If you’re a fan of reality shows like “Pawn Stars,” then you’ve probably seen how pawn shops work. Pawn shops are a great way to get the things you need for less than what they’d cost at retail stores. Plus, it’s a cash transaction, so you won’t run up your credit card debt.

A pawn shop will evaluate the item you bring in to determine its value. They’ll then offer you a loan based on that valuation. If you pay back the loan within the agreed upon timeframe, you’ll reclaim your item. Otherwise, the pawnbroker will keep it and sell it to someone else.

Top Pawn Shops in Your Area

Pawn shops are highly regulated and must follow federal laws, such as the Equal Credit Opportunity Act, and state laws, which vary by area. They also must be in regular contact with law enforcement to make sure they aren’t selling stolen items.

For those looking to buy something from a pawnshop, it’s best to go in with a game plan. Research the retail price of the item you want to buy and check the used market. Then, when you see the pawnbroker ringing up your purchase, be prepared to negotiate.

Besides jewelry and firearms, electronics are one of the most common items that people pawn or sell at a pawn shop. This includes cameras, televisions, DVD players, and laptops. These items are in high demand, and you can often find a good deal at a pawnshop.