry — at Cash Express, we have plenty of items available. We love jewelry and precious metals, so if you have any, bring them in today!

The economy is recovering, but things are still a little shaky out there. Many people are looking for ways to leverage what they have to get some extra money.

One common action people take is to use valuable items — such as artwork — to get some extra cash temporarily. Many times, this happens at pawn shops.

But is pawning your art a legit way to get money from your artwork? Or should you go the traditional route, such as using an auction house or selling to someone privately? Read on to see why a pawn shop is a viable option.

Get Cash Fast... Without Losing Your Artwork

Pawn shops offer you the unique opportunity to leverage your art for cash today — yet you don’t have to let go of your art. This is possible through pawn loans.

Pawn loans require no credit checks, and you can get them in as little as a day. You secure the loan with your artwork. As long as you pay back the loan balance plus fees and interest in 30 days, you get your art back.

In many cases, borrowers aren’t getting a pawn loan out of necessity or desperation. Perhaps a unique investment opportunity presents itself to you, but you don’t get paid until next week. Pawning your art provides you that capital to buy into said investment opportunity. Then, you can pay back the loan when you receive your paycheck.

What If You Sell Your Art?

Perhaps you aren’t as attached to your art, and you’d rather earn money that you don’t have to pay back. That’s understandable.

Pawn shops make it easy to sell your art, too.

See, the traditional routes take time. If you sell to someone else, you might have to go through a broker. You’ll endure a lengthy appraisal process and owe commissions to your broker (and perhaps other parties involved in the process).

What if you use an auction house?

In this case, you won’t have the final say on your artwork’s price. Whoever has the best bid, wins. Sure, there’s a chance you might wind up with more than you hoped for, but it’s more likely you’ll get less.

At a pawn shop, you have more choice. One pawn shop low-balled you? Leave them behind and visit a different pawn shop. As long as you demand a reasonable amount for your artwork, you’re more likely to get the price you want through pawn shops.

Bring Your Artwork to Cash Express in Philadelphia

Need some extra cash for the short-term? If you have some artwork, Cash Express would be happy to lend you money against it. Just bring your art into our Philadelphia pawn shop so we can take a look at it. We’ll get money into your hands within a few hours!