Whether you’re clearing out clutter, getting rid of old electronics, or looking to borrow cash for an emergency, your local pawn shop may be a convenient option. But there are a few things to keep in mind.

Pawnshops provide a number of services, but the most common is lending money at high interest rates using customers’ own items as collateral. (They also sell retail goods, like musical instruments and firearms, as well as buy gold or other precious metals.)

Your Local Pawn Shop: Quick Loans, Great Service

Most pawnshops will not lend more than 25% to 50% of the projected resale value of an item pledged as collateral, which is designed to cover potential storage and repair costs as well as overhead expenses. This is why it’s important to do your research ahead of time. Spending a few minutes checking recent “sold” listings and current bullion spot prices should help you arrive at a realistic target price for your item.

Electronics are a staple of the pawnshop landscape, with laptops and tablets among the most valuable items. However, they must meet specific criteria to command premium prices, including being free of viruses and displaying minimal wear and tear.

Pawning is a convenient way to get fast cash without the need for a credit check, and it’s an excellent solution for people with poor or no credit who are turned down by mainstream lenders. The downsides are that the loan typically requires immediate repayment and will only be worth a fraction of the original market value of the item.