News

Ever Wonder How Pawn Shops are Regulated? We’ll Tell You.

June 19, 2012  |  by SuffolkPawn  |  in News, Pawn ShopNo Comments

Pawn shops are strictly regulated by a number of federal, state, and local laws and standards.

On a federal level, pawn shops are regulated by the Federal Trade Commission, the Bureau of Alcohol, Tobacco, Firearms, and Explosives, and the Treasury Department.

They must comply with the following federal laws:

  •  The Truth & Lending Act
  • The Equal Credit Opportunity Act
  • The Fair Credit Reporting Act
  • The Patriot Act
  • and FTC rules on marketing and data privacy and security

Pawn shops must also follow state and local laws and ordinances, as well as have a business license.

A vast majority of well-respected pawnbrokers belong to the National Pawnbrokers Association, the industry’s primary trade association.

As a member of NPA, a pawnbroker must adhere to a list of industry best practices, which include:

  • Maintaining reputable stores, employing professional staff, and keeping stores updated and clean.
  • Conducting business transactions with integrity, and offering good customer service and quality merchandise.
  • Promoting responsible borrowing, by encouraging customers to repay their pawn loans and reclaim the property they pledged as collateral. The average pawn loan is around $80 to $100, according to NPA.
  • Avoiding accepting stolen property. Members should avoid accepting stolen property by refusing any items that appear suspicious.
  • Working closely with law enforcement officials to help ensure the safety of their community while encouraging respect for the financial privacy rights of their customers.
  • Backing merchandise with a fair satisfaction guarantee program.

Suffolk Jewelers & Pawnbrokers is a licensed member of the NPA. We adhere strictly to the standards required of NPA members, including ensuring a safe and secure transaction every time.

5 Facts You Didn’t Know About the Pawn Shop Industry

June 11, 2012  |  by SuffolkPawn  |  in News, Pawn ShopNo Comments

1. The average collateral loan amount nationwide is $100, according to the National Pawnbrokers Association. This shows that collateral loaning is often used to help consumers obtain a small source of funding. Pawn shop customers tend to borrow only what they need, and often use the funds as a safety net in the case of a family or personal financial emergency.

2. Pawn customers repay their loans completely at a rate 80 percent nationwide. This means that their collateral on the loan is returned to them, and they were able t successfully use the loan to meet their financial needs.

3. There are more than 13,000 pawn stores in the United States. They are mostly small, privately-owned businesses. Many are family-run shops.

4. Pawn store customers are an average of 36 years old. There are more than 30 million total U.S. customers at pawn shops per year.

5. Collateral loans acquired at pawn shops do not require a credit check, and they never impact your credit. They are also often processed faster than traditional loans. They offer a unique form of credit that has proven valuable in the economic downturn, as banks have been less likely to lend.

Come visit Suffolk Jewelers & Pawnbrokers to discover why pawn shops and collateral loans are becoming increasingly popular.

Suffolk Jewelers & Pawnbrokers is a verified member of the National Pawnbrokers Association.

Father’s Day Ideas. Find the Perfect Gift at Suffolk Jewelers & Pawnbrokers.

June 1, 2012  |  by SuffolkPawn  |  in NewsNo Comments

Father’s Day is Sunday, June 17 this year. Find the perfect gift at Suffolk Jewelers & Pawnbrokers, Massachusetts’ oldest pawn shop. Suffolk carries a wide variety of items Dad would love, including cameras, amps, guitars, designer watches, power tools, and gold rings and other jewelry.

And to couple with the perfect Father’s Day gift, plan an activity for the big day. Does your leading man want to do something athletic, enjoy the outdoors, or go out for a nice meal? Whatever his ideal activity, Boston has a variety of thing to do.

Top 10 Father’s Day Ideas

1. Schedule him a tee time sometime during Father’s Day weekend. Or play mini golf with the whole family.

2. Book him a sports massage or men’s facial at a spa.

3. Book a lunch cruise on the Spirit of Boston.

4. Visit the Sam Adams brewery or other local brewery and take a scheduled tour.

5. Take the ferry to Spectacle Island and relax on the shore or visit shops on the island.

6. Rent kayaks or canoes and get on the Charles River. Pack a picnic lunch and stop along the way.

7. Make a reservation at a new restaurant, or at his favorite steakhouse.

8. Rent bikes and go on a group bike ride. Schedule stops at food shacks or a brewery.

9. Check local music listings to find outdoor concerts the weekend of June 15 to 17.

10. Go hiking on a local trail, or go overnight camping at a campground.

Let us know if you have other suggestions for Father’s Day Ideas.
While making your plans for Father’s Day, be sure to visit our store to get a unique gift at an affordable price. We are located on Washington Street in the historic South End district. See our exact location here.

U.S. Pawn Shops Economically Resilient and Becoming More Mainstream, Study Says

May 28, 2012  |  by SuffolkPawn  |  in News, Pawn Loans, Pawn ShopNo Comments

U.S. pawn shops remained resilient throughout the recession and are becoming more mainstream, according to a new report from an independent market research firm.

The pawn industry was worth $14.5 billion in the United States last year, and the total number of U.S. pawn shops is more than 11,000 and growing, according to “U.S. Pawn Shops: An Industry Analysis.” The research firm Marketdata Enterprises released the report May 22.

Revenues in the U.S. pawn industry are forecast to grow 7.2 percent, to $15.57 billion, in 2012 and continue growing at a 6.3 percent average annual pace to $19.88 billion by 2016.

The pawn business is unique in that it is not dominated by large national chains, but consists of a large number of small, mom-and-pop run local stores, according to the study.

The surge in popularity of pawn shops is largely due to their ability to provide collateral loans for small amounts of money. Banks and other financial institutions are often not willing to provide these types of loans, especially in an era of tight credit. Also, collateral loans at pawn shops are processed quicker than most bank loans and do not impact a customer’s credit.

The average pawn loan in 2009 was $100 nationwide, up from $80 in 2008, according to the study.

Come see why collateral loans are becoming increasingly more popular. Visit our store on Washington Street today.

Suffolk Jewelers & Pawnbrokers is the oldest pawnshop in Massachusetts, and the largest store of its kind in New England.

Want to invest in something besides Facebook? Invest in a watch or piece of jewelry.

May 23, 2012  |  by SuffolkPawn  |  in News, Pre-owned and Estate JeweleryNo Comments

Facebook sold 82 million shares in the first 30 seconds of trading Friday. And trading volume exceeded 100 million shares after four minutes. Facebook priced its shares at $38 each, which values the company at $104 billion.

The initial public offering is historic. It’s the largest IPO in Nasdaq history and the second-largest IPO ever, trailing only Visa.

Facebook founder Mark Zuckerberg is currently estimated to be worth $21.2 billion. Zuckerberg rang the trading bell on Friday to open trading from company headquarters in Menlo Park, Calif.
Want to invest in something outside of the stock market? Check out our store to invest in a classic watch or piece of jewelry. We have Rolex watches, diamond stud earrings, tennis bracelets, and other classic pieces. Visit our location on Washington Street today.

Shopping for something for Mom this weekend? Forgo flowers for something more lasting.

May 9, 2012  |  by SuffolkPawn  |  in News, Pre-owned and Estate JeweleryNo Comments

Suffolk Jewelers & Pawnbrokers has a wide selection of vintage jewelry, including diamond stud earrings, solitaire rings, tennis bracelets. We also have designer watches including Rolex and Cartier luxury brands.

Find out why local customers consistently return to us for their jewelry and other gift needs, and why one customer calls us a “best kept secret” (Yelp.com). We have a longstanding reputation for selling exceptional jewelry, and shopping with us is a great way to get a better quality and more unique piece for a lower price.

Mom always taught you to find a deal, so come discover our value prices for stunning jewelry. We are located along Boston’s historic Washington Street, and metered parking is available out front.

Mother’s Day is on Sunday, May 13.

What is Estate Jewelry?

May 5, 2012  |  by SuffolkPawn  |  in News, Pre-owned and Estate JeweleryNo Comments

Estate jewelry simply means jewelry that has had a previous owner, not necessarily that it is part of an estate sale. Estate jewelry just means pre-owned jewelry.

You likely have estate jewelry around your house that you may not wear again. Estate jewelry is often a great source of untapped funds. American consumers are increasingly becoming aware of this, especially in the current economic downturn. Consumers are finding that estate jewelry can be used as the basis for a collateral loan – a loan that is fairly easy to obtain and does not affect your credit. Estate jewelry can also be sold if you are interested in immediate funds without a loan payback.

You can consider the following types of estate jewelry to sell of put up for a loan: engagement rings, wedding bands, necklaces, mens rings, charm bracelets, pendants, brooches, cufflinks, pins, watches, designer pieces, and other items.

Come in to Suffolk Jewelers & Pawnbrokers today for a private visit with our professional staff. Our expertly trained staff will assess your estate jewelry for a sale or a collateral loan.

You can shop estate jewelry with us as well. Shopping for estate jewelry can lead you to find a gorgeous vintage diamond engagement ring, an Art Deco cocktail ring, or a bold, vintage watch.

Discover the potential of estate jewelry today.

Dressing up for a night on the town? Suffolk Has a Great Selection of Estate, Vintage, and Antique Jewelry

May 1, 2012  |  by SuffolkPawn  |  in News, Pre-owned and Estate JeweleryNo Comments

Going out for a big night this spring? Check our large selection of estate jewelry, including Tiffany and Cartier pieces, large cocktail rings, and antique charm bracelets. Complete your outfit with a perfect accent for your night on the town.

Looking for a perfect birthday or anniversary gift? We carry diamond stud earrings, long necklaces, and sparkling tennis bracelets.

We also carry diamond engagement rings, wedding bands, loose diamonds, as well as luxury watches and antique brooches.

Suffolk Jewelers & Pawnbrokers offers unique pieces from a variety of decades and eras. We also carry older, vintage pieces, some inspired by classic Hollywood style. Our selection features styles from various distinctive eras, including the Georgian, Early, Mid, and Late Victorian, Art Nouveau, Edwardian, Art Deco and Retro periods.

And be sure to check out our contemporary pieces, which include beautiful bracelets and cuff links.

All of our jewelry is expertly cleaned and professionally appraised. It is authentic and affordable.

Suffolk Jewelers & Pawnbrokers has been selling unique, vintage jewelry to Bostonians for more than 100 years. Come in today to find out why our customers keep coming back.

Click here store hours and directions.

Oldest Pawn Shop in Boston Celebrates 100 Years in Business

April 27, 2012  |  by SuffolkPawn  |  in NewsNo Comments

Suffolk Jewelers & Pawnbrokers is celebrating its 100th birthday this year. The pawn shop has anchored Boston’s historic South End district since its opening in the early 20th century.

Suffolk Jewelers & Pawnbrokers opened at the corner of Washington Street and Newcomb Street in Boston in 1910. It is the oldest pawn shop in Boston as well as in the Commonwealth of Massachusetts, and the largest store of its kind in New England.

Suffolk Jewelers & Pawnbrokers is located along the thriving commercial and residential strip of Washington Street. The South End district grew into a thriving commercial district throughout the late 18th and early 19th century because of quick access to the city’s railways and ports. The South End is the largest intact Victorian row house district in the country, with distinctive architecture covering more than 300 acres. The neighborhood was listed on the National Register of Historic Places in 1973, and the South End was designated a Landmark District and Protection Area in the city of Boston 10 years later, in 1983.

The business was originally named Suffolk Loan Company, and changed its name to Suffolk Jewelers & Pawnbrokers in 1986.

Suffolk has been a mainstay of Boston’s South End since its opening. The store has served customers through two World Wars and the Great Depression, as well as during the neighborhood’s many transitions, including the economic downturn of the 1960s and 1970s, the removal of the famous elevated train tracks along Washington Street in 1987, and the neighborhood’s recent resurgence as a popular restaurant and shopping district.

Throughout the transitions, Suffolk has remained an anchor on Washington Street. Generations of families have continued to return the store, drawn by its reputation and support of the community. The store is well-known by locals, who return year after year because of Suffolk’s friendly salespeople and dedicated staff.

Suffolk Jewelers & Pawnbrokers has a beautiful collection of engagement rings, wedding bands, and other fine estate and pre-owned jewelry. It also sells unique antique and vintage items. Suffolk also offers collateral loans, with fast transactions and personal service. Suffolk is renowned for its quality, which is part of the secret of its success to remaining in business for a century.

“We are extremely proud to have been in business for 100 years,” said Ed Bean. “We have enjoyed being part of this community and look forward to many more years of serving this area.”

Suffolk provides funding and other support to the local summer basketball league, several area churches, and numerous nonprofit organizations. It also employs staff who are local and dedicated to the community.

The Red Sox Home Opener is Today at Fenway. Come Visit Us Between Games This Weekend.

April 13, 2012  |  by SuffolkPawn  |  in NewsNo Comments

. Josh Beckett will take the mound for Boston as it plays the first of 81 games at Fenway Park this season.

It is the fifth time has pitched at the Fenway opener in his seven seasons with the Red Sox. The right-hander helped contribute to wins at Fenway openers in 2006, 2007, and 2009.

He is working to rebuild the trust of the fans after being pegged for clubhouse misconduct last season and starting out the 2012 season with shaky performance.

“I can’t control that,’’ Beckett said. “I’m really not trying to control that. I just have to go out there and make pitches. We have to deal with whatever is thrown our way. I’m going to pitch well for my teammates. If the fans don’t want me pitching, I’ve got to pitch well for my teammates.”

The Red Sox have opened this season with five losses in the first six games. Beckett gave up seven runs on seven hits in last Saturday’s loss against the Detroit Tigers, five of which were home runs.

“Any time you pitch [poorly], you look forward to your next one,” Beckett said. “I think it’s easier to sit back and relax a little more in between starts after a good one. For me, the extra day gets thrown in there this time with all the off-days. Yeah, I’m looking forward to getting out there. I’m just looking forward to getting to Boston, period.”

Boston manager Bobby Valentine said Beckett looked strong in the bullpen on Tuesday. “I look forward to him pitching again,” he said.

Looking for something to do this weekend in between games? Come check out collateral loan offerings and our wide variety of unique items at Suffolk Jewelers and Pawnbrokers. Store hours and location here.

  • NPA Member

    National Pawnbrokers Association Verified Member

  • Receive Offers

  • Store Hours

    Store Hours:
    M-F 8:45am – 6:00pm
    Sat 10:00am – 4:00pm
    (Closed Saturdays in June
    July & August)
    Sun Closed