What can I pawn?

In principle, you can deposit movable items of material value or insurance policies as collateral at a pawn shop - many pawn shops specialize in certain areas. You can usually find out which items are accepted and which are not on the provider's website. With modern pawn shops, you can also find out online or within a few minutes how much money you can get for your item.

Electronic items such as smartphones, tablets, Macbooks or games consoles are particularly popular pawnshops. A pawn loan is also often taken out for items such as luxury watches or designer bags, and you can also pawn a car at a pawnshop.

HOW DO I RECOGNIZE REPUTABLE PAWNBROKERS?

There are various indicators that you can use to recognize whether a provider meets the basic requirements for financial service providers. The Austrian Federal Economic Chamber awards the so-called seal of approval of the Association of Financial Service Providers to selected pawnbrokers. This shows that pawn shops adhere to the specified guidelines and have their fees approved by the association.

HOW DO I FIND OUT HOW MUCH MONEY I COULD GET FOR MY ITEM?

At pawn shops such as CASHY, you can not only obtain an offer for your item on site, but also directly online. You can then decide whether you want to bring your collateral to a store or send it off.

How much money you get for your collateral usually depends on its current market value and condition. At many pawn shops, an appraiser determines the value of your item individually. CASHY offers you an instant price quote for over 60,000 items of collateral and cars. This is automatically calculated by special software - the amount of your payout is determined fairly and without any other influences.

IS THERE A MINIMUM AMOUNT TO PAY OUT?

As a rule, pawn shops have a minimum amount to pay out. This varies not only depending on the pawn shop, but also on the type of item. While it is often possible to pay out as little as €10 for smartphones, the minimum payout amount for cars is often at least €500. Find out in advance by phone, in writing or simply on the provider's website to save yourself an unnecessary visit to the pawn shop.

WHAT EXACTLY IS A PAWN LOAN AND HOW DOES IT WORK?

With a pawn loan, you deposit collateral and can borrow money in return.

What are the requirements?

You must be of legal age to take out a pawn loan. All you need for a pawn loan, apart from collateral in your possession, is an official photo ID.

What advantage do I have with a pawn loan?

As only your collateral counts as security for a pawn loan, your personal financial situation is completely irrelevant. You can therefore also get a pawn loan if you have debts or a moderate credit rating.

Can I only pawn my own property?

Yes, you can only pawn items you own. Unfortunately, it is not possible to pawn borrowed or found collateral at the pawnshop.

What deadlines do I have to observe? Can I extend a pawn loan?

Depending on the item and pawnshop, you can take out a pawn loan in Austria for 30-90 days. At the end of the term, you can either redeem your collateral or extend or reduce your loan (so-called partial repayments).

Can I get my item back at any time?

Yes, you can get your item back at any time by paying off your pawn loan.

And what happens if I can't pay?

You also have the option of reducing your pawn loan. If you are unable to repay all or part of your pawn loan, there is a grace period of one month. During this time, you can repay the loan in part or in full. The item will then be sold at public auction. If the amount of your loan is not realized at an auction or sale, your debt is still repaid. If the proceeds minus fees are higher than your pawn loan, pawnshops like CASHY will pay out the difference.

WHAT ARE THE COSTS OF A PAWN LOAN?

The costs for a pawn loan at CASHY are made up of the following points:

• Issuance fee (processing fee): The issuance fee is between €5 and €20, depending on the collateral.

• Interest on your loan: The interest on your loan is 3.5% per month.

• Custody fee: Depending on the size of your collateral, you pay between €2 and €6 per month in custody fees.

Here is a sample calculation for a gold bracelet with a payout amount of €400:*

Here you will find a calculation example for the case that you repay a partial amount totaling €100 in the following month.

Status January 2024

CAN I GET MONEY QUICKLY AND AT SHORT NOTICE?

With a pawn loan, you get your money paid out immediately in cash or by bank transfer. If you prefer to send your collateral, you can have your money paid out to your account by bank transfer.

ARE THERE ALTERNATIVES TO PAWNBROKING?

If your collateral is not suitable for pawning, for example, you also have these quick and easy options for short-term bridging:

• PayPal credit: As a business customer, you can borrow money from PayPal. As a private customer, you can pay back your purchases in installments.

• Personal loan: This can be a bank loan to private individuals, a loan from anonymous private individuals or a personal loan from friends and family.

• Advance salary payment: Ask your employer whether you can have your overtime or vacation pay paid out in advance.

• Set up an overdraft facility: Take the opportunity to overdraw your account.

• Activate installment payment for credit card: If you have a credit card, you can activate installment payments under certain conditions. The outstanding balance will then be deducted in installments.

QUESTIONS AND ANSWERS

Can I also pawn my car at the pawn shop?

There are many pawn shops where you can also pawn your car. It's best to find out in advance on the website whether this is possible. In Austria, you can continue to drive your car during your pawn loan.

Are the fees at the pawn shop transparent?

Providers such as CASHY show you all fees transparently in their fee tariff.

Are there any items that I cannot pawn?

Yes, there are items that are not accepted in various pawn shops. Most providers specialize in certain areas. Find out in advance which items are accepted where in order to find the right pawn shop for you.

Can I get an instant quote for electronics online?

CASHY shows you immediately how much money you can get if you want to pawn electronics. Simply enter the condition of your device and the possible amount of the pawn loan will be displayed immediately.