| All rights reserved. Best Pawn Shoppe Inc 895 S Wickham Rd. W Melbourne, FL 32904 United States Ph:1-321-728-7296 |
| Pawn History Pawnbroking is not a new practice nor does it appeal to just one social class. As humankind’s oldest financial institution, pawn loans can be traced back at least 3,000 years to ancient China as well as early Greek and Roman civilizations. During the 14th Century, King Edward III of England is said to have frequented pawn stores in Europe. Queen Isabella is reported to have pawned her royal jewels to finance Christopher Columbus’ voyage to the New World. Traditionally, the pawnbroker’s symbol is three gold spheres hanging from a bar. This stems from St. Nicholas, referred to as the patron saint of pawnbroking. He is reported to have left three bags of gold so the daughters of a poor man could afford to marry, thus saving them from a life of slavery or prostitution. Later the tradition transformed the bags into three gold balls, which became the symbol of pawnbrokers. |
| Who We Serve Pawn customers have regular jobs, from working in hospitals to home construction. They support our country and its economy by working in government, teaching our children and caring for the elderly. Just like you, pawn customers have dreams; want better lives for their children and a stronger sense of security. However, they also have pressing bills and unforeseen financial issues. |
| Filling the Gap The Consumer Federation of America found that more than 50 percent of Americans are living paycheck to paycheck. When it comes to financial alternatives, pawn customers do not have many safe, convenient, regulated choices. |
In today’s society, many people depend on pawnbrokers to help them meet daily
financial needs not offered by other institutions. Pawn customers represent the
working families of America who periodically experience an unexpected need for
short-term funds. Pawn loans keep the electricity on, the rent paid and cars
This growing, competitive industry is constantly working to enhance the image of
pawnbrokers, while offering needed services to their communities. Today’s pawn
stores are attractive, welcoming places to do business.
Most of them are family-owned and operated stores that offer superb
customer service. Although pawnbrokers are primarily small business owners,
they can also be larger, publicly traded companies that help to add to the
professional status of the industry.
Working with law enforcement helps ensure the safety of pawn customers and
their property. Pawnbrokers comply with all federal, state and local regulations
and laws. They provide local law enforcement with data on all transactions on a
daily basis.
financial needs not offered by other institutions. Pawn customers represent the
working families of America who periodically experience an unexpected need for
short-term funds. Pawn loans keep the electricity on, the rent paid and cars
This growing, competitive industry is constantly working to enhance the image of
pawnbrokers, while offering needed services to their communities. Today’s pawn
stores are attractive, welcoming places to do business.
Most of them are family-owned and operated stores that offer superb
customer service. Although pawnbrokers are primarily small business owners,
they can also be larger, publicly traded companies that help to add to the
professional status of the industry.
Working with law enforcement helps ensure the safety of pawn customers and
their property. Pawnbrokers comply with all federal, state and local regulations
and laws. They provide local law enforcement with data on all transactions on a
daily basis.
A pawn is another term for a collateral loan. Pawnbrokers lend money on items of value ranging from gold and
diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, and much more.
returned to them. Best Pawn Shoppe offers extensions/renewals on all pawns.
Why would someone go to a pawnbroker to get a loan?
Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need
can be met with no credit check or legal consequences if the loan is not repaid. Pawnbroking imposes a discipline on
the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.
Best Pawn Shoppe will loan money on anything of value.
How much should I expect for a loan on my item?
Loan amounts vary according to the value of the item. There is no minimum dollar amount allowed on a pawn
transaction. Your loan amount will be determined according to other factors as well such as demand and condition of
the item. Best Pawn Shoppe offers top dollar loans.
How do you determine the value of the item?
Pawn shops base the value of the item on current appraised value, its current condition and the ability to sell the item.
Pawnbrokers use research tools that they have at their disposal to determine an item’s value and get you the most
money for the item. The appraisal process varies depending on the type of item—for example, jewelry is evaluated
differently than a DVD player. All items that pawn shops buy or pawn are tested to ensure that it works properly. Best
Pawn Shoppe will help meet your financial needs.
How can I be sure the merchandise I purchase at a pawn store isn't stolen?
Less than half of one percent of all pawned merchandise is identified as stolen goods. That’s because customers
must provide positive identification and a complete description of the merchandise. This information is then regularly
transmitted to law enforcement, which dramatically decreases the likelihood that a thief would bring stolen
merchandise to a pawn store. Best Pawn Shoppe holds everything they buy for a 30 day period for local and state law
enforcements to ensure it's not stolen.
Are pawnshops regulated?
Yes, Pawnbrokers are governed by all of the major federal laws that apply to entities designed as financial institutions.
The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as
well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules.
Pawn shops that deal in firearms are regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
Pawn shops may also be Federal Firearms License holders. States have regulated the pawn industry for decades, and
pawnbrokers are licensed and regulated by local authorities as well. Best Pawn Shoppe has operated in Brevard
County for over 15 years.
Do pawn customers enjoy the same protections under federal law that customers of other financial institutions ?
No. Pawn transactions are the only type of consumer credit that requires reporting to local law enforcement agencies.
In many states such as Florida this reporting is required daily, and must include extremely sensitive personal
information about the consumer (i.e. ethnicity, gender, address). Much of this information qualifies as “non-public
personal information” under federal privacy law and is entitled to protection as such.
Do most pawn customers lose their merchandise?
On average, about 80 percent of all pawn loans are repaid. Repeat customers make up a majority of the business,
similar to any other lending or retail establishment. Pawnbrokers establish relationships with their customers
because they often borrow against the same items repeatedly. Pawnbrokers offer non-recourse loans, looking only to
the item being pledged to recover their investment if the borrower chooses not to repay the loan. Best Pawn Shoppe
makes every attempt to alert customers of past due tickets prior to placing for sale when their past due.
Are pawns rates excessive?
No. To provide their service, all lenders must charge rates commensurate with the size and duration of the loan,
collateral, risk and recourse. Pawn transactions are most often short term loans with no hidden charges. The fee of
the loan is often less than one might leave a waiter/waitress for similar cost of lunch or dinner.
diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, and much more.
returned to them. Best Pawn Shoppe offers extensions/renewals on all pawns.
Why would someone go to a pawnbroker to get a loan?
Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need
can be met with no credit check or legal consequences if the loan is not repaid. Pawnbroking imposes a discipline on
the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.
Best Pawn Shoppe will loan money on anything of value.
How much should I expect for a loan on my item?
Loan amounts vary according to the value of the item. There is no minimum dollar amount allowed on a pawn
transaction. Your loan amount will be determined according to other factors as well such as demand and condition of
the item. Best Pawn Shoppe offers top dollar loans.
How do you determine the value of the item?
Pawn shops base the value of the item on current appraised value, its current condition and the ability to sell the item.
Pawnbrokers use research tools that they have at their disposal to determine an item’s value and get you the most
money for the item. The appraisal process varies depending on the type of item—for example, jewelry is evaluated
differently than a DVD player. All items that pawn shops buy or pawn are tested to ensure that it works properly. Best
Pawn Shoppe will help meet your financial needs.
How can I be sure the merchandise I purchase at a pawn store isn't stolen?
Less than half of one percent of all pawned merchandise is identified as stolen goods. That’s because customers
must provide positive identification and a complete description of the merchandise. This information is then regularly
transmitted to law enforcement, which dramatically decreases the likelihood that a thief would bring stolen
merchandise to a pawn store. Best Pawn Shoppe holds everything they buy for a 30 day period for local and state law
enforcements to ensure it's not stolen.
Are pawnshops regulated?
Yes, Pawnbrokers are governed by all of the major federal laws that apply to entities designed as financial institutions.
The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as
well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules.
Pawn shops that deal in firearms are regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
Pawn shops may also be Federal Firearms License holders. States have regulated the pawn industry for decades, and
pawnbrokers are licensed and regulated by local authorities as well. Best Pawn Shoppe has operated in Brevard
County for over 15 years.
Do pawn customers enjoy the same protections under federal law that customers of other financial institutions ?
No. Pawn transactions are the only type of consumer credit that requires reporting to local law enforcement agencies.
In many states such as Florida this reporting is required daily, and must include extremely sensitive personal
information about the consumer (i.e. ethnicity, gender, address). Much of this information qualifies as “non-public
personal information” under federal privacy law and is entitled to protection as such.
Do most pawn customers lose their merchandise?
On average, about 80 percent of all pawn loans are repaid. Repeat customers make up a majority of the business,
similar to any other lending or retail establishment. Pawnbrokers establish relationships with their customers
because they often borrow against the same items repeatedly. Pawnbrokers offer non-recourse loans, looking only to
the item being pledged to recover their investment if the borrower chooses not to repay the loan. Best Pawn Shoppe
makes every attempt to alert customers of past due tickets prior to placing for sale when their past due.
Are pawns rates excessive?
No. To provide their service, all lenders must charge rates commensurate with the size and duration of the loan,
collateral, risk and recourse. Pawn transactions are most often short term loans with no hidden charges. The fee of
the loan is often less than one might leave a waiter/waitress for similar cost of lunch or dinner.
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