You could be sitting on a goldmine with that collection of designer purses in your closet, collecting dust. Whether you've got Hermes handbags, Chanel handbags, or Louis Vuitton handbags, pawning luxury handbags can give you some quick cash in your pocket. Unlike no-name handbags sold in regular department stores, designer bags typically have a high resale value and are easy to offload at a local pawn shop. Learn how to pawn your luxury handbags and get fast cash in hand.

Prepare to Pawn Your Handbag

Pawning designer handbags is a pretty straightforward process, but you'll need to do a little prep work first before taking your bag down to the local shop.

• Empty It

Make sure you empty the body and all of the pockets of your handbag beforehand. Candies and old receipts like to hide in the pockets and crevices of the bag, so you'll want to be thorough. While it's true that people love discounted, high-end designer handbags, people love to feel like the handbag is brand new and not used.

• Clean It

You'll need to be particularly careful when cleaning your designer handbag. Most are made of leather or suede, and you'll probably want to get a special cleaning solution for these materials. Many designer handbag brands sell proprietary cleaning solutions, which will guarantee that your bag won't get damaged during the clening process.

• Locate the Receipt or Certificate of Authenticity

Whether it's a Louis Vuitton clutch bag or a Chanel handbag, your luxury handbag should have come with a card or certificate proving its authenticity. If you have it, you'll want to bring it with you to the pawnshop. Without it, it will take a lot longer for the pawnbroker to assess your handbag's worth. Finding and bringing in the certificate of authenticity will save both you and the local shop time.

Why pawn instead of selling your handbag?

When you bring your designer handbag to a pawn shop, the appraiser will determine the value of the handbag. Next, they will give you an offer of taking cash now if you want to sell your designer handbag outright. Or you can pawn the handbag. When people pawn items such as a luxury handbag, they're given pawn loans with an interest rate and loan term period, usually for 30 days. The bag that's been pawned is collateral for the loan. If the person chooses not to repay the loan within the set period, the handbag is forfeited.

There are many reasons why someone would pawn as opposed to sell a handbag. When most people bring their items to a pawnshop, they usually want to get those items back eventually. When pawning designer handbags, the owner has a chance to get the bag back within a set period of time if they repay the pawn loan.

Get immediate cash in hand for your designer handbags, whether you sell them outright or pawn them. At Sydney Pawn Shop, we offer the highest, most competitive prices on luxury handbags. Stop in today at Sydney Pawn Shop and see how much you can get for your designer bags today. Speak to one of our Sydney pawnbrokers today by calling 1800 618 905.