5 myths about Pawnshops You don't have to believe

There are many myths about pawn shops, which can prevent you from, for example, to sell at the nearest pawn shop when you need to get a certain amount of money. But, once you realize that these myths are just misconceptions, and begin to consider pawnshops as a reliable lender. Here are six of the most popular myths about pawn shops, which can easily be debunked:

Myth # 1: Pawn shops buy stolen items

Perhaps you've heard people say that pawn shops buy and sell stolen goods. This is incorrect. In fact, pawn shops are doing the opposite - they work with local police to solve crimes and catch thieves. They check the lists of stolen items and compare the serial numbers before buying any product. Furthermore, they record the name, address and telephone number of each person who wants to create something.

Myth # 2: Pawn shops are trying to hold the pledged items

In the interest of any pawnshop, so that you were able to successfully pay off your mortgage loan. This means that you will be able to redeem a pledged item back. Pawnshops do not try to store your things. They would rather get the money back with interest.

Myth # 3: Pawn astronomical interest rates

Regardless of the industry, each lender will charge interest depending on the loan amount. When you get a loan from the pawnshop, often at a lower amount than is sostavnoi the subject and for a very short period of time. Your valuable product is the key to the pawnshop, and they are responsible for its care, until you return the loan.

Myth No. 4: the Industry is not regulated pawnshops can do anything you want

This is not true because pawn shops are doing business in a highly regulated industry. At the Federal, state and local levels pawn shops need licenses, and all financial transactions are monitored.

Myth # 5: Products in pawnshops, the old

In fact, the opposite is true. You can get the latest model electronics, rare musical instruments and all the latest technical gadgets in your local pawnshop. Pawn shops only buy the best because I want to be able to sell these items.

Translated by "Yandex.Translate": translate.yandex.ru.