This is my inaugural Blog. If you find the material interesting, please tell your friends and come back for more. If there are specific topics about which you would like more information, please let me know and I will address in future blogs.
When I start training, I ask new employees, what makes a pawn shop unlike other businesses? The response I am looking for is that we will advance people money for their items and allow them the opportunity to reclaim them. Most business are selling their items, but we are selling our cash.
Now there are some businesses that will give people money for their items, but typically they are buying them for resale. In most states taking a personal item in as collateral for an advance of money is defined as pawning which is a separately licensed activity.
A pawn is defined as a non-recourse loan. This means if we advance too much, it is our problem not yours. We enter into a contract agreeing that in consideration of giving an individual money now we will take their item and hold on to it. Only if they fail to redeem the item in an agreed upon time frame, we become the owner and we can sell the item.
Some pawnbrokers target defaults so they reap the profit from selling items. I believe in financing our clients’ dreams. We take custody to protect our advance, just like a bank does by taking a mortgage on real estate. We prefer returning the items to their owners and earning our fee.
That said, we will buy an item if you are looking to sell. We consider buying a broader array of items than more singularly focused competitors. Antiques dealers may buy your clock, but not your TV and gold buyers may buy a chain but not a power tool. We can be your one stop spot to sell a broad and diverse array of items.
Think of us as an environmentally friendly business, turning your preowned items into money when you want it and deliver bargains when you buy.