Many people have never set foot inside a pawn shop before. Their only view of pawn shops comes from reality shows like Pawn Stars or scenes from other television shows, which often give false impressions of how the pawn business operates. One thing you might know for sure is that pawning items is a way to get cash fast, or that these shops accept most items that have value. But how do pawn shops work? Who uses pawn loans?
There’s a lot of misinformation floating around out there that gives pawn shops a bad name. The truth is, reputable pawn shops are not scary and are absolutely worth checking out if you’re looking for a good deal. Here are some things you may not know about pawn and gun shops in Olathe, KS.
Pawn shops do a lot of business
The estimated 12,000 to 13,000 pawn shops in the United States do business with millions of Americans every year. Most people pawn items either to make ends meet—especially the unemployed and underpaid—or they buy or sell merchandise out of convenience. The pawn process is fairly simple. You bring in an item, the pawnbroker checks it out, then they offer you a dollar amount or reject the item. If the pawnbroker determines the item has value and you accept their short-term, collateral-based loan, you can get cash on the spot.
Pawn shops are not shady
Flickering fluorescent lights, creepy employees behind the counter, bars covering every door and window—these stereotypes and more are portrayed in the movies, but are not true of most actual pawn shops. Walk into a pawn shop today and what you are more likely to see is a clean space, good lighting, quality merchandise and friendly pawnbroker team. Additionally, shops maintain their good reputations by checking IDs before giving pawn loans, and they work with law enforcement to make sure they aren’t selling stolen property.
Some people rely on pawn shops for cash
Believe it or not, pawn shops can be financial lifelines for some people. What’s more is that people from all walks of life consider pawning their valuable possessions. However, pawn shops are most popular with people and households outside the financial mainstream. These are folks who rely on auto title loans, payday loans and check cashing as “regular” transactions, and approximately 40 percent of this group have used pawn shops for financial stability purposes. Pawn loans are relatively risk-free, and you don’t need a credit check to get one.
Most items get reclaimed
It’s good to know you’ve got options when you pawn an item. You can either repay the loan (plus interest and fees) within an agreed-upon number of days and get your item back, or let the shop keep it to sell and make a profit. And guess what? A majority of pawn shop customers do, in fact, reclaim their pawned items.
If you are not familiar with how to obtain a loan from pawn and gun shops in Olathe, KS, let the team at Harrison Street Pawn walk you through the process. Call or visit us today to learn more!