How Does a Pawn Shop Work?
A pawn shop is operated by pawn brokers who buy and lend money on items of value. For example: a customer comes in with an item, and the pawnbroker and customer agree to a dollar figure to loan or buy the item. This is a collateral loan. If the item is pawned, the pawnbroker takes possession of the item, identification is taken, a contract is signed, a copy of the contract and the pawn ticket is given to the customer and the cash is then received. Simple as that.
What Can You Pawn?
Pawnbrokers will take almost anything with resale value.
How Can I Be Sure I’m Not Buying Stolen Property?
Less than 1% of all pawned or purchased goods are even suspected of being stolen. Thieves are a pawn broker’s worst enemy, and we work closely with law enforcement to catch and prosecute these predators. A customer must provide positive identification to complete any transaction. This information, along with a detailed description of the goods and serial numbers if issued decreases the likelihood that thief would bring stolen merchandise to a pawn shop. Pawnbrokers are trained to look for signs of suspicious persons and signs of stolen property to avoid costly mistakes. It is not in the best interest of a pawn shop to accept any suspicious merchandise. If merchandise is found to be stolen, the police can seize it. The pawn shop is then at a financial loss. We at Mission City Pawn Shop, being in business for over 19 years, work on lines established by our municipality and local law enforcement. There may always be something that may slip through the system and if discovered, we will definitely honour the transaction. You can buy with confidence from Mission City Pawn Shop.
How Can I Ensure a Confidential Transaction?
With Mission City Pawn Shop there is no need to worry about the safety and confidentiality of your property, unless prior signed consent is provided. Mission City Pawn Shop does not give out any information regarding the transaction except when requested by law enforcement who have the right to look at our files at any time.
What Is the Difference Between Buying from a Pawn Shop and a Retail Store?
A pawn shop is also a retail store with many new and used items for sale. Many pawned items are not claimed, and we purchase many at a fraction of the retail price. We must keep our prices low to keep our inventory moving. We can offer you substantial savings off retail prices.
Do You Have a Layaway Plan?
Yes! Our “Simple 10” layaway plan is easy and affordable. Ten per cent down, 10 payments, 10 months. We will also consider a customized plan that suits your finances.
Have a question not covered on this page, don’t hesitate to give us a call!