Pawn Shop Boca Raton Frequently Asked Questions

Pawn shops are a mystery to a lot of folks.  Most of us understand what a pawn shop is on a basic level, but not everyone realizes how they work behind the scenes.  Pawn shops are a great place to get a quick loan and/or a collateral loan.  Pawn shops also don’t report transactions to any credit agencies which will keep it under the radar.  Shows like Pawn Stars and Hardcore Pawn have opened more people up to the idea of pawn shops.  People also are very intrigued by what goes on at a local pawn shop.  Many of us have questions about what goes on under the surface.  Here are a few pawn shop Boca Raton frequently asked questions.

The first question is: How long does it take to do a pawn loan?  A pawn loan usually doesn’t take more than 10 or 15 minutes to complete.  Most of the items that come in are items I have seen before or are very similar.  I can usually figure out the value within a matter of minutes.  From there it’s just figuring out how much the customer needs and if I can lend them that amount.  Once we agree on terms all I have to do is write up the items in our pawn system, get a signature and finger print, and hand out the cash.  It’s not like going to a bank and waiting days, weeks, or even months.  If we agree on terms the loan is done almost immediately.

Second question: Who is responsible for knowing the due dates on the loan?  While both parties are responsible for knowing the dates, ultimately it is up to the client to remember when his or her loan is due.  Like with any business transaction, it’s better to be more prepared then under-prepared.  The last thing you want as a client is to lose your items because you forgot when the loan payment was due.  Which leads right into the next question….

Third question: If a loan is past due, is the pawn shop responsible for reaching out to the client to notify them?  The short answer is no, the pawn shop does not have to reach out to the client to warn them their loan is in default and that they run the risk of losing their items.  HOWEVER, if you want to be a pawn shop that stays in business and has a good reputation, you will do all you can to try to get in touch with the client.  It’s a win win because if you reach them and they pay interest, you make money, and they will appreciate the effort.

Finally, can you pawn a gun?  The answer is yes, but pawn shops have to have a special firearms dealers license in order to accept guns.  And if you do pawn a gun, when you come to redeem it, you have to go through a background check.  and if you get denied the pawn shop can keep your gun.  So you want to make sure you’re not a criminal before you pawn a gun.

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