People have varying opinions of pawn shops, but most are aboveboard businesses that support their local economies and communities. They provide jobs, allow people to purchase items at a discount, and even offer loans. Read on to learn how they can be an asset to your neighborhood.

How Pawn Shops Support Local Communities

Pawn Shops Sell Discount Items

A pawn shop buys used items from sellers and sells them at discount prices. They allow people to profit from their items and purchase goods for less. Individuals with budgetary limitations can attain the items they need at a fraction of the cost.

Pawn Shops Offer Loans

Pawn shops also offer collateral loans. People bring in items in return for a cash loan. They repay the loan over time with interest. If they cannot repay the loan, the store keeps the item, but the unpaid amount will never reflect poorly on the individual’s credit report.

The system allows people with poor credit to secure loans without facing steep default penalties.

Creates Jobs

Like any business, pawn shops create jobs. They hire people to help in the shop. They also support other businesses so their employees can thrive.

Supports Other Businesses

Pawn shops can support other businesses in the area. They can help create a thriving shopping hub that becomes a neighborhood and tourist attraction. They may also rely on nearby businesses for deliveries, supplies, and food.

Pays Taxes

Pawn shops pay taxes that support the local community. They help fund police and fire services, education and health services, libraries, road maintenance, and other projects and programs.

Work With a Trusted Pawn Shop

Not all pawn shops are created equal. Ensure you are working with a pawn shop that supports your community by looking for the following characteristics.

·  Fair Loans: A trusted pawn shop will offer fair loans with reasonable interest rates and minimal fees.

·  Competitive Prices: Pawn shops should pay sellers fair prices for their items and sell them at competitive prices considering their retail value and condition.

·  Reviews and Recommendation: Check out a pawn shop’s online reviews to ensure they are reputable. Ask friends and relatives for pawn shop recommendations to find a business you are satisfied with.

·  Consider Reputation: Pawn shops that have been in business for a while will have developed a reputation for serving their community. The business should also have low staff turnover and management.

·  Licensing: A licensed pawn shop will abide by local laws and regulations. Customers will be protected from unfair business practices.

·  Insured: An insured pawn shop will reimburse you for items in their possession. It protects items that may become stolen or damaged.

Choose Cash Express

Cash Express is a trusted Philadelphia, PA pawn shop. Our expertise in antiques, diamonds, and precious metals ensures we offer and charge fair prices. We also provide cash loans for valuable items.

We are known for our friendly service. We help the community by offering low-cost upscale goods at affordable prices. We keep the economy moving.

Contact us to learn more about our terrific selection.