Many Americans have had their incomes reduced because of the bad economy. They’ve either lost their job or had their work hours reduced. They are left scrambling to pay routine monthly bills or an unexpected medical bill. Their credit is so bad that they can’t get a bank loan or even a credit card. A Pawn Shop in New York may be their only alternative to get the quick cash that they need. They can use gold or silver jewelry, a silver tea set or a high quality painting as collateral for a loan. If they prefer, they can sell the item.
Pawn shops have become quite popular as many people have been shut out of the banking system. Consumers should carefully evaluate a Pawn Shop in New before they sell or pawn an item there. Capital Pawn Brokers Inc. is an example of one of the local pawn shops that is fully licensed and bonded. The family that owns it has been in the jewelry business for 90 years and they are known to pay above retail for quality items.
Customers can call ahead for an appointment to have their item appraised. They can also just walk into the shop and ask for an appraisal. They don’t have to worry about having their credit history checked. It’s the value of the item that will determine how much of a much of a loan they’ll be able to get. The pawn shop makes money by charging interest on the loan. While some people may consider it a high interest rate, it is far lower than the late fee that the electric or gas company will charge. It also protects the person’s credit rating.
Transactions with pawn brokers are completely confidential. They’ll never report the activity to a credit bureau. If a borrower can’t repay the loan, then the pawn shop simply takes the item and sells it. The borrower will never receive harassing phone calls. However over 95 percent of all pawn shop loans are repaid. Loan applicants are treated with dignity and respect. Pawn shops thrive on repeat business and know they have to appraise items at a fair value.