Pawning has a long and respectable history
Did you know Christopher Columbus owed his discovery of America to pawning? Queen Isabella of Spain pawned jewelry to finance the voyage of the Nina, Pinta and Santa Maria! Pawning has been going on for centuries – as far back as ancient Greece and Rome. British Kings Edward III and Henry V pawned jewelry to fund their wars.
In the days of travel by ship, and before international banking and ATMs, travelers carried valuables from port to port, certain of finding a source of ready cash wherever the sign of three balls hung. Pawn shops even have a patron saint – Saint Nicholas, or as we know him today, Santa Claus!
Pawning is growing in popularity
Popular media used to portray pawn shows as dusty storefronts, only seen in police shows. Now with TV shows like Pawn Stars, viewers can see how hard pawn shop owners work. They have to have expertise about a wide range of items or call on experts to value a pawn loan accurately.
People think about pawning their possessions differently today
With the development of global markets for trading just about anything new or used, people have begun to view their possessions as assets. Once upon a time, if you made a purchase or received a gift, you owned that item until you gave it away. Now, if someone gives you a gift like a fine watch, you can enjoy it for a while but also know that it is a source of ready cash in time of need. Today you can pawn fine art, wine collections, and even designer pocketbooks. It’s not really different from taking out a loan against your house. Except pawning is much simpler.
Pawn shops helps small business owners
You might be surprised to learn that small businesses, defined has having fewer than 20 workers, make up 89.6 percent of the US economy! Smart small business owners look to reputable pawn shops as a quick source of cashflow when receivables are late but overhead expenses like rent and payroll are due. Doctors waiting for insurance reimbursements, start-ups that need to purchase supplies, or companies that are too small for the banks to pay attention can look to pawn shops as quick, convenient and hassle-free sources for cash.
Pawning does not affect your credit
Another great aspect of pawning is that it does not affect your credit rating. Pawn shops record the details of your transaction but do not make credit reports. The amount of your pawn loan is based solely on the value of the asset that secures the loan. And that’s one reason why…
Pawning is fair lending
Pawning is one of the fairest forms of lending. Pawn shops do not require a credit check and your credit rating does not affect the interest rate you are charged. The interest rates for pawning are regulated by each state and are the same for every person who walks into the pawn shop regardless of their credit history.
Look for a pawn shop that specializes
One of the things many people don’t know about with pawning is that many pawn shops specialize in specific items. There are electronics pawn shops, heavy equipment pawn brokers and online brokers that deal in fine art. So if you are looking around for a pawn shop, make sure they trade in the item you want to pawn. For example, Palisade Jewelers is a jewelry pawn shop, only dealing in fine jewelry, watches and precious metals for pawns of $500 or more. That’s our area of expertise, and we’re here to offer you higher value for your valuables!
TESTIMONIAL
“My experience buying a pre-owned Rolex from Palisade Jewelers was perfect. I did the transaction by phone. The watch arrived, exactly as described; they gave me good, attentive service.”
- Richard
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