Virtual pawn shop offers big bargains

DECEMBER 20, 2011

Whether you're shopping for a quick loan or a high-end luxury item at a discount , we've found just the thing for you. It's called Pawngo.

Pawngo offers itself up as a quick, easy, and inexpensive solution for consumers who need cash.

"Credit's really tight these days and we're really helping people solve unexpected life events," said Todd Hills, the Founder and CEO.

All from the comfort of your own home, just go online, describe the item you'd like to sell or get the loan.

Pawngo will send you a provisional offer and an overnight pre-paid FedEx label.

You send your item, Pawngo evaluates it the next day and makes a final offer generally 50 to 75 percent of the item's current market value.

"If they accept it, they click 'accept' and then we put the money in their bank account," said Hills.

Customers will be charged three to six percent interest of the loan amount per month.

You can get a loan for three to six months and if you pay it back early, no problem, you only pay for the months you used.

"We cover all the shipping and insurance, there's no extra fees," said Hills.

So what can you send in?

"Rolex watches, Cartier, large diamonds, Louis Vuitton purses, any luxury item that can be easily sent overnight by FedEx," said Hills.

The items Pawngo buys or acquires when people default goes into a vault that they then sell to the public.

If you're looking for a high-end holiday gift at a discount, look no further.

"We only take stuff that's in very good condition, lightly pre-owned, everything we sell is certified," said Hills.

On their website a Fujifilm digital camera was listed for 46percent off, a Louis Vuitton bag was 42-percent off and a diamond and sapphire ring was 45-percent off.

Pawngo does have a 30-day money back guarantee and they also pay for shipping.

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