If you’re familiar with pawn shops, then you know you can buy some great stuff at them at really good prices. You might also know that anyone can walk in and pawn, sell or buy items. In fact, pawning is a quick and easy way to get cash, and patronizing a pawn shop can lead to interesting finds for yourself or others. But although pawn shops are becoming more and more popular, too many people don’t understand the concept behind this type of shop or how they work. It’s time to separate fact from fiction. Below, we’ll discuss the top five misconceptions about your pawn shop in Olathe, KS:
- Pawn shops are not regulated: Like other kinds of businesses, pawn shops are businesses that are required to be licensed and pay taxes. Pawn shops must adhere to all the same regulations set by the state they do business in, and they have to follow specific regulations put in place by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). The Truth in Lending Act and the Equal Credit Opportunity Act enacted other laws that are designed to protect the interest of sellers.
- All items sold in pawn shops are stolen: Nowhere in the United States is a pawn shop allowed to sell stolen goods. These are businesses governed by extensive regulations, and as such are not allowed to knowingly sell stolen merchandise anymore than any other business is allowed to. For the majority of pawn shops, a pawner or seller will be asked to show proof of ownership. Legitimate pawn shops often choose to work closely with local law enforcement to make sure stolen goods are not being sold in their shop and, if they do come into possession of stolen items, that they get back to their rightful owners quickly.
- There’s not a good selection of merchandise: The types of items sold depend on the shop. Many pawn shops sell a huge selection of items, while others may specialize in a certain things, like jewelry, electronics or guns. Then there are pawn shops that deal in larger merchandise, such as cars and boats. Take your time looking around—you might be surprised by what you find!
- Everything is old and in poor condition: Pawn shops are unlike secondhand or thrift stores in that they can be very selective in the items they accept. At a pawn shop, you can expect to find items in good condition, clean and priced to sell. They tend to have value. If a shop does buy an item that’s worth something but that also needs repairs, they will fix it before putting it out for sale.
- Only people who need money go to pawn shops: Some people use pawn shops to get quick cash, but others just want to get rid of things they no longer want or need. However, not everyone reclaims a pawned item. The long and the short of it is that shops need both sellers and buyers to succeed.
Whether you want to pawn an item or just want to shop, come visit us at Harrison Street Pawn. We are the area’s go-to pawn shop in Olathe, KS!