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Pawn Myths vs. Pawn Facts

By: Lai Le

On TV shows and in movies, pawn shops are shown as dark, scary places run by shady proprietors. But at Cash America, the closest you’ll get to Hollywood is by finding a great deal on DVD or Blu-ray movies.

Clean, safe, well-lit Cash America shops offer pawn loans (along with a variety of other specialty financial services) in addition to retail services, allowing you to purchase goods like jewelry, electronics, musical equipment and much else — all at discounts up to 70% off retail, and all backed by our 30-day satisfaction guarantee. Visit a store for details.

Myth: Pawn Loans Are Expensive.
Fact
: Interest rates on pawn loans are set by state law. Pawn loans are short-term, collateralized loans on items of value that don’t cause people to overextend credit, go into bankruptcy, or suffer legal action if the loan is not repaid.

Myth: Only poor people get pawn loans.
Fact: A typical pawn customer is 36 years old, employed, earns about $29,000 per year, and reclaims their pawn item nearly 80% of the time. More than 25 million Americans from all economic groups use pawn services annually.

Myth: Pawn shops are stocked with stolen goods.
Fact: Cash America shops and employees work closely with local law enforcement to ensure loaned goods aren’t stolen — and the less than 1% of items that are identified as stolen are held for evidence and returned to their rightful owners.

Myth: Pawnshops take advantage of people during bad economic times.
Fact: A poor economy hurt pawnshops the same way it hurts any other business. We want to people to pay back their loans and purchase retail items — if money is tight, they can’t do either.

If you don’t believe us, just try us: visit your local Cash America shop. You’ll be greeted by a friendly staff who can answer your questions and help you find what you’re looking for. Or to shop online, try our eBay store or the NJLC, our specialty jewelry outlet!



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