Your local pawn shop can be a suitable alternative if you need cash quickly. Banks take days, weeks, and even months to obtain a loan, while a pawn shop is instant. If you just need a loan for a short time check out a high end pawn shop. They can lend money on Rolex watches, diamond engagement rings and more. While pawn shops are extremely prevalent, many people don’t know much about them. They are always asking questions like how does a pawn work? Etc. Below are three frequently asked questions about a Boca Pawn shop.
1. Are pawn shops regulated?
Yes, pawn shops are definitely regulated. In fact, they are usually regulated more than your average business. Every time someone comes in to sell or pawn an item a boca pawn shop has to fill out paper work. This paper work includes the persons name, address, phone number, email, height, weight, date of birth, and place of employment. They also have to sign and finger print swearing they are who they say they are. Then, at the end of the day, the pawn shop has to submit all of the forms they collected throughout the day to the local police department. That way the police have a record of everything sold or pawned to pawn shops in the area. Also, there are strict rules on how long a pawn shop has before it can sell something. In addition there is also a certain amount of time the pawn shop has to keep an item in pawn before it defaults. Interest rates are also regulated. In some states pawn shops can charge whatever they want up to a certain amount. In others you can only charge a pre-determined amount. It just depends where you are. Pawn shops are absolutely regulated.
2. If I pawn something, how do I get it back?
This has a very simple answer, all you have to do is pay the principle plus interest and you get your item back. For example, if you pawn something for $1,000 at 10% a month and you come back within a month to redeem you pay $1,100 and you get your stuff back.
3. Are pawn loans legally binding?
Yes, pawn loans are definitely legally binding. When you are providing your signature and fingerprint you are signing a legally binding document. A lot of customers rush out and don’t even read the form. It is very important that if you are doing a pawn loan to read the entire contract first. You want to make sure you are paying what you are supposed to be paying.
Pawn shops in Boca, or any pawn shops for that matter, must follow a strict set of rules. They can be a great alternative to bank or cash advance store when you need money fast. pawn shops take physical items as collateral in exchange for a loan. Then, you have a certain amount of time to pay it back. Once you pay back the principle plus the interest the items are yours again.