If you fear the flashy signs and bold personnel wooing you to avail loan facilities just because they appear too gaudy and suspicious, you probably do not know anything about “Pawn Brokers”.
They aren’t the people dealing in stolen goods neither do they offer you an out of the box value of your assets that are worth peanuts. But, they are the professionals that carefully analyze the worth of your assets, compare the market rate and offer you a short-term loan just equal to the amount thus estimated.
Pawnbrokers serve millions of customer annually. Pawing is the easiest way to avail cash for your urgent needs and additionally, it is 100% safe and legal too.
If you have never been to a pawnshop before, and this all seems to be Hokus Pokus to you, here are some facts about the Pawnbrokers that you probably didn’t know:
Pawing is a huge Empire:
As per a report, there are approximately 12,000 to 13,000 pawn shops in America and more than 80% households rely on pawnshops to fulfill their cash requirements. The consumers can avail short-term, collateral-based loans from these shops. Availing loan from pawnbrokers is equally easy. You bring any asset of value and the pawnbroker offers you the worth of your asset as a loan. The term to pay this loan is usually 3-4 months. The only additional amount you need to pay is interest and fee, which is minimal.
Pawnbrokers serve as a financial lifeline to someone:
Pawnbrokers offer their services to people from all walks of life, but, they primarily serve to those people who do not have access to the banking system. The data says, that more than one-third American population is un-banked and thus they depend upon the pawn brokers for their cash requirements.
They are not there to scare you:
Yes, you must understand this that Pawnbrokers aren’t there to scare you. Though they lack the desired reputation but they are indeed the happiest people on earth. A pawnshop is a place where needy people get the required cash. They get back the life that was bizarre because of lack of monetary benefit.
Do not compare them with Pawn Stars:
If you are a fan of Pawn Star and think this is how the pawn industry looks from inside, you are mistaken, my friends. Pawn Industry is nowhere like how it appears on the screen. You can avail any amount from these pawn shops, just offer them an item with great value and they will give you the loan.
They offer loan against everything:
Pawnshops offer loan against anything that has value. In fact, they have a specialized area in which they deal. Gold Pawnbroker offer gold loans, Valuables pawnbrokers offer loans on guns, collectibles, antiques and more and Motor pawnbroker offer loan against vehicles. There are some pawn brokers that deal in all types of pawning at the same time.
They can dupe:
Though the chances are rare but there are some despicable people who follow false practices to make money. Such pawn brokers might dupe you by offering lesser value of your goods or charging higher interests and fees. To ensure that you do not get fooled, it is better o do a market survey and estimate the worth of your assets.
Hope after reading this you must have got a clearer picture of what pawnshops are all about. And we are sure this would be poles apart from what you thought they would be.