Misconceptions About Pawn Shops

Pawn shops have often taken a bad rap as a place that dealt in stolen merchandise or served as a front for illegitimate dealings. Only recently have people begun to realize the benefits a pawn shop brings to a community. Many, such as PawnUSA Woodbridge, provide numerous services from loans to purchases, jewelry repair, gift ideas, and items for less than retail. What are some of the myths associated with pawn shops?

Pawn Shops Purchase and Sell Stolen Merchandise

Pawn shops must abide by the laws in the area where they are located. When purchasing or lending money on items, there are specific steps they follow. The person selling or pawning items must present a valid ID with their photo. Many require a fingerprint on the pawn contract or bill of sale.

In addition, pawnshops in many states must file a daily report with the appropriate law enforcement agency containing the items pawned or purchased. The report has to have the name, address, driver’s license or ID number, and description of the items. Law enforcement can compare this list with items reported stolen.

Pawn Shops Only Cater to People With Bad Credit

When a situation arises and you need money in a hurry, a pawn shop can help. Getting a traditional loan can take days or even weeks. Pawning or selling an item to come up with the cash that is needed can mean the difference between getting to work or not if your car breaks down. Of course, pawn shops do not do credit checks, so your credit rating is not affected. This may be why this myth was started. However, a pawn shop can be the answer when you are in dire need of cash for whatever reason.

Pawn Shops Only Sell Junk

Most pawn shops sell a variety of items including:

• Jewelry
  
  
• Tools
  
  
• Electronics
  
  
• Musical instruments
  
  
• Designer items

Some people bring things in when they are no longer wanted. When the latest iPhone comes out, someone may sell their current one to help with the price of their new one. You may be surprised at what you can find in a pawn shop. The same is true for gaming consoles, televisions, and even antiques. Generally, a pawn shop only loans money on or purchases items in good condition.

Pawn Shops Hope You Do Not Return for Your Items

This is another myth. Pawn shops are happy when you return for your items. Most only have a limited amount of space. If everyone left their items, they would soon run out of room. The loan process is simply explained when you bring in something to pawn. The pawn shop will hold it for a specific time. If something happens and you don’t have the entire amount to pick your item up, you can pay the interest and extend the time.

Hopefully, you will look at pawn shops in a new light now. Even if you’re not looking to pawn or sell an item, PawnUSA Woodbridge is a good place to browse and find great deals.