We have all seen the depictions of pawn shops in the media: shady places where dirty dealings occur in seemingly broad daylight. The truth, however, could not be further from those common depictions. In fact, pawn shops today remain an important part of the world and business. If you have never been to a pawn shop, you may be missing out on some fantastic deals, opportunities, and people.
So – how do pawn shops work in Canada?
Are Pawn Shops Regulated?
Yes. The Province has regulated the pawn industry for decades, and most Edmonton pawn shops are licensed and regulated by local authorities as well.
Are pawnshops stocked with stolen merchandise?
Less than 1 percent of items are identified as stolen goods.
Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property. In addition, Loan Star pawnshops all utilize an Internet-based crime-fighting tool called BWI, in which every pawn transaction is shared with police departments nationwide on a daily basis.
Pawn Shops Give You Cash
Pawn shops offer a wide variety of services to people but one of their most common tasks is buying items from people and adding those items to their inventory. It’s a fantastic way to make some quick cash on things you have that you no longer need, especially if they are items that are in high demand. Recent versions of smartphones, recent electronics, and power tools in good condition are all viable items that can often make you some great money, and a pawn shop is the perfect place to trade them all in.
Can you give a quote on an item over the phone?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item.
Pawn Shops Buy Jewellery
Most pawn shops these days have close working relationships with precious metal suppliers and jewelry experts. They can often give you top dollar for your gold and silver no matter the form. They can also help you find a home for any jewelry you no longer want, whether that’s selling it to someone who may want it or having it melted down for its metals. Either way, pawn shops can help you make some money off the precious metals in your jewelry.
Pawn Shops Give Loans
People are increasingly turning to pawn shops for short-term loans. These loans are collateral-based, meaning that you have to offer something up for collateral in the event that you default on your loan. The process works differently than banks but your local pawn shop dealer will be able to walk you through the specifics. It’s an excellent way to get some cash that you may need without having to go through the bank.
Pawn Shops Sell Stuff at Great Prices
One of the best things about pawn shops has changed very little over the decades: the potential to find something amazing. These stores have been acquiring items for years and hidden away on those shelves are things you may have never guessed. Old records, books, items that you need for your home, even replacement phones and electronics. If you want it, there’s a good chance a pawn shop in your area has it, and has it for less.
Your local pawn shop is an excellent resource for everything from quick cash to loans and items that you may need. They are an important part of any community and a vibrant place where people can discover things they never knew existed. If you are in need of cash or are looking for something unique, a pawn shop may have exactly what you were looking for, and even a few things that you weren’t.