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Popularity of Pawn Loans on the Rise – Is It Right For You?
As the industry leader in pawn shop software, PawnMaster by Data Age wants to help consumers stay informed.
For some people, the thought of taking a loan from a pawn shop may make them feel uncertain. However, due to regulations and competition, many pawn shops have evolved into legitimate and sophisticated establishments that cater to people who are looking for reputable ways to sell or get a loan on their unneeded items. Thanks in part to reality TV shows such as “Pawn Stars” and “Hardcore Pawn,” pawn shops and pawning has experienced a surge in popularity. With the expense of the holidays here, a pawn loan may be a smart financial alternative to running up your credit cards. Here’s an overview of how a pawn loan works, and why it may be for you.
Pawn Loans: A Mainstream Alternative
Due to the struggling economy of the last several years, a loan from a pawn shop has become a viable financial alternative to a bank or other credit loan. In addition to banks tightening their lending practices, the 2009 meltdown of the U.S. economy also saw gold prices skyrocketing to $1,900 per ounce within the last few years. This upswing encouraged people to sell their unwanted gold and silver at the local pawn shop, rather than an unknown mail-based clearing house or faceless Internet site.
Some people are looking for some extra cash for the holidays, while others rely on a pawn loan to help with rising living expenses. Whatever the reason, pawn loans have become a mainstream way to get cash, without having to permanently part with a cherished possession. According to the National Pawnbrokers Association (NPA) 2010 Trend Survey that assesses how the economy has affected the pawn industry, the average pawn loan amount increased to $100, nationally, up from an average of $80 in 2008.
Pawn Loan 101
While pawn shops differ in estimate and loan prices, pawn loans generally work the same way between shops.
- A customer brings in something of value, from a laptop to a gold coin.
- The pawnbroker appraises it and gives customer a fixed-term loan price for the item, plus interest, and a maturity date of the loan. There is no credit check, as the loan is secured by the collateral.
- If customer agrees to the loan price and conditions of the loan, he/she receives the agreed upon loan amount in cash, and leaves the item with the pawnbroker as collateral to guarantee the loan.
- The pawnbroker will give the customer a pawn ticket with their name and address, a description of the pawned item, the loan amount and the maturity date. The local police will also get a copy of the receipt.
- When the loan is paid in full, including interest, the customer will receive the pawned item back. If a loan is not repaid, and no monthly interest payment is made, the pawnbroker will keep the item and cancel the debt.
- Some pawn shops will allow the customer to extend the loan indefinitely if they continue to pay the minimum payment every month.
Do Your Due Diligence
Like any business, the reputation of pawn shops differ. Some are more professional and offer better loan prices than others. However, the highest loan price doesn’t make the best deal. Do your research before buying, selling or entering into any agreement with a pawn shop. Make sure you agree to the appraisal estimate, loan price and terms and conditions of the loan. An informed consumer is a happy consumer.
What Can You Pawn At a Pawn Shop?
Pawn shops provide a simple, easy way to access cash quickly when you need it. Money is loaned against items of value which can be reclaimed by a set date providing the full amount agreed can be paid. Pawnbroking dates back centuries, and is still a popular method of short term loans and quick cash to this day.
It is the pawn broker’s decision what they wish to buy or pawn and what they do not. Most will take almost any item of value on a pawn basis, but will usually only buy items they think they can sell quickly. Some of the most popular items pawned by customers today are gold, silver, jewellery, and electronics. Pawn shops are very careful not to accept stolen property so take all the paperwork you relating to the item you wish to pawn such as certificates of authenticity, receipts and warranties. Other popular items include DVDs, watches, games consoles, stereo equipment, art, instruments, sports equipment and tools.
Pawn shops and pawn brokers do not often accept items such as books and clothing unless they are of an especially high value, such as a rare first edition book or vintage designer clothing. Other items unlikely to be accepted are those which appear to be of a questionable nature, such as items which may be fakes or replicas, those for which ownership cannot be proven, perishables, broken items and those which are not in full working order.
Some customers are prone to over valuing their items, often thinking they will get retail price, or close to it, for their used pawn items. Pawn brokers will offer what they see as a fair value for the risk that you may not return to claim your item and pay the interest – which is where they make their profit. The pawn shop have to be 100% sure that if the customer does not return to reclaim the item and pay back the loan and interest, they have enough profit in the item to make their money back by selling it.
Each pawn broker will offer what they consider to be a reasonable amount for the item, again this is entirely their jurisdiction. Some are open to negotiation, especially on more valuable items, so don’t be afraid to ask. They may offer less for an item they think may be hard to sell as they need to keep stock rolling over to turn a profit, and can’t have money tied up in items laying on shelves for months.
Anyone can buy goods from a pawnshop, as long as they meet legal restrictions such as age limits on DVDs and games. However in order to pawn or sell your items you will need to be over the age of 18, and have ID such as a full driver’s license or passport. You will need to give the pawnshop some basic details such as your contact details, and sign to say the item belongs to you. Many criminals try to obtain cash for stolen goods at pawn shops, so pawn brokers work closely with the police and fraud squad. Be sure you know where your item came from and that it is legitimate.
Pawnbrokers – A Finance Dream Come True
As the US economy continues to struggle and people are finding it harder and harder to secure loans, many consumers are turning to pawnbrokers in order to solve their financial problems.
When people think of pawnbrokers, they nearly always imagine run-down backstreet shops filled with old TVs and stereos. However, the modern pawnbrokers are keen to escape this image and re-invent themselves as the modern alternative to traditional loans. Most use sophisticated pawnbroker software like PawnMaster to help them manage their employees and inventory as well as report to their local law enforcement agency.
The common misconception that people have regarding pawnbrokers is that they will only buy your products off you for a fraction of what they’re worth and then sell them on to other people for a large profit. This might have been true in the past and indeed could still be the case in less reputable services. However, the role of the pawnbroker in the modern era is completely different. These pawn shop owners are highly regulated and have strict rules that they must abide by in order to stay open.
For starters, you no longer just sell your products to the pawnbroker. You can simply use them as collateral to secure a loan against. So if you can’t get a loan from a bank or building society then you can visit pawnbrokers and use your jewelry to guarantee finance. Then you simply make repayments on your loan and when you’ve paid back the full amount, the items you used as security will be returned to you.
The only event in which you could lose your possessions is if you can’t afford to pay back the loan. In which case your items are then sold to pay off the balance.
During the Credit Crunch when loans are more difficult than ever to secure, people should see pawnbrokers as a legitimate answer to their financial headaches. After all, they offer you a far more competitive rate of interest than many providers and anyone can be accepted, providing they have valuable items to secure the loan against.
What Is a Pawnbroker?
A pawn broker, or pawn shop is a business which allows you to borrow money against an item you own, or sell it outright. In this article we explain more about how pawnbrokers work, and how pawn shops could help you.
Pawnbrokers and pawn shops can be a quick and useful way to access money fast when you need it most. If you only need the cash for a short amount of time you may choose to pawn a valuable item you own knowing that you can retrieve it when you have the money to pay back. Another convenient way to access money quickly through a pawn shop is to sell them your goods.
Pawning Your Valuables
Pawn shops will accept most items of value including computers, games consoles, jewellery and instruments, almost any item to which a monetary value can be attached. Simply take the item into the pawnbroker and they will offer you a loan amount against it. If you are happy with the amount offered a credit agreement is signed by yourself and the pawnbroker, usually set to run for 28 days on smaller items, however this can be extended by mutual agreement in many shops. Larger items such as cars and fine art may be pawned for 6 months or more, but policy varies from store to store so do check the rules of the pawn shop you use.
A pawnbroker cannot sell your item within the agreed period, however if you do not return to pay for and collect your item it becomes the property of the pawn shop who will then sell it to recover the money you were loaned.
Selling Your Valuables
If you do not wish to pawn your items you may wish to consider selling them to the pawnbroker. Selling items through pawn shops is a popular way to get cash fast, and not have to worry about repaying the loan. One of the most popular ways to access money through a pawn shop is to sell used gold jewellery that is no longer used or has no sentimental value. Unlike cash for gold websites, a pawnbroker can offer you cash on the spot for your used items, there is no postage or waiting around. Other unwanted valuables often sold in pawn shops include CDs, DVDs, gems and diamonds, luxury watches, digital cameras, laptops and MP3 players.
Whether you need a loan for a short period of time, or access to cash for your goods instantly, it is likely that a pawnbroker could help. Be sure to research local pawnbrokers to make sure you get the best prices and the best service. Most cities have a pawnbroker on the high street now making them easily accessible, and easy to visit of you have any questions or issues.
How Much Will I Get?
How much the pawnbroker offers you for your item depends on a number of factors. Most importantly the pawnbroker will try to determine how salable the item is. Whether they have bought it from you or you have pawned it, the broker needs to be sure he can sell it at a profit should he need to. Market trends, condition, rarity, and of course the original value of the item.
Be sure to research local pawn shops before making a decision to ensure you get the best deal possible.
Article Source: http://EzineArticles.com/6660575
On-site training is getting rave reviews for Gold buyers and Pawnbrokers everywhere
Data Age has been offering on-site training for years and more pawnbrokers and gold buyers are wanting this service. As you may know, we offer several types of on-site training depending on the needs of your company. We can train on best practices for your business, 1 day basic training or multi-day training which will cover the basics for your employees then dive deep into manager set-up and reporting. If you are a gold buyer you can teach you our Buy/Sell Plus software, which is just like PawnMaster but specifically for those who buy precious metals. No matter what your needs Data Age has you covered. Inquire today about our full line of training options.
Pawnbrokers are getting major ROI with on-site pawn software training!!!
Pawnbrokers from all over the country are getting major return on investment (ROI) with Data Age’s on-site pawn software training. In addition to our already easy to use online training with 3 different levels of learning, we are seeing our customers get even more value with hands on learning. PawnMaster has so many great features to offer and with our trained experts, you can learn additional best practices that some of the videos won’t offer. Also, for all of you who require more personalized training this is a great solution, whether you are training management or staff we have something for everyone. Contact Data Age today to get information on how we can come to your business and get you started.
Can pawn shops gauge the economy like a barometer?
Here is a great article we found about how our industry is able to tell how the economy is doing. For other great articles and blog posts go to www.PawnMaster.com.
Programa de Compraventa o Empenos permite actualización fácil de precios de inventario en masa.
¿Cuántas veces ha deseado poder simplemente utilizar su programa de Compraventa o casa de empenos para actualizar el precio de su inventario en masa? PawnMaster puede hacer el trabajo de actualizar el precio de su inventario rápido por categorías. Incluso le da la opción de reimprimir las nuevas etiquetas para que pueda localizar los artículos y aplicar los cambios inmediatamente. Esta característica es especialmente popular con los precios de metales que son fluctuantes. Con la actualización de precios en masa, se puede subir o bajar el precio por un porcentaje, e incluso por artículos dentro de cierto número de días. Póngase en contacto con Data Age para más detalles de como esta práctica función de PawnMaster le puede ayudar.
Pawnbroker Police File For Business Watch International – Tech Tip
Business Watch International (BWI) is a worldwide law enforcement property recovery system that requires pawn shops and second hand store to upload data daily to its services. BWI requires participating law enforcement strict category types that describe each piece of property the pawn shop or second hand store receives. This is a tech tip video to help you understand the format that BWI requires. Go to /www.pawnmaster.com for more information or www.pawnmaster.com/spanish.