Fun Fact: The Pawn industry is one of the oldest industries still practiced today. Dating back as far as the 5th century, the original pawnshops were operated out of Buddhist monasteries in China.
Pawn, pawnshops, and pawnbrokers are all misunderstood. The variability in pawnshop services is vast and can be confusing. I will briefly list many of the services offered and then detail what Jum-Pawn-It Jewelry and Loan offers.
Common services in the pawnshop industry:
- Collateral Loans
- Buying Second-Hand Goods
- Cash for Gold
- Retail Sales of Second-Hand Goods
- Jewelry Sales
- Auto-title Loans
- Pay Day Loans
- Pay Day Advances
- Check Cashing
- Firearm Sales and Transfers
Jum-PAwn-it Jewelry and Loan services offered:
Collateral Loan (aka a pawn)
How it works – John Doe brings in a hard good (WE ACCEPT ALMOST ANYTHING) and receives a short-term cash loan instantly based on the value of the item. Luckily, there are never any credit checks although a valid ID is required. Most pawn transactions take under 5 minutes. The pawnshop then holds the item until John Doe is ready to redeem the loan. When ready, John Doe returns to the shop with the amount loaned plus interest and takes his item home with him.
Loan amounts and terms of the loan vary shop to shop. Citrus Pawn loans are good for 4 months with a 10-day grace period to follow. Redemption for a loan can occur at anytime in those 4 months and 10 days.
What if John Doe does not have the money to redeem his item at the end of the term? He has two options: 1) He can renew the loan for another 4 months by paying interest only, 2) He can forfeit the item to the store without penalty to his credit score and no debt owed.
Jewelry Sales
Fairly self-explanatory but here are some perks of buying jewelry at a pawnshop.
You do not pay retail prices. Cash is king – don’t be afraid to negotiate price.
Spoiler alert – pawnshops sell to retail wholesalers all the time – just because you walk into a jewelry store does not mean you are buying “new” jewelry. Precious metals and stones have been in the ground for thousands of years and have been traded all over the world – save yourself some money and buy from a pawnshop (Preferably Citrus Pawn)!
Cash for Gold
You have all seen the yellow and gold banners – if you have unwanted, broken or outdated jewelry lying around, bring it in and get some cash for home improvement, vacations, college funds or upgrading to that bigger, better wedding ring.
Common Misconception – Cash for Gold actually means “Cash for any precious metal, stone or coin” – we do not discriminate.
Buying of second-hand goods
We accept almost anything!! If we think we can sell it, we will buy it!
Retail Sales of second-hand goods
Because we buy almost anything, we sell a little bit of EVERYTHING – if you need/want it, there is a good chance we have it. Avoid paying retail prices for new – not only does it save you money but it keeps more stuff out of our landfills. Saving the environment one pawnshop at a time.
Firearm Sales and Transfers
We are a licensed FFL dealer, and we sell mostly new (some used) firearms and accessories. Furthermore, Jum-Pawn-It has some of the best prices in LA, IE, and Mohave County, AZ.
Do you have a firearm being handed down in the family or selling it private party? We can help with that as well. All firearm transfers must go through a licensed FFL dealer – let us help you with a pain free process.
If you have found this post to be interesting or you have a personal testimonial of how a pawnshop has helped you, please share it with a friend or leave a comment!
