What is a Pawnshop

by

Sarah Rodgers

|

January 31, 2020

Pawn Shops have been around for thousands of years and were even used by Kings and Queens long ago. This shop is unique to all others because unlike other stores, a pawn shop is a place where you can not only buy valuable items, but also a place where you can sell your items, or even get a loan from an object. The primary purpose of this store is to make getting a loan easier. Not many places will allow you to get a $1,000 loan for an antique ring or precious jewelry, which is why pawn shops are so engaging. 


Getting a Good Deal at a Pawnshop

Getting a good deal at a store is very uncommon, with the exception of a sale or event. Pawn Shops, however, have good deals on items before you even walk into the door. They also have something that is called negotiating at a pawnshop. Negotiation is when two or more people reason with each other until they both accept a price they are equally willing to agree upon. To me, that’s pretty savage. Imagine being able to walk into a shop and see an item you like, looking at the price and think “Nah, I don’t wanna pay that.” and then getting the cashier to let you buy it for cheaper. If you didn’t already fall for a pawn shop before this, I bet you did now. 

How the Loan Process Works

Let me give you an example, you need cash, and you need it fast. You also have a bad credit score and know that you won't to be accepted for a loan from a bank. You need options, and you need them fast. So, what do you do? You find your antique ring once owned by your grandmother or even just a high tech mountain bike, and you take it into a pawn shop. They look at your item value and give you a fraction of what your item is worth. But, instead of selling your item for cash, they hold onto it in a safe place where they will return it to you again once you pay off your loan. If, however, you can not pay back the loan, they will give you an option to make later payments, or if you are unable to make the payment, they will take your item as profit, and the loan will be forgiven. 

What Kind of Items Can You Sell?

Every pawn shop is different, so you will have to keep that in mind, but for the most part, they will most of them will accept almost anything as long as they know they will be able to sell it once it is on their shelves. Some pawn shops also receive cars, vehicles, and larger motor equipment like tractors and such, but that is if they have the space for it. The most popular items to pawn, include gold, jewelry, precious metals, gems, hunting equipment, phones, iPads, video games, and a lot more. They also allow you to pawn simple things that you’d be able to find around the house. 

Do Pawn Shops Sell Stolen Merchandise?

Every pawn shop has a system that is set up with the police. Before someone can pawn an item for a loan or otherwise, they have to show a form of I.D. and be able to prove the item belongs to them. Everything, such as the serial number, pictures, and unique symbols or scratches will be given to the police so they can be identified if the item was stolen. If it shows up in the police database as stolen property, the I.D. of the man that pawned it gets sent to the police, where they will decide what happens next. 

Thank you for reading our article, “What is a Pawnshop?” If you are interested in a loan from a pawn shop or want to sell an item, you’ve come to the right place. Sportsman’s Pawnshop is the best pawn shop for buying, selling, and giving loans. You can call us at (801) 938-3807 or contact us online for more information. 


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