5 Pawn Shop Myths: Setting the Record Straight


There are quite a few misconceptions surrounding pawn shops today. Certain myths have created a negative perception of the pawn business, but fortunately many of those myths are simply not true. For example, a lot of people believe that pawn shops are not regulated by the government, when in fact there are numerous laws pawn owners are required to follow. Some of these regulations include IRS Form 8300, the FTC Safeguards Rule, the Truth in Lending Act, and much more.

Another common belief is that pawn shops do not carry high-quality items. However, quality goods are the bread and butter of pawn shops because it allows for better business. Believe it or not, even celebrities rely on pawn shops like GEM Pawnbrokers for buying luxury jewelry and gifts, from designer brand watches to high-end electronics, and everything in between.

Pawn loans are also a great example. If you think getting a pawn loan is too expensive, think again. Did you know that the average customer reclaims their item or pays back their loan up to 90% of the time? In other words, every 9 out of 10 people are satisfied with their pawn loan experience.

GEM PAWNBROKERS was established in 1947 by the late Martin Kaminsky, second to the left, and has steadily grown into the largest pawnbroker in the New York City area with over TWENTY SEVEN branches. The high volume of loans that GEM writes makes it the largest privately held chain in the nation as well as one of the largest in the world.
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