When you're strapped for cash, sometimes getting a pawn loan is the easiest way to get the cash you need. Have you been playing around with the idea of pawning an item to get some extra cash? Maybe the item is something that is not only valuable but sentimental to you too. Possibly an antique or heirloom that has been in your family for years?
But, how safe are your prized possessions once been handed over to pawn shops? Let's take a closer look into how pawn shops operate so that we can help you discover how safe
your belongings really are at a pawn shop. Before we delve into how safe your items are at pawnshops, for those that are new to pawning let's re-cap on how pawn shops work.
How pawn loans work
Pawn loans are granted to customers who offer up a certain item to a pawnshop to keep in
exchange for a short-term loan. The item in question becomes the property of the pawnshop until the customer repays the loan in full. The loan amount is based on the value of the item.
When the customer has re-paid the loan including the interest, the item will be returned to the customer. If a customer does not re-pay the loan, he then gives up his right to collect his item and the pawnshop can then put the item up for sale to recoup the cost of the initial pawn loan. Now that we know exactly how pawn loans work, let us take a look at how safe it is to keep your items at a pawn shop.
After all, you want to make sure that when you return your item that it has been kept safe. To answer the question, "Are my items safe at a pawn shop"? the answer would be a resounding Yes. It is the pawn shop's responsibility to keep your items safe while in their possession.
Here are few ways in which they do this:
Most pawn shops are equipped with security cameras as well as having insurance to cover items left in their possession. Before leaving your items with a pawn shop, make sure that their security system is up and running and ask them about their insurance.
Secure Storage Areas
Pawnshops normally keep all accessories of items such as cables and remote controls, with the item in a designated secure area. This means that when you return your item they are all found together unharmed. Jewelry on the other hand is normally kept in a special safe linked to the security system.
This ensures safekeeping for these items should the store be broken into.
When you take a diamond ring or piece of jewelry into a pawnshop for a pawn loan, the
pawnshop will test the diamond's authenticity. When returning to pick the item up again, the diamond will be tested again to ensure you are getting the correct diamondback.
Regularly, pawnshops conduct routine audit inspections to make sure no items have gone missing or have been misplaced while in their possession.
What if something gets broken while in the pawnshop's possession
A pawnshop is liable for theft, damage, or loss to your items while it is in their care unless they have disclosed to you in writing and you have agreed to the extent to which they will not be liable. Be sure to check all paperwork to the extent of the liability by the pawnshop. In most cases where an item has been broken or stolen, the pawnshop will replace it with a
As you can see pawn shops pride themselves on being a place where customers can rest assured knowing their valuable and sentimental items are in safe hands until such a time that they can return for them.