Reporting Joe Shortsleeve
BOSTON (CBS) – This prolonged recession has many people thinking about ways to pay their bills.
Pawning valuables is one option, but many people are not comfortable going into a brick and mortar store.
Pawngo.com is an alternative, allowing customers to either pawn or sell all types of valuables with a lot more discretion.
WBZ-TV’s Joe Shortsleeve reports
You’ll find diamonds, watches, and designer handbags which sold for more than $3,500 at Pawngo’s headquarters.
Pawngo CEO Todd Hills said, “We are really interested in the luxury goods, the high end watches, diamonds, and large collections of gold.”
Customers can either pawn them, taking a short term loan with the items as collateral, or they can sell them outright.
“We have a new pawn customer,” said Hills.
Boston financier Harvey Lazarus didn’t need the money when he wanted to sell some high end camera equipment, but he did like the ease and anonymity of Pawngo.
He liked it so much he went back a second time to sell a designer watch he found in the drawer. He paid $1,000 several years ago and was happy to have received $700 from Pawngo.
Here’s how Pawngo works. You describe your item in an email and Pawngo’s appraisers will let you know if they are interested in acquiring it. If the answer is yes, you will get a preliminary estimate.
If the price sounds good, you FedEx your stuff for free and it is insured by Lloyd’s of London.
If everything checks out, you can get a direct deposit in just a few days.
Joshua Clark thinks it makes sense that there’s now an online pawn shop. “Everything else has gone online, so why wouldn’t the pawn shop, come to think of it,” he said.
It worked for him when he no longer needed an engagement ring. “Any easier, and it would have been suspect,” he added.
You don’t have to selling or pawning items to use Pawngo. You can also buy a wide array of bargains, such as jewelry, electronics, and musical instruments.