Hello to all, and welcome to my story!
I have the privilege of working in one of the most stereotyped businesses in America, the pawn shop. I've worked for the same company for over six years now and for some reason thought that everybody else's perception of the business would change with mine. How wrong have I been!!!
My goal here is to tell a story and familiarize people with pawn shops and how they work while having a little fun relaying the more odd stories of an everyday life at a pawn shop.
Right now at this point in America's life, the economy isn't doing so good. There is an abundance of high interest loans, cash advances, and credit card debt that is bringing the economy into a full blown recession. People are looking for a quick buck and getting caught in extremely high interest cash advances that will ruin their credit if they don't pay it back in time.
This is where the pawn shop can be of help to you. Throw out those pictures in your head of an old grumpy guy sitting behind steel bars, smoking a cigar and telling the police where they can go.... That is very rarely what you'll find on the inside of the pawn shop today. In fact, it's usually quite the opposite. At my store, cleanliness and organization are highly prioritized and most people are surprised when they walk in for the first time.
This is a brief description of how a pawn shop works. Let's say you're in need of some money. You got an emergency hospital bill to pay, or you need some gas money, or the baby needs diapers and milk? That's where we come in. You bring us an item (Usually gold jewelry, watches, computers, laptops, digital cameras, tools, etc.), we'll appraise it and tell you how much we can give you in a loan, which is for 4 month, and you can re-write it indefinitely). Cash in hand in 5 Minutes. The interest rate and paperwork will vary on the shop and local laws that apply, but I'll give you an example how we do it.
Let's say you brought in a laptop that we loaned you $100 on. It's a four month loan, that means the monthly interest charge will be $5.62. If the loan was done today (06-09-09) the due date would be 10-09-09. If you picked them up before 10-09-09, it would only cost you $22.50 ($5.62 x 4 month) in interest. That's all. Your total repay is $122.50....and that's for 4 month.
That's it! Now you can fill up the tank, get diapers, pay your bills and still get your laptop back with your next paycheck. For us, loans ranges anywhere from $15 to $15,000 depending on what you bring in and how much you need.
So, what happens to you if you don't want or can't afford to come back for your stuff? ABSOLUTELY NOTHING! We don't report your credit and we don't care if you have horrible credit. It's all good with us.
What if you don't need money? You can still benefit from a friendly relationship with your local pawnbroker. Don't forget, there are deals to be made at every pawn shop!
My goal is to give you honest, straightforward facts about pawn shops and the advantages of utilizing our services. I hope I did it today.