People from all walks of life depend on loans from pawnbrokers to help them pay daily expenses like utilities, car payments, and rent using possessions as collateral. Others choose to sell items out right for cash.
In general, pawn shops offer good deals on merchandise, let you sell your possessions, and can give you an instant cash loan based on the value of silver, platinum, gold and diamond jewelry, watches, coins, household items, artwork, gaming consoles and games, cameras, collectibles, televisions, musical instruments, tools, and electronics.
When searching for a s to do business with ask which professional state and national associations they belong to, if they are fully insured, licensed, and bonded, and how long they have been in business. It is also a good idea to check out beforehand if an establishment gives you the option to present valid ID when picking up pawned items if you lose your ticket.
Staff should be fully trained on how to appraise the value of items based on potential profitability, current market demand, and condition. Don’t be afraid to visit another shop if you don’t feel you are receiving in cash what you believe your items are really worth.
Keep in mind when selling or pawning your items that pawn shops by law must be able to identify whether or not they are stolen. Customers should be required to provide positive legal identification and a complete description of possessions before they are sold or pawned. Law enforcement receives this information once a transaction takes place.
When it comes to receiving a loan for pawned items, ask what the rates are and if there are any hidden fees. A good pawn shop should be flexible and willing to work with you on payments required to get your merchandise back. Make sure to inquire about loan and renewal options. Rates should be regulated by the state the pawn shop is located in. In general you should expect to be offered 30 to 60 day loan agreements.
Finally, when choosing a Pawn Shop Chicago feel free to ask current and past customers if they have received the respect, time, and personal attention one should expect from a reputable pawn shop.
