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Five Common Misconceptions About Pawn Shops
common misconceptions

Over the years, pawnshops have developed a stigma attached to their title due to unfavorable portrayals in popular media. However, pawnshops are a great resource in your local community. They should be your go-to choice when you are searching for high-quality items at a fraction of the cost, or if you are simply looking for some quick cash. VA Premier Pawn is here to debunk some of the most common misconceptions faced by the pawn industry.

Pawn Shops Are Dirty
The showroom here at VA Premier Pawn is our baby. Our mission is to make each customer leave feeling like a rockstar. In order to achieve this, we aim to make sure our showroom is always in pristine condition. We are mindful of how important cleanliness is, as it directly correlates to the quality of the product or memory of the service you leave our store with.

Pawn Shops Rip People Off
Unfortunately, we are not a fool proof industry. There are select shops making a poor image for the rest of us. What we can assure you here at VA Premier Pawn is that fair and haggle-free transactions are the only way we roll. We understand how valuable your transactions are to you and would rather you come back to us again, rather than make a few extra bucks one time.

Pawn Loan vs. Sell
This is one of the largest misconceptions in the industry! Simply put, a pawn is a loan. You give us your item to babysit as collateral to the lump sum we give you for its value. You make payments back on its value until you pay the full amount and take your item back home with you. A sale or sell is just that! You sell us your item, we pay you cash on its value and we then own that item to place on our shelves to sell.

The Pawn Industry is Unregulated
All pawnbrokers must be licensed and insured to operate. Not only this, but all must have a local and state pawnbrokers license and local precious metals permits. The interest rates all shops are allowed to charge on loan transactions are federally and locally regulated. This means different localities may charge different rates. However, they are also federally regulated on top of that.

Pawn Shops Are A Last Resort
Some transactions handled here might be a customer’s final stop. However, the majority of the time, our clientele are very familiar with our shop. They will come looking for a specific item here first before the big name stores with monumental price inflations. We highly recommend clients to begin here for luxury goods and jewelry. Big name jewelry stores are known to place up to a 2000% markup on the cost of their pieces simply for being sold through their storefronts.

About VA Premier Pawn

We’re raising the standards of the pawn industry by leading in our commitment to our pristine showrooms, expert staff, and people-centered customer service. As a result, we have over 600 Top Google Reviews and a 5-star Facebook Rating!

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