If you’re interested in pawning or selling your old and unused items, you might be wondering if the local pawn shops keep a record of your personal information. The fact is, local pawn shops will keep your information on file for a period of time, and here at Sydney Pawn Shops, we’re quite familiar with all the reasons why. It’s not to be intrusive, but to help local police departments and prevent criminals from profiting off stolen goods.

How do pawn shops work?

Pawn shop owners often understand that the average person is likely to fall on hard times at some point in their life. Pawn shops offer customers several options to get fast cash for their old or unused items. People can either sell the goods outright or open up a pawn ticket for a pawn loan. Pawn shops are a second-hand dealer for old items that have value on the market. With a pawn loan, customers can get cash loaned to them at an interest rate that is much lower than say, a credit card or check cashing place.

Selling the goods outright gives customers an immediate cash infusion with no strings attached. The entire process is easy, straightforward, and quick. When someone gets a pawn loan though, they have the option of coming back for their goods within a certain period of time. Most people who enter the pawn shop and open a pawn loan have every intention of getting their items back, but sometimes, circumstances can prevent them from doing so. A pawn shop owner will base the loan on the assumption that the customer will not be coming back for their items.

While most items that go to the local pawn shop are not stolen goods, people have pawned an item that’s been stolen in the past. The reason why pawn shops require personal identification from customers is to help local police departments uncover stolen property and stop crime.

What personal information do pawn shops need?

A pawn shop will want to see an official ID of the person selling or pawning an item. The pawn shop will also take down the serial number of the item, and create a record that includes a description of the goods. Typically, pawn shops keep this information on-hand for anywhere from three to five years. The documents can be saved as hard copies and filed away in a secure location, or as electronic records that are protected.

The records are sent to a database that law enforcement can access when investigating crime related to stolen property. The pawn shop will not share the information with anyone but a law enforcement database. After the time period is up, they will destroy the records.

Do you have any old, unused items you’d like to sell for a quick cash infusion? Stop in at our secure Pawn Shop locacted in Sydney CBD. Speak to one of our Sydney pawnbrokers today by calling 1800 618 905.