When you have monetary problems, you become desperate and you end up making decisions that could be more destructive rather than productive. Not all have emergency funds that they could use during times of crisis and unexpected expenses. For sure, you have already considered going to a pawnbroker and chances are, you have seen one around your neighborhood.
Before visiting a pawnbroker near you, check first if it is legitimate. Avoid making transactions with a pawnbroker that has the following characteristics:
The Loan Is Higher Compared To Others
As a rule of thumb, pawnbrokers would loan you half of the amount of the item you would use as collateral. If the shops near you are offering loans higher than others, think first. It might be too good to be true and you might end up having a bigger headache than your first emergency. If your gut feeling is telling you that something is suspicious, listen to it. Google and search for other pawn shops near me until you find a shop that is reasonable.
The Terms And Conditions Are Not Clear
Terms and conditions regarding the loan is usually printed in the pawn ticket and or the receipt and you could only read it after you have already concluded the transaction. You could check regarding the terms and conditions before pawning any of your valuables. Usually, the terms and conditions with pawnbrokers is easy to understand and clear cut unlike with bank loans since you are giving collateral. But if the stipulations are not transparent especially with regards to you getting back the collateral after you have settled the loan, move on to another shop.
The Experiences Of Previous Customers Are Negative
Of course, not every disgruntled customer experienced poor customer service. Perhaps they are only complaining because their item might be appraised lower than they are expecting. But, if the majority of past clients have been saying that the pawnbroker is disreputable when it comes to its transactions, you best heed their advice. If online reviews are available, read them as well to fairly gauge the shop’s authenticity.
Their Online Presence Is Non-Existent
In this time and age, most businesses and companies would have their own website. Of course, not all could afford it or would even have the time or the manpower to maintain one. If the shop near you does not have any website, do not take it against them. But, in the absence of a website, a social media account is usually in existence. Businesses and companies are usually active on Facebook, Twitter and or Instagram to attract more clients and for existing ones to get in touch with them. If a company does not have an online presence, they might be hiding something and or does not want their customers to reach out to them digitally.
In every rule there is always an exception and the pawnbroker near you might be it. The above mentioned are just guidelines and it is still up to you to determine which broker or shop is legitimate and the best to handle your transaction.
Shira is an enthusiastic blogger and marketing manager. She maintains keen interest in progress and development in the marketing and business space. She also provides consultancy to small and medium sized companies to build their brands online, design and execute their online marketing strategy to propel business growth.