Are you thinking to pawn an item that is special to you? It may be an antique item, jewellery or your family heirloom that has been in the family for some time or maybe you have to pawn your favourite music system so that you can have the cash, which you need so badly.
All right, irrespective of why you require the cash or what is that you’re swearing, in this blog we will explain to you about the process of pawn, try to put some light on what takes place behind the scenes at pawn shops, and assist you to uncover precisely how secure are your pawned belongings at the pawn shop.
At times, when you are surrounded by life’s different challenges, you may find yourself in a serious cash crunch situation, and getting a pawn loan from pawn shop may seem to be the easiest method to get the cash, which you need quickly. Nonetheless, before pulling the trigger on how safe your belongings are in a pawnshop, we want to ensure that we elucidate you about pawn loan and how they exactly work, in case, you are not aware of pawning.
WHAT IS A PAWN LOAN? HOW DOES IT WORK?
To get a pawn loan, the customer has to take with him/her an asset of value, and a pawn loan can be availed for asset’s value. When the customer agrees on the loan value, he/she will be given cash immediately and their asset will be placed into secure storage of the pawnbroker till the time the customer returns to the pawnshop to redeem his/ her item as per the agreed terms in the pawn contract. The loaned amount is based on the value of the collateral (i.e. asset). When a customer repays the loan including the interest, the asset is returned to them.
Know how to receive maximum cash for your pawned item?
PAWN LOAN TERM
Normally, pawn loans are given for short-term period, up to three months; however, the loan can be extended by paying off any outstanding interest and making an upfront interest payment for the extended month. If the customer doesn’t pay the pawn loan or extend loan’s tenure, in such a case, the pawn loan is considered as defaulted. And the collateral (i.e. asset) will be placed for sale to recover the loan amount, its interest, also book a small profit so that the pawnshop can remain in the pawning and money lending business.
WHAT ITEMS CAN YOU PAWN AT A PAWNSHOP?
To avail instant cash loans, you can normally pawn anything from electronic items, musical instruments and garden tools to gold jewellery including damaged or broken gold pieces and any other items of value.
Unearth, to get cash for gold, whether you should sell or pawn gold at a Pawn Shop
As the essentials are covered, now let’s get back to the original matter. Obviously, when you are leaving a valuable item at a pawnshop, you will want to make sure that the item is in the right hands and will remain ‘as is’ till you return to claim it back.
Thus, coming back to that most important point – Will my belonging remain safe at a Pawn Shop?
Yes, 100%! As it is the responsibility of the pawnshop to keep your belonging safe and in best condition while they remain in their custody.
To keep your belongings protected and secure, pawn shops will use methods that include the following:
- Secure Storage Locations: Reputed pawnshops have secure storage locations to accommodate different types of items. For example, electronic items should be stored in a place that is free from dust, moisture and of course water. Similarly, all items should have their own secure storage place so that they all remain intact and in good condition till the time customers come to redeem.
- Regular Scheduled Inspections: Regular scheduled Inspections are paramount especially on pawned goods to ensure nothing has been misplaced or stolen while your belongings remain in pawnshop’s custody.
- Security System: State-of-the-art pawnshops are integrated with an adequate security system in place that includes security cameras or CCTV cameras.
- Insurance Coverage: The established pawnshops will either directly provide or through a third-party insurance to cover any asset that is left in their custody.
At Mega Cash, scheduled inspections on a regular basis are carried out through all of our pawn stores spread across NSW and QLD. In addition, Mega Cash screens employees in the hiring phase and carries out meticulous background checks, which includes a homeland security check, drug tests and checks for any criminal convictions among others. This is done to ensure that Mega Cash hires genuine employees thereby promote a culture of reliability and honesty.
