Pawnshops are one of the most underrated and misunderstood businesses on the face of the planet. The media, Hollywood, and even the government have not done the industry any favors in how they are portrayed and so highly regulated.
My goal is to shed some light on some incredible facts that you will not hear anywhere else. And maybe, just maybe, the next time you pass up a pawn shop, you will look at it differently. Let’s jump in and explore some of the facts that nobody (except for us) wants you to know!
Pawnshops are the Oldest Source Of Credit
Yup! It’s a fact. Pawnbroking is one of the oldest sources of credit. Walking into a pawnshop and pawning an item is not only super easy, but it’s also a great alternative to traditional lending. You not only avoid the “hard inquiry” on your credit report, you also completely bypass the ridiculous amount of paperwork you have to fill out when obtaining a loan at the bank. I don’t know about you, but to me, this is a huge win.
If you have ever been turned down for a loan because of a less-than-perfect credit score, you know how frustrating it can be, especially if your financial circumstances were out of your control. The beauty of the pawnshop is that your credit score does not matter! Your pawned item is your collateral. A truly simple yet genius way to do business.
Pawnshops Boost Your Local Economy
Did you know that there are approximately ten thousand (Yes, 10,000) pawn businesses in the United States? That is ten thousand locally-owned small businesses in communities all around the country. And, did you have any idea how many jobs these businesses create? Try over seventy-three thousand!
Our country is built on the backs of small business owners, and pawnshops are a huge part of that.
Quick sidenote: Did you know that during the 2020 COVID-19 pandemic shutdown, many pawn shops were deemed essential and stayed open, offering their services in a safe and professional manner? Pretty cool stuff when you think about it.
Mobile Shopping, A New Era for Pawnshops
Not only did pawn shops across the country continue serving their communities during the COVID-19 lockdowns, they innovated! Sure, shopping online has been a “thing” for a while now. But not necessarily in the pawn industry. Many pawn shops made their inventory available on a number of online marketplaces making it possible for people to conveniently and safely shop from home. Still others offered curbside service and utilized mobile applications like Bravo’s MobilePawn app and the percentage of people taking advantage of this incredible service continues to steadily rising month over month.
Pawnshops Serve Everyone, Everywhere
In an age of disunity, the pawnshop serves as a beacon of unification. Let me explain. Next time you spend any significant time in the pawn shop, take a look around. You will surely find that this incredible industry serves any socioeconomic demographic that walks through the door. All races, religions, political affiliations, genders, abilities or disabilities are welcome at the pawnshop and are treated equally and fairly.
In Conclusion: Pawnshops are cool!
The pawnbroking industry is stinkin’ incredible! Not only do they support your local economy by creating jobs and services that are convenient and readily available to all, but they are also innovative and ready to pivot when the rubber meets the road. No, not even COVID-19 can stop the pawnshop from serving their communities. Pawn shop owners have been doing this for a while, and they know what they are doing.
Visit your local pawn shop the next time you’re out and about…and bring a friend. And when you do, be sure to share your photos and tag them with #pawnshoproadtrip! Together, we can normalize pawnshop shopping in much the same way that friends have gone ‘antiquing’ or ‘thrift shopping’ for years. So spread the word–pawn shops are where it’s at!
