Facts and Fiction in the Phoenix Pawn Industry

Facts and Fiction in the Phoenix Pawn Industry

Here are a few facts to help you sort out what’s fiction!

Phoenix, Arizona

Getting a Phoenix pawn loan is one of the best ways to get cash fast. You don’t have to negotiate with banks to get the best terms, and you don’t have to worry about your credit being a stumbling block. Instead, you just bring your valuables straight to the pawn shop and get a short-term loan for what they’re worth. When you pay back the money, you get your valuables back and you are in a better financial position than you were before.

Working with a pawn broker can help you do all that without even having to work with a pawn shop. The pawn broker helps you find the loan you need and arranges all the paperwork and the pickup and return of your valuables.

In Arizona, there are dozens of reputable pawn shops and pawn brokers to offer you the financial solutions you need. However, some myths still remain about the pawn industry. Here are a few facts to help you sort out what’s fiction:

Myth #1: Pawn Brokers Handle Stolen Items

It is illegal in Arizona and every other state for pawn brokers to knowingly trade in stolen merchandise. Pawn brokers use a database to enter serial numbers to determine if items like guns, musical instruments or electronic equipment are stolen. If items are found to be stolen, they are reported to the police — along with the person who attempted to pawn them.

When you buy something from a pawn shop, you can be sure that you are buying the rights to it free and clear.

Myth #2: Most Clients Lose What They Pawn

When you get a Phoenix pawn loan, you are providing your valuables as collateral. If you fail to repay the loan, the pawn shop has the right to keep those valuables and to sell them to try to make up the cost of the loan.

The myth persists that the majority of people who pawn their items never get them back. However, the fact is that 80 percent of pawn loans are repaid and the valuables returned to their rightful owners. If valuables are not returned, the only reason is that the person who pawned them decided not to redeem the loan and get them back.

Myth #3: Pawn Brokers are Unregulated

Pawn shops are not fly-by-night operations. They are heavily regulated in the state of Arizona. Pawn shops have to follow rules for everything from reporting gun sales to how much interest they can charge on their loans.

When youshop with a Phoenix pawn broker, you can be sure that you are entering into an agreement that provides legal protection. If a pawn shop tries to engage in unethical business behavior, you can report it to the authorities, and the shop can face heavy fines and penalties.

Working with a reputable pawn broker can put you at ease about these and other myths surrounding the pawn industry. Private Pawn has been doing business in Arizona for years, and we have a long list of satisfied clients who can attest to our professionalism and dedication. We help clients get top dollar for their valuables, whether that be collectible guns or broken estate jewelry. Call us today to let us do the work of researching pawn shops for you and getting you the best terms on a pawn loan. We work with clients throughout Arizona, and we will meet you anywhere to assess your valuables.

Published By:

Private Pawn – Robert Johnson