Don’t believe the bad things you’ve heard
Pawnshops aren’t the shady, scary places they often appear to be in the media. “Pawnshops have been unjustly vilified by the mainstream media, and so most people perceive pawnshops to be dirty and seedy.
Rather, pawnshops are regulated by 14 federal statutes and regulations, plus numerous state and local laws, says Emmett Murphy, spokesman for the National Pawnbrokers Association, or NPA. “The majority are clean, well-lit stores run by people who pride themselves on providing good customer service.”
Getting the loan
Here’s how a transaction works at Paradise Jewelry & Pawn:
- Paradise Jewelry & Pawn offer collateral-based loans — meaning the loan is secured by something of value. You take in something you own, and if the pawnbroker is interested, they will offer you a loan. The pawnbroker then keeps your item until you repay the loan. The loan amount will likely be a small fraction of the item’s actual value.
- You can sell your item to Paradise Jewelry & Pawn outright.
- You must receive a pawn ticket. Don’t lose this! Not only is it the receipt for your item, it also summarizes the terms of your loan: fees, expiration date, description of your item, etc.
Repaying the loan
You have 2 choices for repayment:
- Return to pay the balance, including the loan amount plus all added fees, before the deadline, which is usually 1 to 4 months after the initial transaction.
- Don’t return and Paradise Jewelry & Pawn keeps your item. Aside from losing your item, there are no other consequences — no collection action and no effect on your credit report. On average, though, 80% of all customers do reclaim their items, according to the National Pawnbrokers Association.
What Paradise Jewelry & Pawn want’s & doesn’t want
When considering pawning something, keep these tips in mind:
Don’t: Offer anything outdated, difficult to store or cheaply made.
Do: Go with jewelry or coins. Other good choices, are firearms, high-quality tools and musical instruments.
Be prepared for red tape
Paradise Jewelry & Pawn is legally obligated to confirm that you are the legal owner of the property.
We will ask you enough questions about your property to become comfortable with the fact that you own it. “Do not be offended; the pawnbroker is just trying to make sure that both you and the property are legitimate. Also, if you do business with the pawnbroker, expect to have to show a government-issued ID. It is required by law.”