Who would have thought about this happening? As a young adult from the 90’s I have had my experience of at least one trip to a pawnshop. It was not an easy experience as there is a stigma for people going into a pawnshop. It tells other people of how low you have fallen that you had to dispose of your items in a pawn shop just to have some money. There are a number of reasons why a person would require the need of a pawn shop, but whenever you walk into one, you get those stares. Bad vibes aside, that is no longer the case now. The digital age has finally caught up with pawn shops and now, you can do transactions with them online!. How does it work?
The way it is handled, as I did test it myself and went through the motions, is that you fill out a form online. Then you select the item from a drop-down list and send them the details. Then the site will actually give you a quote online almost instantaneously. After that it is either you ship the item at no cost to the shop or they would have someone pick it up from you. Then you receive the Cash electronically, it is that simple!
The idea is catching on pretty quick because there is a high degree of anonymity involved. No one can give you the stare when you walk into a pawn shop anymore. It is relatively safe too, no safer than you walking to the pawn shop with jewelry in your pocket actually. Not only that this method will also save you from traffic and commute, you do not need to leave your house to be able to do business. Another advantage is that the pawnshop can actually offer higher appraisals on your items, as they also incur lower costs by operating this way – eliminating the need to pass on this cost to the customer.
This development in the area of pawnshops is indeed very profitable especially in developing countries where most people do not transact with banks. The income bracket is simply too low for them to do so. In this part of the world pawn shops are more of a life saver than banks, they are the go-to for loans for most of the people here. What I am happy about an online pawn shop is that aside from being convenient, the prospect of lower interest loans that actually can help you out of debt is within our hands at last.