Buying Items
A pawn broker makes loans on personal property left as collateral. The property can be redeemed when the loan plus interest is repaid. The pawn broker looks an item over carefully and determines how much money can be obtained for it. Then an offer is made to the customer. If the pawn broker determines that the item cannot be resold, an offer will not be made to buy the item. The pawn broker must be fairly sure an item can resell before he takes the risk of buying it.

Selling Items
The pawn broker does research and knows the details of each piece acquired for sale. There is generally a large variety of items for sale including electronics like  Ipods (MP3 players), brand new laptops, digital cameras, stereo equipment and systems, all manner of other home electronics, construction tools, brand new jewelry and much more. The pawn broker also will have the store set up in such a way that customers can easily find what they are looking for.

Issuing Loans
It is common practice for a pawn broker to issue loans and take items from the customer as collateral. The items must have a salable value equal to or larger than the loan that is being issued. The pawn shop will then set a rate of interest, which is generally between 5 percent and 8 percent and is regulated by state or local laws. If the customer doesn't pay back the loan on time, including the interest, the pawn broker can legally sell the item that was put up for collateral. If the customer pays back the loan on time, the item is returned to the customer. Loans can usually be renewed, but only if the interest for the original period has been paid.

Keeping Records
Many criminals steal jewelry and electronics, hoping to sell them to pawn brokers for cash. Because of this, pawn brokers keep accurate records of all items he buys or sells. Many states require pawn brokers to collect names, addresses and copies of licenses from the individuals who sell them items.

In the state of Washington, pawnbrokers are required by law to file with the local police a daily list of items that have been pledged. They must report and give a description of the object along with serial number and other points of identification. This gives our local police an opportunity to check these pledge items against any list of reported stolen items and makes it easy for them to track down thieves and recover stolen property.

Getting cash from Bellingham Pawn is quick & easy. We make a cash offer to buy, or we loan cash!