There are many differnt options out there for consumers when it comes to finding a Pawnbroker to use. We are here to let you know that at Garden City Exchange we follow all state laws and report to many different Police Agencies on a daily basis. When it comes to Pawn Loans we follow state law to the letter. When you come to Garden City Pawn for a Loan you will deal with highly trained & licensed Pawnbrokers where we will charge only 3% per month and offer 90 days to redeem your loan which is exactly the State law in Michigan.
There are many Buy & Sell stores in the area that claim to be a Pawn Shop. Many of them are charging between 10-30% interest for a 30 day loan. Most of these stores are not Licensed as a Pawnbroker and should not be doing Pawn Loans. Always ask what interest rate the store is charging, if it is more then 3% per month then it is an illegal Pawn loan in the state of Michigan.
Here’s an overview of how a pawn loan works, and what to know before you agree to a pawn loan. While pawn shops differ in estimate and loan prices, pawn loans generally work the same way between shops:
Like any business, the reputation of pawn shops differs from shop to shop. Some are more professional and offer better loan prices than others. However, the highest loan price doesn’t necessarily make the best deal. Do your research before buying, selling or entering into any agreement with a pawn shop.
It’s a good sign when a shop is a member of the National Pawnbrokers Association. Do some research ahead of time, ask plenty of questions and make sure you agree to the appraisal estimate, loan price and terms and conditions of the loan before agreeing to the loan.
Garden City Exchange is a Licensed Pawnbroker in the State of Michigan & in the City of Garden City. Take a look
Check out this link to the National Pawn Broker Assoociation for a list of Federal Laws that regulate the Pawn industry