How Do Pawn Shops Work?
Not every one knows what a pawn shop is or how it runs. I think I get at least once every few days a customer asking me how the whole thing works. Here is just a quick basic rundown on how we work.
Question #1! What is a pawn shop you say? Well, think of it almost as a bank. We take in an item of yours for a short period of time and, in return, we give you cash. Your item sits in storage (safe and away from anyone) until you are ready to pick it back up. This type of transaction is a loan that is also called a pawn.
For a loan, pawn shops in Florida are required to hold your item for at least 30 days. Here at MoneyMan Pawn, we hold your item for 30 days plus an additional 30 days, automatically, if needed. Our service charges are $20 for every $100 borrowed per 30 days. For example, if you get a loan of $50, the service charge for the first 30 days would be $10 (add $10 if the additional 30 days is used). If, by any chance, you need more time to pay back your loan, then please just pay the 30-day service charge. That would extend your loan for another 30 days. This option of extending the loan is available to you anytime. Please keep in mind that not all pawn shops are the same in the way they run so service charges and time allowance on loans may be different.
So is that all we do? Of course not! If you have items you want to sell but do not want to go through the hassle of a yard sale or selling online yourself, bring them in. We can help you save a lot of time! We will give you cash for your items and you won't have to worry about the items ever again.
If you don't want to spend a lot of money for good quality items, pawn shops are the place to go. We take in all sorts of items so it is a ton of fun to check out pawn shops. You might even find that one thing that you've spent years looking forů I find myself saying this to our customers all the time - "You'll never know what you will find in a pawn shop!"
Oh, did you find something you want to buy? We also take in trades! For instance, let's say you wanted some tools, jewelry, or some of our collectibles in our shop. You can bring in items that you may not want anymore to trade-in and leave with the items that you want. Cool, isn't it?
Please ask if you have questions. Thank you for reading!