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Bankstown Pawn Shop: PawnBroking Myths Busted!

Credit banking has roots since ancient times, where the first Bankstown pawn shop appeared. Although they exist for more than a thousand years, pawn shops still have a bad reputation and negative acceptance from the people. It is time to break all the myths about the pawnbroking industry.

Myth #1 They charge a higher interest rate

No pawn shop can charge interest on its own. Maybe it was a practice in the past, but nowadays it has changed. Each country determines its own pawn broking rules and they are fully respected. Therefore, Australia has certain interest rates for pawnbroking.

Myth #2 They are visited mostly by poorer people

It is considered as the most appropriate method to get cash loans easily and quickly. This means it is favourable and demanded by all economic groups, not just the poorer. A wrong assumption is set because of the possibility of obtaining quick money without a special obligation. And that is important for those who are not so powerful financially.

Myth #3 They buy and sell stolen items

This is perhaps one of the biggest myths in the industry. When pawning, you are required to show personal identification documents. When selling valuable items, such as gold jewellery, the broker checks its authenticity. He checks the item's serial number with a stolen property tracking system. Bankstown pawn shop works together with NSW fair Trading organizations and helps to reduce the level of crime in this region.

Myth #4 They take items at a lower market value

Before heading to the broker, you need to know that he will probably not take the item at the price you paid in retail. This is especially true for gold jewellery, where its value changes every moment and it is calculated by the value at that moment. If you do not agree with the value offered by the broker, you can freely go to another.

Myth #5 People often lose their items to these shops

It is estimated that about 80% of the loans are repaid by people. It is obvious these pawn shops, like any other business, are inclined to have constant clients. So if someone is not able to repay the loan, the broker falls on line with additional services, such as extending the loan period.

Pawnbroking myths are busted! Hopefully, you are more open-minded now and you are willing to pawn your items at the broker.



Visit Bankstown pawn shop, which will evaluate your items and lend you the cash on the spot.
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Location: Revesby NSW 2212, Australia

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