Treasure in your closet? Treasure in your jewelry? Treasure on your shelf? Many of us are looking for ways to get money since our discretionary income has all but disappeared.  Many of my friends are going to pawn shops to get a loan or extra money.  One thing I know for sure, not all pawn shops are created equal.  It is a good idea to do your research and find a good and reputable pawn shop and ask many questions.  Nothing good comes of blindly handing over your precious items when you are down on your luck, then to have it disappear without getting your money or item back.

Boca Raton’s own Lee Josephson from Boca Raton Pawn was recently quoted in Fox Business, “A lot of times people will ask about the interest rate, but forget about the fees”. Sometimes the fees are so hidden and so massive, that the customer could get “robbed” of their money before they have even walked out the door.  With that just being one of the many questions to ask.

Here are a few more to remember:

*How long have you been in business?
*Are you insured?
*What happens if the shop is robbed and my item is stolen?
*Do you require paper work?
*Where will my stuff be kept?
* Will I get notifications of when my bill is due?

Proper paper work and full knowledge of your state’s pawn shop  laws are a good way to make sure you are dealing with an honest shop.  For instance, In Florida, paw shops are required to make a copy of your driver’s license and take a thumb print to have on file for all of their customers.

Lastly, make sure you leave with all of your paperwork, including copies of the paperwork the shop manager made you sign for! Especially the receipt, because that could be one of the hidden fees they can (and some do)! charge for!

Remember, don’t just run out and pawn when desperate times are amongst, pawn SMART! Pawn iPhones, iPads or other Apple Products today!

Read more: http://www.foxbusiness.com/personal-finance/2011/07/22/pawn-shop-101-what-to-know-before-pawn/#ixzz1TX6KdehY