Status Update on the Pawn Industry

The Pawn Industry as a whole is alive and thriving with all of the services that it offers. The many varied shops across our Country are available for you to visit and take advantage of the great prices and products they offer. There are many different types of shops from the everyday to the unusual and everything in-between.

We all offer basically the same services as according to the laws in the state where we are located. For instance in some states Title Loans are not allowed, and some states do not allow the purchase of cars and trucks from clients. Other states curtail the amount of interest we may charge based upon the amount money we loan. So the laws and rules vary from state to state.

Today due to the decline in the value of precious metals market these items have become very tight. So now the shops that depended upon the large flow of the metals have to get back to the basics of the business, making loans and outright purchases. When you walk into a Pawn Shop it is just like walking into a retail store. If you are not greeted warmly and treated with respect the shop is not worth you time. Also if the shop is not well lit and clean it should tell you that the owners do not care about their business.

I know that Pawn Shops are still looked at as being second class businesses that prey upon the lower class and only deal with the criminal element. This not true in the least as we deal with folks from all walks of life and we work diligently to avoid dealing with the criminal element, as this only causes problems for the business, When the police walk in our door it is not to say hello. They are looking for ill-gotten goods that they will take from us and we never see the item or get our money back. We certainly understand that this is a cost of doing business but we are always trying to avoid these problems.

A pawn shop can get a reputation for dealing with the wrong element just from the number of visits from the Police. Once this happens it is very hard to rebuild the business and regain the trust of the public. Today there are forums on line dealing with customer service, applicable laws, shop location and almost any other subject that deals with the Pawn Industry. Those of us that take part are always sharing ideas and trying to find ways to increase traffic flow, customer service and work on other aspects of our business. A Pawn Shop is just another retail business that differs from the norm in that it loans money on tangible goods, and does not just have items for sale. This is a great industry that is working very hard to dispel the myths and beliefs of the general public.

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