A respectable and trustworthy pawn shop like Cash Express has laws by which they must abide, including keeping a record of personal information. That requirement makes perfect sense when you think about the services pawn shops provide.

• Collateral Loans: A person receives a loan based on the value of the item they bring in. There is a certain time within which the individual can pay the loan back, otherwise the shop can resell the item. The need for a paper trail here is pretty clear especially for people who cannot get a loan by other means. Collateral loans are often used for fast cash in emergency situations.

Tip: 

Avoid pawning anything things that have emotional sentiment. Should something happen and you cannot repay the loan, you will feel terrible about the choice.

• Buying and Selling: Having documentation (typically computerized) helps the owner keep track of their inventory and profits. The customer selling wants to know their item receives the best possible valuation. Likewise, a person buying wants to trust in the presented quality.

Types of Records Retained by Pawn Shop

1. ID: The clints must present valid identification like a driver’s licence.

2. Transactions: The pawn shop keeps records of items received and sold, the amount, date, and the client’s ID. All new items go into a national database monitored by police watching for specific descriptions of stolen goods. If there is a suspicion of criminal activity (like selling stolen goods), authorities may request transaction records for review directly from the shop. This allows them to identify the person who pawned the item, too.

Privacy

You will be happy to know that pawn shops like Cash Express in Philadelphia, PA, must comply with privacy regulations. Your personal information only comes into play when lawful or legitimate business purposes are involved.

Duration and Disposal

The length of time a shop keeps records depends on local and state regulations. 3-5 years is not unusual. When it comes time for disposal, the store must dispose of the materials in a confidential manner by deleting electronic archives and shredding any paper ledgers. This protects your personal information from being compromised or stolen. 

Reputation Matters

For a pawn shop to retain its reputation for superior service, people need to feel comfortable that their personal information is safe and storage is suitable for any associated laws. Additionally, there should be procedures in place for verifying value. Some storefronts offer on-site appraisal. Otherwise, computer data becomes the source for obtaining average worths. 

Cash Express is the premiere pawn broker in Philadelphia, PA, when you’re looking for quick cash, no credit check involved. We are always on the lookout for jewelry, watches, precious metals, and gemstones. Additionally, we have a storefront dedicated to antiques, Antiques by Ark.

Stop by for some proverbial window shopping so you can see our variety for yourself. You can  fill out our online contact form to find out if your property is something we’re looking for You can also email us at info@pawnphiladephia.com, or call our office at 215-922-1560