Debunking the Five Leading Pawn Shop Myths

Pawn shops get a bad rap. While they certainly offer much-needed items at low prices, they’re not necessarily places of bad business, cheap items and scams. Despite being local establishments, pawn shops have a high amount of resources available. They use these resources to abide by the law, hold competitive rates and uphold community values. We’re debunking the top five myths surrounding pawn shops, one fact at a time.


Myth One: Pawn Shops Deal Illegal Firearms

Guns can be purchased, sold and traded at a reputable pawn shop. That said, pawn shops have extensive regulations to assure safe, legal exchanges of goods and services. A reputable broker understands the dynamics of the law. Today, over 7,700 Type two gun licenses have been issued to pawnbrokers.

Myth Two: Pawn Shops Cheat Their Customers

This isn’t true. Pawn shops have competitive rates, and they wouldn’t have business if they “cheated” their buyers. Electronics simply decrease in value once they’ve been opened. Similarly, gold rises and falls depending upon its market value. Often, claims against pawn shops are created from a customer’s misunderstanding, not ill intent.

Myth Three: Pawn Shops are Dying Out

Pawnbroking might be an old form of business, but it’s still a booming one. In fact, pawn shops are thriving. People constantly need quick cash, and they’re willing to sell gold, small items and other valuables for it.

Myth Four: Pawn Shops Sell Broken Goods

An ethical pawn shop provider will carry working, reliable items. Again, pawnbrokers care about their business. If a pawn shop sells faulty products, it won’t make any money. Pawn shops are fully insured and licensed, making them highly reliable places of business.

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