Pawn shops are often portrayed negatively on TV and in movies, giving them a bad rap in terms of local business. What you might not know is that your local pawn shop is required by law to report all transactions and is heavily regulated to ensure that you receive fair, safe and secure treatment.
On or before the end of each business day, a pawnbroker must electronically submit transactions occurring during the previous business day to the local law enforcement agency. Information that will be included as follows for each transaction.
- The name and address of the pawn shop.
- A complete and accurate description of the pledged goods or purchased goods, including the following information, if applicable:
- Brand name.
- Model number.
- Manufacturer’s serial number.
- Color, as apparent to the untrained eye.
- Precious metal type, weight, and content, if known.
- Gemstone description, including the number of stones.
- In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length, and finish.
- Any other unique identifying marks, numbers, names, or letters.
- The name, address, home telephone number, place of employment, date of birth, physical description, and right thumbprint of the pledgor or seller.
- The date and time of the transaction.
- The type of identification accepted from the pledgor or seller, including the issuing agency and the identification number.
All pawned items are held for at least 60 days, and all bought items are held for a minimum of 30 days.
As with all small businesses, each pawn shop will have a distinct reputation and quality of customer service. To feel more secure in the pawn shop you choose to do business with, whether it’s requesting a pawn loan, selling your own items of value or just shopping in general, you can do your own research to find a shop you trust by taking the following steps.
Reading online reviews for the pawn shop’s Google My Business can help you understand what it’s like to be their customer. Keep in mind, not every single reviewer will leave a 5 star rating. You can also check the shop’s Better Business Bureau (BBB) page to learn more about the business as a whole like how long they have been in business.
Check for Licensure
Before doing business with a pawn shop, you can confirm that the pawnbroker has a valid license from the state they operate. Shop owners acquire permits from their local police or sheriff’s office, and will often have them displayed publicly or be willing to show you documentation at your request.
Local businesses typically work to excel in customer service, because they enjoy serving their community. At a pawn shop, excellent customer service might look like:
- The pawnbroker asks you questions about the items you’re selling, and works with you to find a comparable price.
- The pawnbroker helps you receive a pawn loan that fits the pawned item.
- A clean, organized store with well-maintained merchandise.
- A team of employees who are willing and able to answer any questions you have about an item you’re interested in purchasing, how to receive a pawn loan, or how to sell your own item.
Check Local Regulations
You can easily check your state and local regulations for pawn shops with a quick online search. Arming yourself with the law is one of the best ways to ensure you are shopping at an above board establishment.
Pawn shops are legitimate local businesses offering secure ways to receive loans (without affecting your credit score), sell unwanted goods, or buy new-to-you items like jewelry, TV’s, laptops, firearms, guitars, tools and more. Remember, pawn shops are required by law to report everything they buy or pawn to local law enforcement agencies. In their daily reports, they include the model, serial number, brand, and a good description of every item they take in store. This extra security measure helps to safeguard pawn shops from buying stolen items, which in turn protects customers like you.
Alamo Pawn Shop, located on Transmitter Road, has been serving the Panama City community since 1996. We have a great team of employees that work together to ensure that you get the very best service possible. We want to help you get the money you need fast, and help you get the best deal on your purchase.
If you are looking for a trustworthy pawn shop, remember the Alamo, on Transmitter Road in Panama City! We have a large selection of valuable items in stock, and we are always looking for new inventory if you need some quick cash. We also provide quick confidential loans on just about anything of value.
At Alamo Pawn Shop in Panama City, Florida, pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full. Ask about our VIP loans for small businesses, or individuals with high net worth in need of a quick cash loan! Special rates apply to VIP loans.
Stop in today to see what we have in stock, or give us a call at (850) 872-0700 with any questions you have. We look forward to serving you!