What is the first thing that comes to your mind when you encounter the term “pawn shop?” This means a lot of things to different people but there is a common thought, a misconception rather, that surrounds the business and have done so for decades. Thanks to television and movies that constantly portray pawn shops like Major Pawn as the last resort prior to bankruptcy, establishments like ours have a poor reputation that cannot be shaken off that easily.
Even if there are new media that show the truth as to what pawn shops do, and how normal and legitimate of a business it really is, there is still a stereotype that clings to the industry. Although true for some, the same cannot be applied across the board. You will still find shops where an old man smoking a cigarette wearing several watches under his jacket will blend in. You will still find shops that have broken, cracked, and crumbled items on the shelves. You will still find places that serve as social hangouts for criminals. But these are limited and slowly dying. Most of the pawn shops you will find today are legitimate trading facilities where people, in exchange for items of value, can get cash money with ease.
It is highly possible that this uniqueness of our industry is what led to all of these misconceptions and poor ideas. But things have changed drastically through the years and it is about time that these thoughts are put to rest. Here are some of the common misconceptions that we at Major Pawn are tired of hearing:
1. You won’t get far in any pawn shop without family heirlooms, jewels, or gold.
Although there are establishments that do specialize in the spot trading of high-ticket items namely gold, family heirlooms, jewels, silver, and antiques, this does not mean that this is true for all businesses. There are plenty of pawn shops today that do not have this limited policy where everything from signed records to vintage cars can be sold or pawned.
2. Interested in low-priced stolen goods? Visit your friendly neighborhood pawn shop.
We at Major Pawn pride ourselves in the legitimacy of our operations and this is why you can rest assured that you won’t find anything stolen from our inventory. Although there are a couple of shady establishments out there, a lot of us don’t run our store like Jeebs from Men in Black. In reality, less than 1% of items found in pawn shops are stolen.
With every transaction recorded by serial number, and with most of these documented with client fingerprints, identification, and photographs, the customers themselves bear the responsibility of ensuring that what they are in possession of are rightfully theirs. Any questionable scenario is immediately reported to the authorities.
3. The only things that you will find in a pawn shop are run-down items collecting dust inside display cases.
Those who bring items to pawn or sell at pawn shops are in need of a little extra cash on hand. Some simply want to declutter their homes while getting the most money out of good quality second-hand merchandise. There are establishments that even employ restoration experts to ensure that slightly damaged items brought to the shops are repaired and work like new.
4. Pawn shops are pit stops for people who are down on their luck.
Unbeknownst to most people, as much as 80% of our clients, and those of other pawn shops, reclaim their items within the redemption period. Many small businesses and private individuals seek loans from us because other financial institutions can easily deny their requests while we accommodate them with the presentation of simple collateral.
5. Pawn shops lack regulation so be ready to get taken advantage of.
You might think that we at Major Pawn will try to take advantage of you because we know that you need money for your belongings. This is not true. Every item is carefully researched, authenticated, and price checked against prevailing market rates. These serve as the basis for final valuation.
These are only a few of the misconceptions that we have to deal with at Major Pawn. Help us out by visiting a local establishment and see for yourself just what we do.