What comes to your mind when you hear the words pawn shop? Do you picture a gloomy establishment located in the dark recesses of town, manned by a shady individual with a creepy grin that shows one or two gold teeth? Pawn shops have a bad reputation, and this is overwhelmingly due to their negative portrayal in movies and television shows. A lot of fallacies about pawn shops are going around and misleading some people into thinking they’re bad news. Let’s discern fact from fiction. Here are five common misconceptions about pawn shops in Las Vegas.
1. Pawn Shops Are Full of Stolen Goods
The fact is this: pawn shops require a special license to operate and they are all mandated to comply with a wide variety of federal, state, and local regulations. On top of that, pawn shops are obligated to cooperate with law enforcement to prevent the movement of stolen merchandise. Government-issued IDs like a driver’s license and other proof of identification are required for every transaction, and each item is scrutinized carefully before it is accepted to ensure authenticity.
Pawnbrokers are mindful of their reputation. To maintain their reliability, they make sure the items they accept are legitimate. To put it simply, stolen goods have no place in pawn shops.
2. Pawn Shops Are Out to Get You
The pawn shop’s appraisal for any collateral is based on a percentage of that item’s current market value. It is the amount the pawnbroker estimates the item would sell for. Many factors go into deciding what a product is worth, and they conduct careful research to ensure the client receives a fair price. Furthermore, there are also federal laws that work to maintain fair trade.
3. People Only Go to Pawn Shops When They’re Broke
Customers who go to pawn shops come from different financial positions. A majority of them simply need a little extra cash, and others just want to clear away some items from their home. Most of the customers prefer to go to pawn shops since they are a secure and confidential way to get cash.
It’s also more convenient than borrowing money from family and friends. Unlike banks, pawn loans do not require credit checks and no legal consequences are filed in case the loan is not repaid. Despite what some people think, 80% of the items pawned are actually reclaimed.
4. Everything for Sale at a Pawn Shop is Old or in Poor Condition
Pawnbrokers are careful about the items they accept. Each piece is professionally inspected to ensure it is authentic, in good condition, and legitimate. Despite popular belief, pawn shops are reliable places to find quality items.
Additionally, the merchandise sold at pawn shops is carefully tended to and checked to make sure it’s in excellent shape when they are put up for sale.
5. Pawn Shops Are Unregulated
There are laws implemented to regulate the operations of pawn shops. Each pawn shop is required to follow strict rules to ensure fair trade.
The pawn shop industry has been around for more than 3,000 years. It’s one of the oldest forms of consumer credit. It’s also one of the easiest and most convenient ways to acquire extra cash. A number of rules and regulations are placed to help keep the trade fair for both the customer and the business, so you can rest assured transactions are secure and reasonable.
Looking for a reputable pawn shop in Las Vegas? Contact John’s Pawn Shop at (702) 213-3335 today!