Pretty much everyone has driven by a pawn shop or seen the History channel’s hit show, “Pawn Stars,” but what are some lesser-known, interesting facts about the pawn industry today? Read on to find out.
We Don’t Do Credit Checks
When you go to a bank or credit union, you usually have to give your social security number and other pertinent personal information so that your credit report can be thoroughly reviewed. At South Bay Jewelry & Loan, when you bring in a valuable item and indicate that you’d like to pawn it, you won’t be asked about your credit history, you won’t have to indicate how much money you make, and you won’t even have to prove citizenship. It’s the most seamless, stress-free way to get needed financial help fast.
But We Do Follow All Required Regulations for Pawn Shops
While we don’t like to bother our customers with a lot of paperwork, we are required to follow a plethora of local, state, and federal pawn shop regulations. This includes reporting all pledged items to law enforcement agencies, like the police, who check for potential stolen items. If a collateral loan isn’t paid, we’re required to keep the item for at least 30 days before selling it. So if you miss repaying the loan and less than 30 days have passed since the term ended, it’s possible that you’ll still be able to retrieve your valuable item.
Pawn Shops used to be the #1 way to get Consumer Credit
According to Pawn Stars’ Rick Harris, up until the 1950s, local pawn stores were the #1 way to get consumer credit. Going to a pawn shop is still the simplest and fastest way to get needed cash, and they’re coming back into vogue again.
Jewelry is the Most Frequently-Pawned Item
Gold, silver, and precious gems always have inherent worth, and pawn brokers always know the current market rates for these items. Since jewelry often has sentimental value, pawn shops know that customers will be much more likely to pay off their collateral loan and retrieve their item than if they were to pawn an item with little or no sentimental value.
There’s an International Symbol for the Pawn Industry
The symbol consists of three golden spheres hanging from a bar, and its origin is very mysterious. No one really knows where it came from, but a top theory is that it came from the Medici dynasty (a family of monarchs, bankers, and even Popes). The story goes than an early Medici member killed a giant with three bags of rocks, symbolized by the spheres.
Come Pawn With Us
Nationwide, about 80% of the items that get pawned are eventually returned to their owners. Let us help you get a little (or big!) cash boost, and then your item will be promptly returned to you. It’s an absolute WIN-WIN! Stop by our shop at 16701 Hawthorne Blvd., Lawndale, CA 90260 or give us a call at (310) 371-4571 anytime—we’re always here for our valued customers.