Pawnshop Myths

  1. Pawn Shops buy stolen merchandise: Pawn shops report every transaction they make to local law enforcement, items that are purchase directly from the customer must be held for a period of 21 days, giving police the chance to investigate all items. Pawn shops are highly regulated by the state of Texas by the Office of Consumer Credit Commissioner. All customers must provide a state issued ID or Drivers License.  
  2. Pawn Shops try to cheat people: The market value of secondhand items go up and down depending on the item. A reputable pawn shop will always explain how they came up with their offer. Gold & diamond jewelry is generally valued on the scrap value of the gold and a percentage of the wholesale value of any diamonds. Because the price of gold goes up and down with the market, the amount you may be offered on a buy or a loan may change quickly. Ultimately the amount offered on a loan is design to both help the customer maintain ownership of their items and to allow the broker to recover the interest accrued and commission paid to employees to sell it in case you don't come back. 
  3. Pawn shops are dark, dingy and scary places: Independent Pawn has a bright, clean, well organized showroom just like any of the big box stores like Walmart. Friendly staff, stop in today and judge for yourself.
  4. Pawn Shops Sell Stolen Items: A pawn shop is the last place a thief would want to bring a stolen item. The pawning industry is heavily regulated, and pawn shops work with local law enforcement to make sure all their items are not stolen.

  5. Pawning is a complicated: A common reason why people shy away from pawning their items is that they don’t understand the process. It’s a really simple process and transaction; all you’ll need is a state issued ID or drivers license and the item you’d like to pawn. Independent Pawn has highly trained employees here to help make the process easy.

  6. Pawn Shops want to keep your items: A common misunderstanding is that pawn shops make their profit on selling items, when in fact it’s all about the lending process. The more money pawnbrokers lend out, the more profit they get, so they are more interested in seeing you become a valued customer, who will return in the future to pawn the same item again.

  7. Pawn Shop Loans are Expensive: Pawnbrokers work hard to provide you with an honest loan, one that’s reasonable for the item you have pledged, without any hidden costs or big penalties. A pawn shop with a good reputation will almost certainly be cheaper than other methods of getting a short term loan.

  8. Most customers lose the items they have pledged: In fact 80 to 85% always come back for their items. Pawn loans are written for 60 days which allows plenty of time to either redeem your item, renew your loan, or extend it. You can make as many payments towards redeeming your item as you like, so you don’t have to come up with a lump sum at the end of the term. Independent Pawn will always work with you so that you don't lose your items.

  9. Undesirable customers use Pawn shops: Our customers are every day working class people that just happen to need a loan or may just want to save money on good second hand items.  

  10. Pawn Shops have high interest: Actually pawnshop rates are set by the state of Texas. See how pawnshops measure up to the alternatives HERE

I can guarantee that if you take the time to come in and see our store for yourself you will be pleasantly surprised!

Jason White-Owner