Thinking about pawning an item you hold very near and dear to your heart? Perhaps it’s an antique piece of jewelry that’s been in the family for quite some time or maybe you have to pawn your favorite TV so you can come up with the cash you need quick. Well, regardless of what you’re pledging or why you need the extra cash, in this article we’ll brief you on the pawn process, show you what goes on behind the scenes at pawn shops, and help you discover exactly how safe your items are once they’ve been pawned.
When you’re tight on cash, sometimes getting a pawn loan is the easiest way to get the cash you need. But before we dive right into whether or not your items are safe, let’s first make sure we cover the basics of a pawn loan, and break down how they work in case you are new to the pawn process.
What is a pawn loan?
A pawn loan is when a consumer is advanced funds in exchange for personal property that will be stored in the pawnbroker’s possession until the consumer redeems the merchandise according to the agreed upon terms in the pawn contract. The amount of the loan is based on the value of the collateral. When a customer pays back the loan including the fee, their merchandise is returned to them.
Typically pawn loans are due in 30 days, but the loan can be renewed to extend the term for another 30 days. Pawn loans that aren’t repaid within that 30 day period (or during the renewal period) will be forfeited. If a pawn is forfeited, the borrower surrenders his or her item to the pawn shop to be placed up for sale and is no longer obligated to repay the loan.
What is accepted at a pawn shop?
Some of the items that are typically held for a pawn loan are:
- Jewelry (even damaged pieces)
- Musical Equipment
- ATV’s and motorcycles
- And other items of value!
Now that we’ve taken care of the basics, let’s get back to the question at hand. If you are going to leave a sentimental item at a pawn shop, you want to be sure the item is in good hands and intact when you come to get it back.
So, is my item safe in a Pawn Shop?
The answer is, YES! It is a pawn shop’s responsibility to keep your items safe and in good condition while they are in their possession. Below are four ways pawn shops keep your items safe and secure.
Security Cameras and Insurance. Most pawn shops are equipped with security systems, security cameras, and insurance to cover any items left in their possession. If the pawn shop you are planning to do business with does not seem to have cameras and other security measures as mentioned, you may need to take your item elsewhere. If you are unsure, it is okay to ask the pawn broker how they plan to keep your item safe.
Secure Storage Locations. When you pawn your item with a pawn shop, they usually keep all accessories (remote controls, cables, etc.) with your item and place it in a secure area. This ensures that when you pick up your item(s), they are all found in the same place for a quick transaction. Jewelry and other small valuables, such as coins, are typically kept in the line safe that ties in with the security system in most cases. This ensures extra safe keeping for those items in case the store were to be broken into.
Extra Jewelry Screenings. Pawn shops will test your diamond as it comes into pawn to verify that your item is worth the amount you need to borrow. Upon paying out your pawn, most pawn shops will test your diamond to give you piece of mind that the piece you are picking up is the same piece you dropped off when your loan originated.
Routine Audit Inspections. Finally, pawn shops conduct routine audits on pawned merchandise to be sure nothing has been stolen or misplaced while your items are in our possession. At Quik Pawn Shop, there is a special audit team that periodically travels to each pawn store to complete an audit on the items in the store. Quik Pawn also screens employees during the hiring process and undergoes extensive background checks (i.e. checks for any criminal convictions, a Homeland Security check, drug tests, etc.) to be sure they are hiring trustworthy employees and promoting a culture of integrity.
As you can see, pawn shops are a place where your item is safely stored until you come back to pay your pawn loan in full and claim your merchandise. Some customers even take advantage of the security and insurance at pawn shops by using a pawn loan to keep their valuables safe when they go out of town. Since storing your items at pawn shops can be safer than storing them in your home, these customers can rest assured knowing that their items are safe and secure.
Have an item you’re set to pawn and you’re ready to take the next step toward getting a pawn loan? Call 1-855-402-PAWN (7296) to get started or visit www.quikpawnshop.com to find a location near you.