Ever wonder what a pawn shop is? Well you’re not alone! Many people spend a lifetime without ever stepping foot in a local pawn shop like Diamond Ridge Pawn. They don’t know the truth about what a pawn shop is, or how it can benefit them and their community. We hope that the information below will help dispel any pawn shop myths. Here is the truth about Pawn Shops.
THE TRUTH IS… Pawn shops are one of the world’s oldest sources of collateralized loans. It is believed they have their origin in ancient China. For thousands of years, people, businesses and governments all over the world have solved the need for fast cash by exchanging their valuable items with their local pawnbroker. Rumor has it that Queen Isabella pawned the crown jewels to finance Columbus’ journey to the Americas. Pawn Shops are quickly becoming the leading choice for individuals or families in need of fast cash and small business owners in need of working capital. They are also a great place to obtain cash for gold in any condition.
THE TRUTH IS… Pawn shops are governed by all major federal, state and local laws that apply to other lending institutions Government regulated contracts clearly state the terms of all transactions.
THE TRUTH IS… Pawn shops are not havens for criminals. They are NOT stolen merchandise dealers. In fact, pawn shops work closely with law enforcement agencies. In order to receive a pawn loan or sell merchandise, one must provide positive identification, give a thumb print and have a detailed description (including serial numbers) of the item listed on the pawn transaction form. This information is transmitted daily to law enforcement. Most criminals know that selling stolen goods to a pawn shop is a quick way to land in jail. Only the world’s dumbest criminal would try to sell their goods to a pawnbroker.
THE TRUTH IS… Most customers have their pawned items returned because they have repaid their loans. Currently about 75- 80 percent of all pawn loans are repaid, and the items held as collateral are returned in the same condition as when they were pawned. On the other hand, a customer may choose to keep the cash and not redeem the item(s) they used for collateral. These customers suffer no recourse for failing to pay off their pawn loan. Pawn shops do not report to credit bureaus.
THE TRUTH IS It is easy to obtain a fast cash loan secured by your item(s) of value. Unlike a bank loan which depends on a credit check and approval by a loan officer, a pawn loan can happen in minutes. Simply bring in an item(s) of value that you wish to use as collateral, a valid state-issued form of identification, and fill out the necessary paperwork. Once you and the pawnbroker agree on value and terms, you can walk away with fast cash in your pocket.
THE TRUTH IS… Pawn shops are safe places to do business. Pawn shops are no longer located in undesirable areas of town. They can now be found in mainstream America, including middle-class and affluent areas. In fact, there are pawn shops in Beverly Hills, California. Pawn shops are secure, bonded and regulated. They use certified scales for buying gold and other precious metals and government authorized contracts for all secure loans. Pawn shops are a safe place to : visit – even to bring your family sell your valued items easily and at a fair price receive a fast, secured short-term cash loan on items of value trade your valued items buy quality previously-owned merchandise at discounted prices
THE TRUTH IS… Pawn shops deal in a wide variety of merchandise. They are not only a great place to get cash for your valuables, but they are also a great place to buy quality items at discounted prices too. You never know what you might find in a pawn shop! You will find gold, silver, platinum, diamond and gemstone jewelry, watches, coins, guns (firearms), video games and game consoles, electronics, tools, sporting goods, musical instruments, antiques and collectibles, heavy equipment, and vehicles including cars, trucks, motorcycles and boats. All of these are great items to buy at a pawn shop or to bring to a pawn shop to sell — or to get a fast cash pawn loan!