When people think about what services are truly essential to communities, many list things like grocery stores, public transportation, or schools. However, few realize that pawnshops should be included on the list. This is because pawn shops fill many essential roles in their local communities. In fact, when state and local governments enacted shelter-in-place policies to help slow down the spread of COVID-19, many pawnshops remained open because their local authorities recognize them as essential businesses. Keep reading to find out about just a few of the many vital services that your local pawn shop provides to your community.

Banking services for all

According to the Federal Reserve, over 55 million adult Americans either do not have a bank account or are underbanked, meaning that they must rely on things like payday advances and credit cards for their banking needs. Pawnshops fill that gap by providing things like loans and credit services for those who do not have access to traditional banks, all without credit checks, applications, or rejection processes. For millions of Americans, their local pawn shop is their economic lifeline. And, unlike payday advance stores, pawn shops are not predatory lenders and hold themselves to strict regulations.

Safe, fair loans

Like most other pawnshops, when members of Central Mega Pawn’s community find themselves furloughed, or otherwise without an income, they turn to us for fast, safe loans that get them the cash they need. We understand that our community is made up of good, hardworking people who find themselves in a financial pinch through no fault of their own. We are proud to offer fair, short-term loans to our neighbors.

An additional bonus of pawnshop loans is that customers cannot borrow an excessive amount of money. The loans are limited by the value of their item and have a short repayment period. This keeps our community members from getting into trouble. Compare this to predatory payday loans that force hardworking people to put all their future earnings at risk, or to credit cards, which are designed to get people to spend more than they mean to, thereby trapping people in a vicious cycle of interest and repayment that can last for decades.

Pawn shop loans are also a safe haven for people who have little, no, or bad credit. This is because a pawn shop loan does not involve a credit score in any way. There are never any credit checks for a pawn shop loan, and the loans never go on a person’s credit record. A damaged or low credit score can affect everything from housing to employment, so for those who are just starting out building up their credit history, or rebuilding their credit score, the freedom from worry about what a credit check can do to them can come as a great relief.

Making essential items available to all

Pawn shops should be your first stop when you want great prices on almost anything. In this challenging time, where people are struggling to adjust their work to provide for their families, it can be prohibitively expensive to buy essential tools and supplies to stay competitive and even entertainment.

Like many other pawn shops, the inventory at Central Mega Pawn is continuously changing, but we always have lots of items that our community members need and want. Such as:

  • Tools – workers of all stripes do not have to shell out for marked-up retail prices on tools they need to get the job done when they shop at their local pawn shop. We always have lots of hand tools and power tools to choose from, so that workers and homeowners can get back to doing what they do best.
  • Computers – work is increasingly going remote, and more and more people are looking for ways to make their living online. Instead of paying thousands of dollars to get started, people can visit us to get a laptop, computer, or other accessories at a fraction of retail price. Smart buyers who realize that they do not need the latest models can get all the equipment they need at their local pawn shop at an unbeatable price.
  • Entertainment – parents everywhere are struggling to keep their kids, and themselves, entertained during shelter-in-place orders. But, in this shaky economy facing an uncertain future, it can seem prohibitively expensive to upgrade televisions, speakers, DVD, or Blu-Ray players, to say nothing of video game consoles or video games. With their low prices on entertainment supplies, from televisions to video games of all kinds, pawn shops like Central Mega pawn make it easier to keep kids occupied and to enhance the home entertainment experience for the entire family.

An economical and safe place to buy and sell

When people choose to buy, sell, or pawn at their local pawn shop, they are choosing a much safer route than buying or selling online. People do not have to risk their safety by meeting strangers they only know through websites or person to person sales apps. When it comes to buying, customers at a pawn shop know that their pawnbrokers have done everything in their power to ensure that they are selling only legitimate items, which cannot be said about sales apps or websites.

Also, instead of paying for shipping and handling, and without having to haggle with buyers over the price, members of our community can walk into our safe, secure pawn shop, safely buy what they need, or pawn for an item for quick cash. At Central Mega Pawn, we pride ourselves on providing a safe and clean environment for all your needs.

As you can see, locally pawn shops like Central Mega Pawn provide necessary services to their community and have been doing so for hundreds of years. Central Mega Pawn is proud to be a part of the tradition that pawn shops have had in civilization. Visit us today to see how we can help you as a valued member of our community.