You’ve probably heard all the horror stories about how pawn shops would scam people into buying fake jewelry. How about stories of pawn shops giving a very low appraisal for an otherwise very valuable item, have you heard those too?
These stories are disheartening for sure and they may have discouraged you from bringing your valuables to pawn off. But you should not let these stories of one or two pawn shops be the sole basis for not transacting with pawn brokers. There are still several legitimate pawn shop businesses that can give you a fair price and won’t scam you at all. One such pawn shop is situated within the bustling metropolis of New York is Major Pawn (see www.majorpawn.com for location information).
Good legitimate pawn shops can come to your rescue when you are quickly in need of cash. They won’t ever ask you for your credit history or request you to put a co-maker or a guarantor before you get a loan. Loans are done quickly and you sometimes don’t need to wait more than 24 hours before you can get your hands on your money. Having said this you should still be on the lookout for bad and fake pawn shops that might scam you. Here are some that you should look out for:
1. A pawn shop that has a reputation for buying stolen goods –
Stolen goods are a no, no for legitimate pawn shops. They are required by law to report stolen goods if on the off chance they are brought into their premises. The pawn shop owner and his personnel are also usually trained to spot a stolen item immediately. They also have some questions ready to determine if the item is stolen or not. Once they have determined that the item is stolen, the transaction ceases and the pawn shop personnel will no longer entertain the carrier of the stolen goods. At majorpawn.com, we have highly trained personnel ready to help you. We don’t buy or sell stolen goods so you know you’re getting a great deal every time you deal with us.
A pawn shop that buys and sells stolen goods will most likely riff you off if you ever go into their store. They do shady transactions on a regular basis so the chances of you getting a fair price for the goods you are buying or selling are also slim.
2. A pawn shop that doesn’t let you negotiate –
This is more of a nuisance than a way to tell if the pawn shop is out to scam you or not. If you have been watching some of the more famous TV shows about pawning, buying and selling at pawn shops then you’d know that they let you haggle until you come to an agreed price. A pawn shop that doesn’t give you much leeway in the price will always drive a hard bargain so just move on to the next shop. At majorpawn.com our prices are very competitive. We offer the best and most reasonable appraisal for your valuables.
3. A pawn shop that has bad customer service –
You can find out more about how transactions at a pawn shop goes from its customers. Check out reviews online for a particular pawn shop. People who were duped or wronged would most likely put up a post of what had happened to them online to warn others. If the pawn shop owner does not address their complaint, then chances are they would not care for your item if anything happens to it. You wouldn’t want to trust your valuables with them for sure.
4. A pawn shop that has very rigid terms –
Another inconvenience but not technically a determinant as to the legitimacy of a pawn shop is their stringent payment terms. If you come across one that requires you to pay back your loan in a very short term i.e. one day to one week only, then you should just leave and find one that gives you a better offer for your valuables.
Majorpawn.com has very flexible payment terms. You can pay your loan back of up to 4 months from date of loan. This gives you enough time to raise the funds for the payback. If you are still unable to raise the funds on time we let you extend it for another 4 months if you wish and the only thing you need to do is pay the finance charges.
5. Pawn shops that consistently gives lower or very high loan amounts for goods –
Another thing you can find out on the internet is the rate of interest and the percentage of the value of the goods that pawn shops provide. Look for reviews from other customers. If that particular pawn shop consistently gives out lower or very high loan rates then there’s a good chance that something fishy is going on with their operations. It may be something or it may be nothing but it’s always best to be alert.