Pawn shop services near me are a lot more than you think, especially if you’re a regular viewer of the hit reality series “Pawn Stars.” While pawning an item for cash is one of the most common uses of a pawn shop, not all transactions made there make the same financial sense from a consumer’s perspective.

A pawn shop operates as both a buyer and seller of goods, as well as a place to get a short-term loan with something you own as collateral. It is important to understand the terms of a pawn shop loan before you decide to take one out, as they often carry high interest rates and may require you to pay it back within a certain time frame or risk forfeiting your item.

Pawn Shop Services Near Me: What to Expect

Most pawn shops are licensed and regulated by the state, municipality or county in which they operate. They are required to report the value of the merchandise they acquire and sell on a daily basis, along with information about the borrower including name, address, phone number, gender and age. These reports are available to law enforcement and can be used to identify the owner of a lost or stolen item.

All you need to bring to a pawn shop is a government-issued ID and an item of value that a pawnbroker determines has value. You’ll leave with a pawn ticket that includes your personal information (which can be sold to a third party), the amount of money you received and the amount that is due back to the pawn shop when the item is redeemed.