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5 Untrue Myths About Pawn Shops

Updated: Mar 28, 2023

If you don’t have much experience with working with pawn shops, you might believe some of the misconceptions and myths that you have heard about them over the years. Even though you could potentially really benefit from working with a pawn shop, you might be hesitant to do so because of some of these myths.

Once you learn the truth about pawn shops, however, you’ll see that they are legitimate small businesses that have a lot to offer. These are some of the myths that you might have heard but that you shouldn’t believe when it comes to pawn shops.

1. The Goods at Pawn Shops Are Stolen

You might have heard that the goods that are bought and sold at pawn shops are stolen. This simply isn’t true. Pawn shops are state regulated, and pawnbrokers often work with local law enforcement officers to prevent theft. You don’t have to worry about accidentally buying stolen items when you buy from Hilltop Pawn Shop. Every Item we take in is recorded and sent each day to a central date gathering facility tied in to the police dept.

2. Pawn Shops Don’t Want You to Get Your Items Back

When you visit a pawn shop like Hilltop Pawn Shop to take out a collateral loan, you’ll need to bring jewelry or other valuable items to use as collateral to secure your loan. Don’t assume that pawnbrokers want to keep your items when you take out one of these loans. Put simply, pawnbrokers are business owners, and we benefit more if you come back to pick up your items and repay your loan. If you default on your loan, we have to wait a certain length of time by state law before we can put your items on our shelves. Then, we have to wait for a customer to come in and buy these items. Even though it’s not a big deal if you default on your loan, it actually works out better for us if you come back, repay your loan, and retrieve your collateral. Afterall, we are in the money lending business.

3. Pawn Shop Items Are in Poor Condition

At Hilltop Pawn Shop, we carefully check over every item that we put on our shelves. We may perform minor repairs on jewelry to make sure each piece is in suitable condition before we put it up for sale. When you shop with us, you never have to worry about buying items that aren’t in excellent condition.

4. Pawn Loans Have High Interest Rates

Pretty much any time that you take out a loan, the lender will charge you interest or other charges to make a profit on the loan. This is true with pawn loans, too. However, our loans are state regulated, so we can’t and won’t charge you more than what state laws allow us to charge. We’re also fully transparent about how much you’re being charged for your loan. You can find all of this info on the pawn ticket that we give you when you come in and take out a loan with us. Borrowing from a pawn shop is often significantly cheaper than borrowing from payday lenders and other predatory institutions.

5. Items at Pawn Shops Are Outdated

If you’re in the market to purchase a trendy piece of jewelry, you might think you have to go to a jewelry store to buy it. After all, you might assume that all you will find are outdated, old pieces at a pawn shop.

This simply isn’t true at all. Of course, here at Hilltop Pawn Shop, we often have antique and vintage jewelry available. Some of our customers come in looking for vintage pieces. However, we also regularly have modern and trendy pieces available. Since our inventory changes from day to day, we recommend visiting our shop regularly so you don’t miss anything!

Even though Hilltop Pawn Shop is more of a jewelry store than most pawn shops, we offer other items for sale, too. Still, we make an effort to offer up-to-date, modern items that our customers want. Whether you’re looking for electronics, video game consoles, or other items, stop by Hilltop Pawn Shop to check out our selection. We think you’ll be pleased by what we have to offer. You can also check out our sister store, Greenbrier Pawn, which is located in Chesapeake and has even more items for you to check out.

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