Common Exchange Logo

Pawn Shop Dos & Don’ts, Part 1-Getting a collateral, or pawn, loan couldn’t be simpler…all you need is a valid form of identification and an item of value. But we’d like to make it even easier with a list of major Pawn Shop Dos & Don’ts to consider before heading down to the pawn shop.

Pawn Shop Dos & Dont’s, Part 1

Do come prepared:
yes-checkbox.jpgWhether selling or pawning, the best way to ensure maximum value for your item is to do your homework. For instance, if you’re selling or pawning gold coins or jewelry, knowing the history of your piece, the manufacturer, its karat weight, and the current market price will put you in a position to not only get top dollar, you’ll also feel confident you’ve gotten a great deal.

Do expect a clean, professional environment:
Pawn shops have a largely underserved reputation as being a bit shady. These days, however, nothing could be further from the truth. If the shop you visit is anything other than well-organized, well-lit, secure, and staffed by a courteous and knowledgeable staff, it’s best to take your valuable business elsewhere.

Do make sure your pawn shop is reputable:
While the overwhelming majority of pawn shops are worthy of your trust, let’s face it, there are a handful that aren’t. That’s why it’s a good idea to ask around and even look up your local pawn shop on a consumer advocacy website, such as the Better Business Bureau. At Common Exchange, fair dealing has been a cornerstone of our philosophy from the outset. That’s how we’ve stayed in business for nearly 25 years, have expanded to eight locations throughout British Columbia, and have a customer satisfaction rating of 97%.

Do make your item look its best:
Whether selling or pawing, if you want to get the most cash for your item, it’s definitely worth taking a bit of time to give your item a pre-pawn makeover. So whatever you’re considering bringing down to the shop, wipe it down, clean it out, and freshen it up. Plus, items tend to look particularly good if they come to us in their original packaging. Also, if your item has cords or attachments, be sure to bring those as well.

Do take care of your pawn ticket:
If you secure a pawn loan, you’ll receive a ticket or receipt along with your cash. Don’t lose it! This ticket not only includes a description of the item you’ve pawned, it also contains important information regarding the terms of your loan, such as the interest rate and expiration date. So be sure to put it somewhere safe. If you’re looking for some added insurance, take a picture of it with your smartphone and email the snapshot to yourself.

Now that you’re familiar with some of the major Do’s, we’d be remiss if we didn’t also address some of the big Don’ts, as well. Stick around for those in our next instalment.