Mike Montgomery is so dedicated to his business, MECS Pawn & Guns, that he and his wife Sheila Garrett live above their downtown Buchanan store.
“We love the small-town atmosphere here,” Mike says, “and it sure cuts down on any commuter time,” he jokes. He opened his Buchanan location in May 2020 after operating Rockbridge Pawn and Guns for four years, which he still owns.
Formerly a Lexington resident for most of his life, Montgomery says that many people don’t know what pawn shops do.
Pawn shops are places where you can sell your items for cash or put your items up as collateral for a loan. When you put an item up for collateral, you will get cash and the item will be used for securing the loan.
Popular items that pawn shops buy and sell include gold, platinum and silver jewelry, diamonds, high-end watches, computers and musical instruments.
You will have to pay back the amount of the loan with interest over a set period of time.
If you pay back the loan with interest during the agreed time, then you will receive your item back. If you don’t pay back the money you borrowed, then your item will be sold to the public for the recovery of the money.
You do not need to have a really expensive item to get a loan. However, if you need a lot of cash, then you will need an expensive item.
This is because your loan will be a percentage of what the item is worth. The percentage may differ depending on the pawn shop.
Pawn shops are regulated by local governments and need to be licensed by the state.
Examinations are often carried out to ensure that there is compliance with the laws that govern transactions, fees, duration of loans and the grace period offered.
If you need some cash, give Mike a call or go see him. For more information, see the ad below.
