If you are thinking of pawning because you want to earn money fast, you have come to the right place! In this article we are going to instruct you so that you are fully prepared when doing it.
In case you have valuables that you do not use or that you simply need to change them for one reason or another, you should know that you have the option of pawning them. Here we will let you know the Requirements to pawn in Mexico.
- The main thing is the valid official identification. The INE (National Electoral Institute) is valid everywhere and in many places they also accept a passport, military service card, professional ID, etc.
- The item we want to pawn. Each object must meet special requirements depending on its category, so it is best to get information from the pawnshop you have chosen for it.
In general terms, you must show your own documentation in the process, which is in order, and provide your data to the store, so that it can make a complete record of your situation and the item you are going to pawn.
In the same way, you will have to have the documentation of the item or a previous valuation to know its real value.
You may be interested in knowing about: «Steps and Requirements to Process the INE Credential»
For pawn of motor transport
- Circulation card. If the documents are not in your name, present a copy of the identification of the previous owner.
- Plates and tenures paid.
- Payment of vehicle ownership rights and their official proof of payment
- That the car is not older than 10 years and have the verifications up to date.
It’s the only one proof of operation pledged, the interested party will be responsible for its proper use and conservation, because a duplicate cannot be issued in case of loss or destruction.
Therefore, when the pawnbroker loses, mutilates or destroys the pawn ticket, he is charged a single percentage based on the loan, then a supplementary ticket is issued for immediate performance.
Elements that compose it
- Legend of the Institution and photograph of the founder, legend of «SINGLE TICKET».
- Address of the parent company or branch where the operation is carried out.
- Determination of the branch or classification of the garment that is received as guarantee.
- Name or password of the appraiser, responsible for the pledge loan.
- Date on which the operation is carried out, contract ticket number, consecutive number (garment locator).
- The amount of the loan expressed in numbers for the collateral pledge, detailed description of the pledge and appraisal of the pledge.
- Nominal interest rate for the loan, storage cost and operating expenses.
- Endorsement legend and its new dates and amounts to pay.
- Legend of performance and amounts to be paid from the nominal month, up to the fifth nominal month and in the case of a deposit, up to the fifth nominal month.
- Marketing date.
- Name of the holder or holders of the ticket.
- Signature of the pledger when pawning, signature of the pledger when performing and signature of the appraiser.
- Pawn shop emblem.
types of pawn
The type of pawn It will depend on the item you want to deliver. In Mexico it is possible to pawn from jewelry and cars, even cell phones. Depending on the page of the pawn shop that you enter, you will know what you can or cannot pledge.
If what you want to pawn is some type of jewel, here we will leave you some steps so that you can determine the value of it and in this way you will not be scammed.
- Weigh the jewel on a scale, knowing how much it weighs calculates an approximate value.
- Multiply the weight in grams by the rate they usually pay, It is very important to check the purity of your jewel.
- Check the size of the diamond or stone.
- Remember that not all jewelry is suitable for sale. For example, the price of an old ring with a cut diamond on it may be difficult to guess.
pawn your car allows you to get a larger amount of money to the one you would get by pawning some other type of good, such as appliances or computers.
This option is excellent if you have an emergency situation in which you need a large sum of money and you do not have the necessary guarantees to go to a traditional financial institution.
Depending on the pawn shop, you can pledge anything from cars, jeeps, vans, trucks and motorcycles, to machinery or boats.
Three tips that we give you before pawning are:
- Get a fair valuation
- Check backup options
- Have your papers in order
to pawn your house you must have a property without encumbrance and your water and predial payments up to date. Depending on the conditions in which your house is, you will accept your request.
- One of the pawn sites you can go to for this type is at Donde Foundation.
On the other hand, if your pledge is a cell phone, they are the same conditions as the previous articles: good operation; charger, battery, headphones, and anything else that originally came with this phone.
Once you have this, head to the pawn shops where you mostly the analysis to calculate the price is free.
What is pawning?
It is a process through which the interested party immediately receives a sum of money in cash in exchange for leaving in deposit and as collateral, a pledge of his property. Once the obligation is satisfied, the person recovers his pawned object.
When you pawn an object, you receive a loan according to the value of the thing pledged or pledged. This object is deposited by the entity that grants the credit as insurance for the fulfillment of the obligation.
How to pawn?
- It is advisable consult various possibilities before deciding on a place to perform the endeavor. In this way you can choose the one that provides you with the greatest benefit and the one that offers you the best guarantees for the recovery of your item.
- Once you have decided on the place, you will have to agree on the loan Economic, based on the actual value of the item. Normally, the loan will be 80% of the total value of the object.
- Subsequently sign a contract in which the conditions of the pawn are clear, as well as the data and the detailed description of the object.
- At the end of the process, you will have your economic loanand the possibility of recovering your item in a time stipulated by the company, repaying the loan and paying the interest generated during that period.
What is a pawn shop?
the pawn shops are companies that lend money in exchange for a guarantee pledge, whose objective is profit. On many occasions, this is the only source of credit that people with little income who do not have access to credit cards can use.
We recommend you read our article on: “Procedures and Requirements for Liverpool Credits in Mexico”
Types of Pawn Shops
- The commercial private
Many of them are not registered with the Federal Consumer Protection Agency and others yes. Your registration is important this institution because it is the one who monitors them and mainly it is the one who reviews and authorizes the contracts they enter into with their clients and does so to protect consumers from abusive clauses.
- Private Assistance Institutions (IAP)
These are not for profit. Some of them are:
One difference is that private pawn shops charge interest depending on the days that they have the garment in custody; IAPs establish them by months.
Where can I pawn?
Below are the pawnshops that you can call or make an appointment through their pages.
There are many other houses that you can go to, but these are the main and most recommended.
How much money do I get for pawning?
Deadlines to pay
Once you take your item, an appraiser will tell you how much money they can lend you in exchange for leaving your garment; hence they are pledge credits.
Generally, with jewels a value is given depending on the grammage of the precious metal and the quality of the precious stones; the design of the part does not necessarily guarantee a larger loan.
The appraiser will agree with you a term for you to pay the loanand will inform you of the interest rate that you will pay for the loan, as well as the days and places to make the payment.
What if I don’t pay the pawn?
of not paying, the loan guarantee on the pledge or item you left will expire; This means that if you stop paying they will no longer return the item to you; they will freely put it up for sale for whatever price they wish or, in the case of precious metals, surely melt it down.
Therefore, we advise you be fully responsible with your payment and in this way to be able to recover what you have pawned.
If what you want is to pledge and your object is not of sentimental value, consider the option of selling, since in this way, you may earn much more than obtaining this loan.
Remember, if you have any questions leave us your comment!
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