Tuesday, March 28 2023
Whether you are buying or selling at a pawn shop, you want to have some assurances that you have a reputable company. Let’s face it, there aren’t a lot of people who know the ins and outs of the pawnbroker industry. At Cash Express, we value our customers and engage in our work in such ways that you feel confident about seeing us. But we don’t just expect you to take our word for it. Let’s look a little closer at pawnshops.
Pawn Shop Basics
If you are purchasing from a paw shop, it’s a great way for you to save money when buying that perfect gift. The store usually offers a wide variety of items, some of which are highly unique or collector’s items. If you don’t see what you’re looking for, ask an associate if they can put you on a list to call if X item arrives for sale.
When selling an item, the associates will give you a fair appraisal for your piece. You can usually haggle a bit, but some stores are firm. If the price isn’t right, you can just take it back home. If you do buy it, use a credit card for greater protection.
For those needing quick cash, a pawn shop can be a blessing. You get a loan on your item as collateral and a certain number of days before which to pay it off. There are no credit checks or long waits.
Red Light: Green Light - Watching for the Signs
Sometimes it’s easier to discover trustworthy pawnbrokers than sort out the bad ones. For example, at Cash Express, we will tell you the price of an item upfront rather than asking, “how much will you pay.” We are not looking to upsell. Heming and hawing over a direct question about a price is another red light.
Quality pawn shops are open to negotiation. For one thing, they want your return business. For another, it improves their reputation. Why argue with a broker who is fixated on a price higher than you consider the value of an item?
Customer service is an area where red lights and green lights become blatant. If an employee doesn’t greet you, ask what you’re looking for, and help you find items for you to look at, the shop is probably a little “off.” Beyond that, while you are looking, the staff member should show knowledge of the items for sale and provide those details. Alternatively, they will find another associate who can better answer your questions.
Some pawn shops are part of national organizations like the National Pawn Brokers Association. This particular group has ethical standards and best practice guidelines. It never hurts to ask about any accreditation. Pawn brokers must have a Consumer Credit License issued by the Financial Conduct Authority (FCA) and any other licensure required by the state.
Selling? How to Prepare
Being an informed consumer is one of the best ways to recognize red flags in the pawn industry. For example, go online and research the item you wish to sell or pawn. This way, you walk in with a good idea of worth. You will know if someone is lowballing you. Having said that, remember the broker needs to make money too. So the price they offer will be lower than the retail value.
Get all the details of the loan upfront: duration, interest rate, and extensions.
Cash Express is your Number One Pawn Shop in Philadelphia for Quick Cash!
Come in and stroll around. We have a glorious selection of antiques, high-end pieces, watches, precious stones, and metals. Our friendly staff is here waiting to assist you. If you want to call ahead with questions, the number is 215-922-1560. You can email us at email@example.com.
We also have an online contact form for your convenience.