Pawn Shops Are An Easy Way To Borrow Cash

Although it may have been seen as an area where some of the saddest stories shared by many people have taken place, the truth about pawn shops is that they’re less harmful than you might expect. These cornerstones of financial relief tend to pick up their negative image because many people today are less familiar with them. The truth, however, is that no one should be embarrassed about going to one.

If you’ve grown to be familiar with the concept of pawnshops but are still afraid to pay one a visit, there’s no need to worry because we’ve prepared a guide on everything you need to know about them:

The problem with today’s consumers is that they’ve accepted the vilified image of a humble consignment space that modern media portrays today.

When you walk into a pawn shop, you’ll probably notice that they aren’t seedy or shady, as you might expect. In fact, you’ll probably feel the same way you would at any other store! Instead of clerks with ulterior motives or shabby lighting, most pawnshops tend to feel like a bank and clinic combined and are staffed with smiling faces that are happy to help and give advice.

Aside from the approachable nature of a real pawnshop, it’s also worth noting that they’re obliged to remain law-compliant at all times because they’re regulated by 14 different federal statutes and regulations. Additionally, these establishments are held to the strict standards of local and state laws as well, meaning that you’re far less likely to get scammed.

Upon entering a pawn shop, you’ll be greeted with a smile followed by a question about whether you’d like to buy, sell, or pawn something. In most cases, anyone who goes into such the shop does one of these two tasks:

For many people, pawn shops are seen as a financial assistant because of how easy they make it to get a favorable loan in the fastest amount of time and with the fewest requirements. Most establishments have collateral-based loans that are secured by an item of value provided by an applicant. For instance, if you bring in a watch or a piece of collectible memorabilia, a pawnbroker will offer you a loan with a principal amount that is around a quarter to a third of their appraisal of the item itself.

Additionally, you can skip the loan process by selling your item entirely if you’re looking for a one-and-done deal for an item that you can part with.

Once a customer manages to get a loan, they now have all the necessary information they need to effectively repay the amount (plus interest) and get their item back.

Generally, pawners have two options to choose from. For one, they can return to pay the balance of their loan, which includes the loan amount they’ve been granted plus added fees before a set deadline that extends up to four months. Secondly, they can also choose to not return and let the pawnshop keep their item so that they won’t have to run into any problems on their credit report or collection action!

Pawnshops aren’t as scary as most people expect, meaning that you’re far more likely to enjoy your visit to one rather than being fearful or traumatized by it! If you are looking for a quick loan, you can always head to your nearest pawn shop to see how they can help you.

We’re a pawn shop chain that operates in Henderson, Owensboro, Madisonville, Murray, Leitchfield, and Princeton. Give us a call today to schedule a visit at River City Pawn if you’re looking to buy, sell, or pawn any items!