When looking for a good pawn business you want to ensure that the one you do business with is insured and bonded pawn shop. You may be wondering what bonded and insured really means. Those terms mean that the business has a license to operate, has the proper insurance and has made payments to a company for protection by a bond, The insurance company will be responsible for covering any financial losses. There are many reasons why you only want to conduct business with a pawn shop that’s insured. If you are finding yourself in a financial crisis and need cash quickly you may have some items you don’t need but can bring in a little value to help you. Whatever your reason is for needing to sell a few items here are some of the primary reasons why insurance and bonding are important when it comes to pawning:
Protection Against Damage
When you do business with a pawn shop that is fully bonded and insured you also have protection against any damage that may happen to the items you pawned. When you bring an item in the last thing you want is for it to be damaged while in the hands of the pawn shop employees. However, as you know accidents do happen and when it comes to valuables like electronics, jewelry, and antiques one small accident can ruin a once expensive item. Most reputable shops do their best to avoid this happening but it’s always within the realm of possibility. So, if there is an accident an insured and bonded shop should be able to pay you for your damaged item.
Protection Against Theft
A lot of people use pawn shops as a quick and easy way to sell some items for cash. Another use is it as a place to get a temporary loan for cash they need. When you pawn an item of value the shop takes it as collateral that you will pay back the cash you own. When you pay back that money (plus interest) your item will be returned to you. Using a shop that is insured and bonded means they have insurance protection in the event that their business is robbed and your items stolen.
We’ve got you covered!
If you are looking to work with a reputable shop that is insured and bonded look no further than Diamond Jewelry & Loan. We are long-standing Los Angeles pawn shop that has been serving the people of LA since 1948. Over those 67 years, we have become some of the most experienced and knowledgeable shops in our area. We are one of the more experienced pawn shops in Los Angeles and one of the biggest gold buying business. We offer customers to sell or use their valuables for a convenient collateral loan. If you have items you wish to sell for a quick cash profit or need to get a loan on collateral, think of us.