Published On: Fri, Oct 1st, 2021

Mind Blowing Facts About Pawn Shops

There is a lot of information about pawn shops out there that is absolutely untrue and misleading.

The industry is probably the most misunderstood and misrepresented industries no thanks to the media and Hollywood.

A lot of things have been said about pawn shops but there are so many incredible facts that a lot of people do not know about pawnshops and pawning industry.

Selling Gold

Pawnshops are the oldest credit providers

Pawnbroking has been around for centuries. Even though, it was mainly a way for the poor to get credit when they needed, kings and queens pawned their crown jewels to fund expeditions and wars. The same thing that happened centuries ago is still happening today. Pawnshops are still the best place for the poor or the rich to get a loan.

Going to a pawnshop to pawn a valuable item is not only easy but it is a great alternative to other forms of lending.

You can avoid the credit report inquiries and bypass large amounts of paperwork.

Your credit score Is irrelevant to a pawnbroker as long as you have something of value to pledge as collateral.

Pawnshops boost the local economy 

There are thousands of pawnshops in Australia and a lot more in Brisbane.

That is thousands of small locally owned businesses in communities throughout the country.

These businesses also create jobs. Australia is built on the backs of small enterprises and pawnshops play a major role.

The future is in pawnshops

Most people do not know that the pawn industry was the earliest industry to adopt internet technology. The idea of pawning stuff online might just be as old as pre- year 2000. The launch of eBay in 1995 might have been a precursor and the fact that this online company survived the dotcom bubble crash showed that the industry could survive innovation. And it has. Many pawn shops advertise their inventory online which makes it convenient for those who want to buy to do so from the comfort of their homes. But that is not all. In the last couple of months there have been a couple of mobile apps designed to make paying back your loans easy like InstaPawn App.

Pawnshops are for everyone, everywhere 

Look around you the next time you find yourself in a pawnshop. You may notice the diverse demographics that walk in and out the store.

Pawnshops serve all races, all genders, people with disabilities, all religions, the poor and the well-off. There is no discrimination, everyone is treated equally.

Bottom line: Pawnshops are incredible. They may have been with us for so long yet, we still don’t know as much as we should about them. We have carried a wrong and distorted image of how important they are to the health of our local economies. They are there to help us get through the bad times and also there to help spread good fortune.

It’s time that we celebrate this industry and support our local pawnbrokers, they are essentially part of the economic backbone.

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