Posts Tagged ‘Seattle pawn shop’
Tucson Pawn Shop Helps People in These Recessionary Hard Times with Quick Cash Loans
Posted by Kolleen | Filed under Articles, Business or finance
For thousands of people around the country, their local pawn shop, such as a Seattle pawn shop, has become one of the best places to receive money to buy necessities or pay bills.
In exchange for electronics, computers, fire arms, sporting goods, musical instruments or ring of gold jewelry, a customer could walk away with hard cold cash in less than 10 minutes without a bank account and with no credit check. These items are the collateral for the loan and the pawnbroker often resells the items to new customers looking for a great deal on gently used merchandise.
The customer has the option to return to a Boston pawn shop in order to repurchase their collateral within 30 days by repaying the money plus interest. Interest is usually between 3 and 5%, which is better than any bank or credit card would give someone even with the best of credit scores.
The Department of Consumer Affairs regulates each state’s pawn shops and most of the rules are pretty much the same. For example, a pawnbroker may not purchase an item from anyone under the age of 18 and that person must have a valid picture ID. Items purchased by a pawnbroker must be held for (X) number of days (depending on which state) before being moved, sold, thrown away or altered in any way. This includes melting down gold jewelry. Pawnbrokers must make available any and all records for inspection by state and police officials.
These safeguards are put in place not only to protect the pawnbroker but also to protect the customers from purchasing stolen items. Many states also require a pawnbroker to obtain a single fingerprint or thumbprint of the person pawning the item. Then, every evening, they fax a detailed report or list of all items obtained during that day, including their serial numbers to the local law enforcement agency.
A Tucson pawn shop may have more lawnmowers and power tools one week and the next week have an abundance of diamond rings and other types of jewelry. The inventory depends on what types of people are in need of quick cash at any given moment.