Boca Raton Pawn Shop
Pawn shops are some of the most interesting businesses you can learn about. People are fascinated to learn what goes on inside a pawn shop on a daily basis. There’s a reason the show Pawn Stars was so popular. People love pawn shops. Whether you go there to get a great deal on an item, or need a quick loan for a few weeks, a Boca Raton Pawn shop will be able to help you. There are always questions people have about pawn shops. Here are four frequently asked questions about pawn shops.
1. What kind of person pawns at a pawn shop?
This is a great question that has a simple answer: anyone. Anyone is a customer at a pawn shop. It could literally be a college student all the way up to a 90 year old grandfather. I see kids come in with a gold ring they got for their Bar Mitzvah looking for a $50 loan for the weekend. But I also have customers who pawn their Patek Philippe watches to make $10,000 payroll over the weekend. And I see everyone in between. Pawn shops are great because you never know who is going to come through the door.
2. Are pawn shops safe?
Yes! They are. But most people think they are extremely dangerous but I find the opposite is true. Since we carry a lot of valuables we have to invest a lot of money in security. That could mean 25 high definition cameras throughout the store, or it could mean a full time armed security guard. Regardless, you will get caught robbing a pawn shop. Also, if I were a criminal, I’d rather rob the frozen yogurt store up the street at 10PM on a Tuesday night when the high school girl is there by herself. Seems much easier then getting past an armed guard, alarm, security system, and police doesn’t it? So to answer the question, pawn shops are as safe as any other business.
3. What factors help decide whether to purchase a product or not?
Simple, can i sell it for a profit. Seriously it’s the simple. If I can buy something at a price and sell it for more later, why wouldn’t I buy it? That’s just leaving money on the table. If someone wants to sell me $500 worth of gold for $350 I’m going to buy it all day every day. The only time we wouldn’t buy something that fit that criteria is if we thought it was stolen.
4. What happens when payments are not made on a loan?
If a customer has not made payments on a loan for 60 days we can default the item. That means it now in our inventory and can be sold. If no payments are made on a loan the pawn shop must try to sell it and recoup the money. Usually they lend less than the item is worth and are able to sell it for a nice profit.
Boca Raton Pawn shops can be a great place to shop and or get a loan.