Can You Trust Your Local Pawn Shop?

Trusting your local pawn shop is a big risk and you should heavily consider your options before purchasing any pawn items. What do you think of pawnshops? Do you think of a clean and well-organized shop or the complete opposite? There are a lot of myths about pawn shops. Truth is pawn shops range on both ends of the spectrum! 

Did you know that pawnshops were the banks before banking became an industry? That’s right, going to a pawnshop for a loan was how people would get money.

At Chicago Super Pawn, we make it our mission to provide the best experience possible for our Chicagoland customers. From the moment you walk in the door, we make it a priority to take care of our loyal customers. All your pawnshop experiences must leave you happy and satisfied!

Making purchases from pawnshops is a great way to save money on major items. The perfect gift for your next anniversary can be found at your local pawnshop. Jewelry, watches, and electronics are some of the top-selling pawn items in the Logan Square neighborhood. The best part is, when kept well, they rarely lose value! 

Today, Chicago Super Pawn is covering everything you need to know when considering trusting your local pawn shop. What makes a reliable pawn shop? What is good to buy at a pawn shop versus what should you not buy? All of your questions will be answered in this article!

Seven Signs Of A Reliable Pawn Shop

You should have some expectations when you walk into a pawnshop. You’ll want to know the signs of a reliable pawnshop to be able to know when a pawnbroker is ripping you off. First things first, you want to know the value of what item you’re looking at and stand your ground on what you’re willing to price it as versus not. Respectfully, you want to have realistic expectations that pawn prices are typically the standard price and you should keep that in mind when looking to purchase an item.

Here are our seven signs of a trust worth pawnshop:

1. Great Reviews

Great local pawn shops have available reviews! Any shop that doesn’t have any reviews or they don’t have any to be found is a red flag. Reviews are the best way to gauge if a business is legit and has a good customer satisfaction rate.

2. They Should Be Licensed

All brick and mortar stores must be licensed by the state. It is a major red flag if they do not have a license for what they sell. Usually, the license to sell is posted in the store entry or behind the counter. You can also lookup the shop license online before visiting.

3. The Pawn Shop Offers Prices First

Another sign of a quality pawn shop is that the pawnshop offers a price first. It is not recommended for a pawn broker to ask you what you’re willing to pay or how much you think it’s worth first. They know the item and are most likely trying to upsell you if this is the case. Be wary of this tactic.

4. Open To Negotiation

With that being said, a good pawnbroker should always be open to negotiation. It is smart for them to negotiate because they should want your business. Negotiation is an expectation of most pawn shops. A pawnbroker that won’t budge on pricing from the start is not recommended to argue with.

5. They Meet Your Needs

Pawnshops should always be customers first. Super Pawn Chicago does a great job of keeping a great reputation to meet your needs as a buyer. If you’re looking for a specific diamond ring cut and size and a pawn shop doesn’t have it, a good pawn will try to help you find the best fit for your needs.

6. They are Knowledgeable

Pawnbrokers should always know what they are selling. A knowledge of the product’s market is how pawnbrokers price pawn items. If a pawnbroker doesn’t know anything about the item, then 1) how can they convince you to buy it and 2) how do they know they priced the item fairly?

7. They Are Aware Of Market Standards

To reiterate the previous point, pawn shops and pawnbrokers must be aware of the marketplace. Certain markets have pricing standards. For example, jewelry has a market standard for purchasing. Pawnshops have to be aware of this to make a good and fair profit. You also want a fair pawnbroker. At Chicago Super Pawn, we recognize the value of repeat customers and work to be as fair as possible. In fact, we are one of the only pawnshops that will prorate your loan. 

What Is A Pawnbroker?

A pawnbroker is an individual or a business owner that offers loans with interest in exchange for holding onto valuable items. You may have heard of people who have given pawn brokers their wedding rings in exchange for loan money. Any valuable item, especially jewelry, can be used to get a loan from pawnbrokers.

When individuals have their valuable items on hold at a pawnshop for a loan, it is usually to get money to quickly pay bills, purchase medicine, or for any need really. Pawnbrokers offer a great alternative to banking loans at less risk. Pawnbrokers do not affect your credit. The only risk is losing your valuable item if the loan isn’t paid back in a set amount of time with the acquired interest.

This option has been helpful for many people in the past. Knowing the value of the item you are allowing pawnbrokers to hold onto is crucial. As well as knowing the difference between pawning and selling! You do not want a pawnbroker to devalue your item in your loan amount. By knowing its value, you give yourself options to negotiate with.

What To Buy vs. What Not To Buy At Your Local Pawn Shops

Resale stores can be a hit or miss. Depending on the reliability of your local pawn shop you may find some great finds for a great price. Most items can be outdated and at the end of their lifespan, going to be sold. But, if you shop smartly at your local pawn you can score big!

There are a few general dos and don’ts on what to look for when shopping at a reliable pawnshop. Whether you’re looking for personal items or to flip items, you can stand by our treasure-finding tips we’ve listed below.