Whether you’re looking for fast cash or an excellent deal on quality merchandise, you might have considered stopping by a pawn shop. Unfortunately, some people hesitate to do so because of the negative stigma surrounding these establishments. According to American Trading Company, these stereotypes couldn’t be further from the truth. Here, this Cincinnati, OH, pawn shop tears down three of the most common myths holding back the industry.

3 Common Misconceptions About Pawn Shops

1. They Are Filled With Stolen Merchandise

Some people assume that individuals looking to make a quick buck will steal electronics, jewelry, and other high-ticket items and sell them to a pawn shop. However, these stores are required to document each transaction and submit them to law enforcement, so police can come to them if a theft charge matches a recent sale. Most pawn shops also ask for official identification from sellers and take photos of the items they pawn.

2. They Practice Predatory Lending

When people pawn items for loans, they use a high-ticket item as collateral. In other words, they can bring in a TV and receive cash, but if they don’t return the cash within the agreed-upon period, the pawn shop holds onto the TV. Unlike payday loans and other harsh lending methods, pawn loans are controlled by laws on every legislative level, and they offer better interest rates than most banks.

3. They Are Unpleasant Places

Many hesitant sellers envision pawn shops as unkempt, dark, and even dangerous places, but most modern shops couldn’t be further from this. Most shops are well-lit, well-maintained, and staffed by accommodating salespeople. When you stop by for a loan or an excellent deal, you can rest assured the experience will be safe and enjoyable.

If you’ve been harboring any of these misconceptions, allow yourself to let them go. At American Trading Company, you will enjoy the best of what pawn shops have to offer. They accept everything from rare coins to prized guns, but you can learn more about their full selection by visiting the website. For more information on their honest practices, call (513) 661-3633 today.