Is it bad to pawn an engagment ring? – Pawn Diamond Boca Raton

Engagement Rings

Pawn Diamond Boca Raton

High end pawn shops can be a great resource when you are in need of fast cash.  Unlike a bank or other traditional lender, pawn stores can get you cash immediately.  There are many instances in life when you might need money today.  You might have unexpected medical bills or calculated your payroll incorrectly and need to pay your employees.  Whatever the reason, sometimes we get ourselves in a pinch.  It’s nothing to be embarrassed about.  You just need to find somewhere to get quick money.

Engagement Ring

Once you find a collateral lender, such as a high end pawn shop, you need to come up with some collateral.  If you’re married most likely you have an engagement ring.  Wedding bands and engagement rings are perfect items to use as collateral.  Diamonds are very valuable and also very small, which makes them perfect to use.  Pawn brokers love diamonds because they are easy to store and are worth a lot of money.  But is it bad to pawn an engagement ring?

Engagement Ring

No!  There shouldn’t be any stigma towards pawning your engagement ring.  First, pawning something does not have the same bad feelings as it used to.  When you are in a time of need there is no time to be boastful.  You have to realize that you have something of value that can get you back on your feet.  After all, it’s just things.

Second, a lot of people worry that a pawn broker will switch a diamond when you pawn an engagement ring.  For example I have heard stories of people claiming their diamond was swapped for a lesser stone or something that’s not even real.  I am here to tell you that this is extremely rare.  First, it’s not that easy just to remove a stone and replace it with another one.  You have to be very careful in removing a stone not to break the piece, and setting a diamond is even more difficult.  So the whole process of removing the stone is often too much work.  But a pawn shop’s business is based on their reputation.  If you own a pawn shop and start switching stones word is going to get around town fast.  You are going to be out of business in two seconds.  What’s better?  Making a couple extra dollars today but having no business tomorrow?  Or keeping a good reputation and running a business for 50 years?   The answer is obvious in my opinion.

Engagement Ring

So in conclusion, a wedding band or diamond engagement ring can be a great piece of collateral to use for a loan at a pawn shop.  They are small, valuable, and pawn shops love to lend money against them.  There is no bad stigma when pawning your engagement ring.  When you are struggling you have to do what’s best for your family.  You have to swallow your pride and do what’s right to get back up.  Getting a collateral loan is a short term option and you will be OK.