The old saying, “a friend in time of need is a true friend”, is certainly the occupation description of the community’s local pawnshop.
When a person is down, lost their job, behind on their house payment, and their credit cards charged up to their max, what bank will give you a loan?  What bank would even waste their time for you to complete the multi-page application for that loan?  What hope is there to be able to buy food for the family?  A pawnshop is the one place in the community you can always go and get the money regardless of the job, credit rating, or loan approval!  The pawnshop of your community is the helping hand in time of need.

How do I know this?  I have personally lived it!  Now only 17 years later, my entire life revolves around the close-knit pawn community as all my true friends are pawnbrokers and all I own is due to the helping hand of my town’s local pawnshop.

In 1992, I had lost my job due to one insurance company purchasing another and the new company’s staff replaced me.  The day prior I had purchased and paid cash for my new Cadillac.  Only 7 months later I was sitting in a parking lot applying for food stamps.  My house payment was behind, my credit cards were at their limit and my payments were behind.  I did not have a job, or any prospects for a job, and was unable to get a bank loan because of bad credit and jobless. 

I walked into my first pawnshop in Round Rock, Texas called Action Pawn and owned by Dale H.  I carried a large box of jewelry and asked the sweet lady behind the counter to loan me enough to make my house payment.  Her name was Melba L. and she could tell I was about to burst out in tears and said to me with such a sweet voice, “Honey how much do you need?”  I told her what my house payment was and she chose the pieces of jewelry that would enable her to make that loan. 



During my monthly visits to pay the “interest” on my loan, I overheard Melba on a cold, solicitation call from someone obviously wanting to sale Action Pawn health insurance.  After Melba hung up from the phone call, I shared with her that I had begun my own insurance agency.  I asked if she would allow me to provide her a quote on health insurance for Action.  Melba agreed to allow me to quote and I was able to put in 5 products for the price she was paying for only 1.  In addition I was able to insure all her employees instead of the 12 that was on the policy at that time. 

Shortly thereafter, Dale had a horrible wreck.  He was transported to an out-of-network hospital and was in the intensive care unit for almost a month.  As his insurance agent, I was able to get the insurance company to code his hospital claim as “in-network”.  I was  even able to get his cancer insurance company with an intensive care rider to send him a check for each of the days he was an intensive care patient!

While Dale was still recovering he sent word to Jim S., the TPBA Executive Director at that time, that he should discuss with me the possibility of my insurance company handling the Association’s health insurance.  To make a long story short, we talked and not only do I handle the Association’s health insurance but many pawnbrokers now have health insurance.  I also began handling the pawnshop’s commercial package policy as well. 

Jim S. retired and moved to Colorado.  I purchased his log cabin in a very remote area on the side of the Santa de Cristo Mountains at 9,000 ft. as my mountain retreat.  After only 17 years from my first pawn loan, my insurance agency has blossomed, my home & my cabin have no mortgage.  I was able to purchase a home for my handicapped son and it is also on the way to being paid off. 

Through all I have accomplished and earned to the employees that I am able to employ, this all generate taxes that keep the American economy running.  It all leads back full circle…to my first pawnshop visit where I made my first pawn loan. 

So, what is the pawnshop’s place in your community?  The pawnshop is the community!  The helping hand when you need it the most, giving the community the chance to grow!

Sharon A Cobb, LUTCF, RHU
Professional Texas Ins.
Pflugerville, TX 78691

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