Why Choose a Pawn Shop?
If you’ve recently been under a financial strain and needed some quick cash, but no bank would work with you on a loan, you may have considered visiting a pawn shop. Pawn shops have gotten very popular over the past decade, due to a slow economic recovery and an unstable economy. According to the NPA (National Pawnbrokers Association), 30% of all American households do not have any type of banking or savings account. There are a few reasons for this – here are some of the most common reasons for that:
- cannot get free checking when opening an account
- not enough money for opening a checking or savings account
- overdraft protection and other fees are too costly
- poor credit history or no credit at all
- they simply don’t trust any banks or financial institutions
Consequently, many individuals today have chosen different alternatives for obtaining the cash they need. One of which is a pawn shop. As the leading Detroit pawn shop, Motor City Pawn Brokers sees customers from all economic walks of life, every day. This includes celebrities, small business owners, sports figures, and even politicians. We provide individuals with a solution to their financial issues, without them having to sacrifice what is near and dear to them.
Four Locations to Serve You better
Most people who use a pawn shop, Detroit facilities, do not have banking relationships. We are proud to be a great source for providing them with quick cash, via a short-term loan, whenever they need it. As it currently stands, we are the largest Detroit pawn shop chain (growing to four locations) in the greater Detroit area, and have been serving the community for over 25 years.
In addition to our 3-month low interest loans, we also offer auto and collateral loans, as well as ‘pay you cash for your gold’. Our 3% loan interest rate is one of the lowest in the United States today. Furthermore, we have some exceptional values on high-quality, previously owned, items in our Detroit store; as well as our three other locations in Ferndale, Roseville, and Warren. No matter which one of the four locations you choose to visit, our associates will be happy to assist you.
We Abide By the Rules
It’s unfortunate, but the media has done their best to put pawn shops in Detroit into a negative light. Rest assured that Motor City Pawn Brokers (along with dozens of other stores) are not the scary place that the media wants you to believe they are. In fact, the main stream media has unjustly vilified pawn brokers and their stores in general. Consequently, individuals who have never visited one of these establishments may already have a dirty or seedy perception of them.
It may surprise you to learn that every Detroit pawn shop establishment has to adhere to twelve (12) different Federal laws, as well as a number of other local and state laws. Furthermore, they are normally owned and operated by individuals who believe in providing a superior level of customer service, and respect, to every person that walks through their doors.
Getting a Loan
At Motor City Pawn Brokers, we offer two different loan options – “auto” loans and “pawn” loans. We are the Detroit area leader where auto loans are concerned. Our process is quick and uncomplicated, plus, your loan can be processed in a matter of minutes. All that we require is that you have a clear title and that you bring your vehicle in for appraisal. In addition to autos, we also provide loans based on ATV’s, boats, commercial lawn equipment, motorcycles, RV’s, skip loaders, and snowmobiles.
Pawn loans, or collateral loans, as they are sometimes referred to, are approved on a 3-month renewable basis. And, can be secured with a wide range of personal assets (autos, electronics, firearms, jewelry, musical instruments, tools, and more). Here is how the loan process works:
- Bring whatever personal items you want into any one of our four (4) Motor City Pawn Brokers locations for us to appraise
- We negotiate a loan amount with you
- We will hold your merchandise for 90 days, at which time you have two choices:
1) Pay off your loan, including any interest, within that 90 day period and take your merchandise home with you – OR –
2) Renew the loan for another 90 days by paying the finance charge.
If you choose to do so, you can sell your items to us outright. Rest assured that the price we offer will be based on fair market appraisals, and will be evaluated by skilled and knowledgeable professionals. We understand that it is only during difficult times that you need to pawn your belongings, and we will help you get the best price.
For more information regarding our company, and how we compare with other pawn shops In Detroit, contact Motor City Pawn Brokers today. We’ll ensure that you get all the information that you need.