Working in at a pawn shop, we see all sorts of people come in, and talk to Edmontonians on a daily basis about what we do and how we do it. There are definitely many misconceptions about pawn shops that we’d love to clear up. After all, we aren’t in a movie –this is real life with real customers… People who we love building relationships with and working with as long as possible. Check out some of the most common myths circulating about pawn shops today:
Pawn shops deal in stolen goods. What many people don’t know is that we actually have a license to buy, sell and provide small amount, short-term loans. We don’t want stolen goods in our shop! We work very closely with the police to make sure that there is no movement of stolen goods through our premises. We also verify EVERYTHING with each customer: name address, phone number, serial numbers, etc. Our reputation is at stake and we wouldn’t do anything to jeopardize that.
Our pawn shop is a “last resort”. Loan Star provides quick and easy loans to people without credit checks or late fee penalties. If you can’t or don’t want to pay your loan back, we keep your collateral. There aren’t any legal consequences if a loan isn’t repaid, so some people would just rather deal with that than a bank!
We also buy and sell high quality merchandise and have a full operating store with a great variety of objects. People of all income levels shop here because we have wonderful things at great prices.
Pawn shops want to rip people off. This is not the case. We love it when people come and pick up their items again after a loan –we don’t want to make that impossible. And we always love to purchase high quality items from people. But the reality is, we can’t pay you retail price for your items, even if they’re in original packaging and unused. When items are purchased from retail outlets, they are already majorly marked up so when we buy them we have to judge what would be a fair price to you but also leave enough room for us to turn a profit because we are similar to a retail outlet. This is how pawnshops make money and are able to lend money. But rest assured that at Loan Star we will always give you the best deal we can give.
Now that you know some of the misconceptions about Edmonton pawn shops, why not come in and see what pawn shops are supposed to be… Call us today.