From the Blog

The Truth About Pawn Shops

The Truth About Pawn Shops.Let’s talk about the truth about pawn shops. The real deal.

There are plenty of misconceptions about pawn shops, and in all honesty, television programs like Pawn Stars have done a lot of good for the industry.

The beauty of pawn shops is the amount of services they offer; if you have something of value or an interesting trinket there’s a good chance the pawn broker will be interested in buying it. You can sell your goods, or shop the store for some amazing finds to buy. Many people don’t realize, though, that the majority of business that pawn shops see are based in pawn loans.

People in need can pawn an item to obtain a cash loan that they pay back in order to retrieve their item. It is paid back in a one-time payment which frees their item back to their possession. (If the loan is rewritten, then it is due again when loan renews.) There is interest added to the transaction, obviously it’s a business and the pawn shop has to make money out of their deals. There is a belief that most people don’t collect their items, thus allowing the pawn shop to sell it for greater profit. However, about 95% of customers come back for their goods.

Pawn shops go to great lengths to take customer details to ensure that if they have purchased a stolen item the seller can be tracked. There are laws in place to ensure that pawn shops regulate their sales.

Whether you are just looking to sell gold that you’re never going to use, or wear, again or you’ve picked up a bargain trinket that you think is worth something up, pawn shops are a great place to go to sell your wares.

If you are looking to sell or if you want to have a look at a pawn shop, and you are near North Hollywood, Van Nuys, Burbank, Sherman Oaks or Studio City, come see us at Traders Loan and Jewelry. There is a treasure trove of “gems” to be found.

There is no limit on what you can try to sell at pawn shops so bring in your items to pawn or sell, and talk to the friendly staff at Traders to see what we can do for you.

Come and see the truth about pawn shops.