Based on ancient Chinese records, historians think pawnbroking has been around for at least 2,200 years. Despite its long history, many people today still aren’t completely sure what to expect when they visit a pawnbroker at a shop. Here are a few things you should know so you’re prepared next time you want to earn some quick cash.

Pawnbrokers Offer Collateral Loans 

Many people think of pawn shops as a place to pick up a cheap watch or sell their gold for some extra cash. In particular, though, pawnbrokers specialize in offering collateral loans. In exchange for jewelry, tools, artwork, sporting goods, electronics, or other valuable goods, the pawnbroker will offer a loan based on the value of the item.

Due to the convenience and ease of securing a loan at these shops, people are increasingly utilizing pawnbrokers to fund their business schemes, according to recent reports. Loans are also traditionally used to pay debts, mortgages, and other bills. In order to secure the loan, you must present valid identification, an item of value, and often, proof of ownership.

Pawn Shops are Highly Regulated

Today’s pawn shops are regulated by 15 federal statutes and regulations on top of a myriad of state and local laws. While decades ago some people feared certain suspicious pawn shops for risk of being scammed, today, pawnbrokers must adhere to high standards of quality business. To ensure a positive experience, experts recommend checking the Better Business Bureau®  for local, trustworthy pawn shops.  

As the area’s oldest pawn shop, residents of North Carolina’s Piedmont Triad region look to Coins & Stuff for reliable service. The pawnbrokers at the High Point-based shop offer fair loans and trades on gold coins, estate jewelry, and guns. The business has an A+ rating with the Better Business Bureau® and was voted the best-priced local pawn shop by local station TV8. To learn more about services, visit the shop online. If you have any questions, call (336) 885-5323 to speak with a member of the team.