Posts Tagged ‘pawnshop’

Thedford Starts New Pawn Shop Chain

Monday, July 26th, 2010

From Orlando Dot Bizjournals Dot Com

Friday, July 23, 2010
Thedford starts new pawn shop chain, plans 20 stores by year-end
Orlando Business Journal

- by Anjali Fluker

John Thedford is giving the pawn business another try — but this time he wants a different end ­result.

Thedford, who in 1994 established the Value Pawn & Jewelry chain in Central Florida, grew his business to 67 stores in Florida, Georgia and Tennessee with 700 employees and $120 million in 2007 revenue before selling the chain in 2008 to Austin, Texas-based publicly traded pawn giant EZCorp. for $115 million.

After the sale, Thedford was expected to become president of EZCorp, but opted out to create a new chain and write a book, Smart Moves Management. It will be published in October.

Last summer, Thedford’s new firm, Family Financial LLC, opened its first La Familia Casa de Empeno y Joyeria in Puerto Rico, expanding to two stores in February. This month, Thedford debuted his first Florida La Familia Pawn & Jewelry store in a 6,500-square-foot former Blockbuster Video shop on Curry Ford and Conway roads in ­Orlando.

Boom Times For Diamond District

Saturday, July 17th, 2010

From The Wall Street Journal Blog

By Michael Casey

July 16, 2010, 3:41 PM ET. Boom Times for Diamond District.

The world’s financial markets are living through a unique historical moment, one in which a deflationary present competes fiercely with fears of an inflationary future.

A weak economy and high gold prices create a perfect storm for pawn brokers. For proof, look no further than New York’s Diamond District on West 47th Street between Fifth and Sixth avenues. Here, deflation and inflation do battle on a daily basis, creating a new business opportunity for the jewelers who have plied their trade on that strip for the past 60 years.

Deflationary forces lie in the push factors that send a steady flow of people there to convert their gold-based valuables into cash, either through collateralized loans or outright sales. They are the victims of a moribund economy whose modest recovery from last year’s recession is failing to produce jobs or small business revenue growth.

Yet there’s also inflation at work. It’s there in the pull factors driving this business. Both the buyers and sellers on the street know that gold prices are near record highs around $1,200 a troy ounce and are seeking to exploit that. Gold’s gains reflect the broader concern that indebted governments will be forced to devalue their fiat currencies and create monetary inflation.

“It’s usually one or the other that drives this business. Either the economy has come down and people need money, or the gold value has gone up. But in this case it’s both,” said Roni Rubinov, who runs both a pawn broker and jewelry-buying business out of side-by-side offices on W. 47th Street.

He says the flow into his pawn business has, if anything, increased since the 2008 crisis. It’s a trend that reflects the persistence of deflationary pressures in an economy with 9.5% unemployment. Just look at Friday’s data releases: the U.S. consumer price index down 0.1% in June, average weekly earnings down 0.2% in the same month, consumer sentiment down almost 10 points in July.

The flow of pawn customers has increased because the depletion of people’s cash holdings has been “a gradual process” since the crisis, Rubinov said. “It’s not a sudden assault as if someone robbed them…it’s that the well is slowly drying up.”

“The way I’m hearing it, the banks are holding off on personal loans. I guess the public doesn’t have anything else to fall back on,” Rubinov said. He found a moment to talk during a brief break in the stream of clients coming up the stairs, each escorted by a scout from the street carrying flyers that say “We Buy Gold, Diamonds, Watches & Jewelry.”

His analysis of banks is spot on. The Federal Reserve’s latest monthly consumer credit data produced its 18th contraction out of the past 20 months.

Yet, inflation fears are equally powerful.

Yale Zoland, a third-generation jeweler two doors down from Rubinov, did virtually no gold trading until the price started to rise. Now it’s worth up to 15% of his revenue.

It’s a simpler, more commoditized business than the complicated diamond trade his family has traditionally handled. The customers come in and hand over their gold rings and necklaces to Zoland, who weighs them, verifies their carat stamp with acid tests and then offers the sellers a price a few percentage points below that day’s gold fixing. At the end of business, he sells the day’s intake to gold refiners, who melt it.

Given the current public mood, this trade seems unlikely to disappear soon.

It’s about the trust that was destroyed by the crisis, Rubinov said. “People are realizing now they need to have something tangible, not just a piece of paper.”

And yet it is paper — greenbacks, to be precise — that the people coming into his office most want.

Sheriff Appears in Tulsa Pawn Shop TV Spot

Wednesday, July 7th, 2010

From Tulsa World Dot Com

Ad man

by: World’s Editorial Writers
Wednesday, July 07, 2010

It’s inappropriate for a county sheriff — in uniform — to endorse a pawn shop and precious metals dealer in television advertising.

Rogers County Sheriff Scott Walton, who first got his face in the public’s eye by being a spokesman for the Tulsa Police Department, appears in TV spots for Tulsa Gold and Gems.

Walton says he has been a friend of the owners of the business for more than 20 years and isn’t paid for his appearance.

We’re glad he’s not doing ads for his enemies and that he isn’t taking money for the ads. That doesn’t make it any better.

He also says that even if he’s an elected law enforcement officer, he still has the right to express his opinion, which is certainly true.

But if he is only expressing his own opinion, why wear the uniform? Why not wear a business suit or a shirt with the logo of the pawn shop?

We suspect the uniform is part of the message, an attempt to give the business the implicit endorsement of law enforcement, which is why the ads are inappropriate.

When you get a badge and a gun and the authority to arrest people in the name of the state, you should recognize that your voice represents more than just your own opinion, especially when you are wearing your law enforcement uniform.

Walton’s appearance in the ads appears to be legal, which isn’t to say it is the right thing to do.

The final judges in the matter, of course, will be the voters of Rogers County. If they like seeing their sheriff shilling for a Tulsa pawn shop, then so be it. We suspect otherwise.

Copyright © 2010, World Publishing Co. All rights reserved

All Pawn Shop Transactions Will Cost a Dollar

Friday, July 2nd, 2010

From AZSTARNET Dot Com

NEW CITY FEE FOR PAWNSHOPS
All pawnshop transactions will cost a dollar
Brian J. Pedersen Arizona Daily Star | Posted: Friday, July 2, 2010

ALLISON MULLALLY / ARIZONA DAILY STAR

Sandro Sanchez, examines a pawn ticket at Gold & Silver Exchange, 4636 S. Sixth Ave., with shop owner Armin Cicala. Tucson’s updated pawn ordinance went into effect Thursday, adding a $1 fee for all transactions made at pawnshops and secondhand dealers as well as new licensing fees and reporting requirements.

The transaction fee is similar to ones other cities impose, said Sgt. Diana Lopez, a Tucson Police Department spokeswoman.

“Most other cities charge $2 or $3,” said Lopez, noting that TPD had originally asked for a $3 fee but later agreed to the lesser charge.

The fees are expected to offset about half the estimated $700,000 annual cost of TPD’s pawnshop enforcement effort.

Pawnshops are able to list up to three items on each transaction slip, Lopez said.

A local pawnbroker said the new fee will hurt cash-strapped pawn customers - who turn goods in for collateral on short-term loans - when they can least afford it.

“It impacts every transaction, and it’s going to be charged upfront … so if I loan you $20, you’re going to walk out the door with $19,” said Greg Geile, owner of local SuperPawn franchise shops and president of the Arizona Pawn Association.

Geile said the industry had offered to pay licensing fees as an alternative to transaction fees, to spread the costs out more fairly.

But the City Council adopted a recommendation by Tucson police that included both the new transaction charge and new license fee.

Other details of the ordinance:

• Any pawnshop or secondhand dealer that had 1,000 or more transactions in the previous year is required to pay an annual $1,000 occupational license tax, which is due each January.

• Dealers from outside the city must pay a $1,000 fee if they hold three or more shows during a year within Tucson city limits. For dealers holding one or two shows each year, the fee is $500.

• All pawnshops and secondhand dealers must electronically report transactions to TPD. Any item with a serial number or owner-applied number must be reported, regardless of value, while any transaction that exceeds $100 must be reported except for furniture, music and books.

The Police Department has compiled a list of frequently asked questions for businesses and the community. Go to the department’s website at tpdinternet.tucsonaz.gov/FAQ/ pawnfaq.html for more information.

Contact reporter Brian J. Pedersen at bjp@azstarnet.com or call 573-4224.

Pawn Shop Owner Hopes New Site Anchors Growth

Thursday, July 1st, 2010

From Springfield News Sun Dot Com

Pawn shop owner hopes new site anchors growth
By Elaine Morris Roberts, Staff Writer

SPRINGFIELD — A broken water pipe and the ensuing flood for one downtown business owner has now spawned ideas of greatness.

Sam Beloff, owner of Rose City Fine Jewelry and Loans, LLC, was forced out of the space his business occupied on the ground floor of the McAdams building — 37 E. High St. — after a pipe burst, flooding the basement of the building with what Beloff said was 14 feet, or about 800 metric tons, of water.

Beloff was lucky, though, in that there was no water in his store, but he was directly over the flood zone, which made staying impossible.

“High Street is on a slight grade, so the water was flowing away from us. We tried to hang on. We didn’t want to move the store — we had a great location on the downtown core block,” he said.

Moving the business is a project that will take Beloff and his two employees three to four months, he estimated.

“And we’re only two weeks into it,” he said.

The store is now located at 26 N. Fountain Ave.

The historic building Beloff decided on was originally constructed as a hotel with the lobby standing where his showroom, display cases and storage area now reside.

“The upper floors were the rooms and there was a bar in the basement,” he added.

Beloff is a third-generation pawn broker who grew up being a part of a downtown business. His grandfather, Max Beloff, opened Max’s Jewelers and Loan in 1933, which is now operated by Sam’s father, Larry.

Sam Beloff, who started in business with his father, sold his interest in Max’s a few years ago. He then teamed with friend and investor Glenn Altschuld Jr. to open Rose City in 2006.

When the flood forced him to start shopping locations, Beloff looked at two other spots outside the downtown, but realized he had to remain at the city’s core.

“But being such a proponent of the downtown, I felt I needed to stay…. I’ve always been an advocate for focusing on development that includes re-establishing what exists along side developing new and true leadership comes from acting on your beliefs,” said Beloff, a founding member of Center City Association.

The space Rose City now calls home is part of the only downtown block that has complete retail store frontage, Beloff said.

He’s now envisioning the block filled with boutique retail shops and eateries that will provide a reason for people to frequent the downtown.

“If we can make this block an anchor point, we could be known for something good again. It’s an investment of time and money, but we can create a pleasant place for people to shop and do business,” he said.

Beloff wants his individual business success, to be sure, but he’s working to help create a successful business arena for anyone who chooses to locate downtown.

“I want great success,” he said, “and to do that, it requires many businesses coming together…. The only way to achieve that success is to bring many into the fold, which will create more jobs and increase the tax base for the city.”

The Rod Steiger of 10th and Sansom

Thursday, June 17th, 2010

From: Jewish Exponent Dot Com

The Rod Steiger of 10th and Sansom?
June 17, 2010 - Michael Elkin, Arts & Entertainment Editor

Check.

Unusual chess move, perhaps, but de rigeur and the right move for anyone familiar with the 150-year-history of Carver W. Reed, the company that may just be king of the pawn shops in Center City.

The check? That’s the payoff — payment to customers for those items loaned out to the pawnbroker.

Somewhere, Rod Steiger is smiling — if not adding up the goods to be pawned.

“Oooh, Rod Steiger,” and Tod Gordon twists an imaginary knife in his heart.

He has heard it before, customers and friends citing the star of the film “The Pawnbroker,” the powerful 1964 drama about a Holocaust survivor who buries his heart and his memories in a shop he owns in East Harlem, where the symbolic three balls of the business weigh less heavily than the chains of anger that forever link Sol Nazerman (Steiger) to his concentration-camp past. “People expect to see a Rod Steiger,” Gordon mockingly grouses.

But instead, what they find is an avuncular and avidly friendly 55-year-old Jewish businessman — not with a brutal backstory, but a history of a nice, fourth-generation, family-run company, situated as it has been at the corner of 10th and Sansom for most of its existence, just a diamond’s drop from Jeweler’s Row.

Appropriate since, as Gordon relates, people pawn their jewelry here, the only items he accepts.

It is all a gem of a Father’s Day story, with Tod tied to it by his own grandfather, Harry, who purchased the business from Reed himself in the ’40s.

Now, customers are as likely to get buzzed in by Tod’s daughter, Rebecca, a recent college graduate with whom the paternally pleasant pawnbroker works side by side.

Seeking a seedy experience like those showcased in Hollywood scenarios of old? Try Netflix; what you get here, avows Gordon, is a business that fits in with the neighborhood.

“We look like a jewelry boutique,” he says.

Shop ’til they drop? As loans go out on the jewelry, Gordon is fast to state, most items on loan revert to their owners. Going for broke is not necessarily a forever state of being.

“Some 95 percent of the items we accept are reclaimed,” says Gordon.

What’s the Jewish claim on the business’ heritage?

“I’ve never thought of it” as a Jewish business, he muses.

But others have. Money-lending as a disreputable calling goes back centuries, with Shylock portrayed as a greedy merchant of venom by Shakespeare.

Indeed, in last year’s In Hock: Pawning in America From Independence Through the Great Depression, Wendy Wolosin wrote: “Works of popular culture had largely succeeded in creating a coherent, seemingly logical stereotype: the pawnbroker had become implicitly the Jewish pawnbroker — the Jew broker — and as Jews and pawnbrokers became increasingly stigmatized, the stereotypes reinforced each other.”

But stereotypes they were, and families like the Gordons have served as living, breathing antidotes to such fallacies.

“It’s not like someone says, ‘I want to be a pawnbroker’ for my career,” contends Gordon. “You learn from generations before you.”

And the Gordons have learned to make prospective customers comfortable. “At first, people can seem ill at ease coming in,” he concedes.

But it’s pull up to the counter and share a glass — well, diamonds, that is — or two.

“Later, they come back, calling out, ‘Tod!’” he kibitzes, in irreverent reference to the shout-outs to Norm on the TV series “Cheers.”

He adds: “Almost all my business is repeat business.”

And he repeats a mantra that is meaningful, especially to a businessman with excellent street cred — whether it be Sansom Street or elsewhere: “Everything we do is regulated” by laws meant to protect the customer.

A Family Affair
Gordon protects his legacy by having brought his daughter into the business. Her dual background in psychology and business in college helps quite a bit, both claim.

Stories about pawnbrokers can break the heart: Tales of customers in need of quick cash, losing cherished heirlooms forever.

“Customers have nine months to renew their contract,” explains Gordon, and even in cases where they don’t, he stresses that he’s not eager to cash in on someone else’s heartache.

“I’ve had items here for five to 10 years,” he claims.

No one has ever pawned the crown jewels, but there have been cases of extraordinary items. And while Rebecca affectionately kibitzes with her father, calling him the best of the best, he says that she is making the business even better, showing off her Internet and Web-design prowess and their new Facebook page.

Business face-offs with her father? No jewelers’ rows here; just understanding and communication with the man who gave her the best advice in life, she says: “He always told me, ‘Do what makes you happy.’ ”

And that, she says, is working with her dad: “It’s a blessing.”

“He’s always right — no matter how many times I try to prove him wrong,” she laughs.

If Tod’s ever had to wrestle with the direction his business has taken him, well, Gordon’s been trained for that as well: He founded and formerly owned and operated Extreme Championship Wrestling.

Appropriately, this man with a variety of interests was also a past president of the local Variety Club — giving back an important trait as he learned early on being raised in a Jewish home — as well as the State Pawnbrokers Association, dual facets of a fascinating career.

As another customer waits to be let in, Gordon concedes the special buzz he gets from life is from being dad to Rebecca and his two other children, noting that he was created for this role.

After all, he reveals of that special date in 1955, “I was born on Father’s Day.”

Broke, USA by Gary Rivlin

Monday, June 14th, 2010

Well written and painstakingly researched, the author does a wonderful job of exposing blatant corruption recently in some parts of the subprime lending industry. Rivlin does a masterful job at documenting events, people, and companies whose actions in part led to the current credit crisis and housing bust. A must read for any American wanting to know what really happened to their 401(k).

The author does show an unfortunate but understandable bias against any and all forms of short-term consumer credit offered to those who may be exempt from more mainstream transactions. This broad brush approach of condemning everyone offering credit to less fortunate Americans does a disservice to much-needed industries in the US. A vast majority of otherwise un-creditworthy consumers benefit greatly by some of these financial products.

I say this because I was a pawnbroker for 30 years and I now consult and offer business coaching within the pawn shop industry. My original reason for purchasing the book is because the pawnbroking industry is offered in the sub title of the book along with a very unattractive picture of a pawn shop, hopefully carefully chosen by the publisher and not the author, adorning the front of the book.

Funny thing is, the pawnbroking industry is barely even mentioned in the author’s book. It is possible Rivlin may have discovered in his research that pawn shop loans are a very worthy 3000-year-old form of credit that causes no one any harm and does not necessarily create debt. Maybe the author found out that pawnbroking transactions are not just about the working poor. Or maybe the choice of cover and subtitle were just a more iconic match to the title of the book rather than a picture of Wall Street financiers.

Pawn Shop Owner Protects Himself

Thursday, June 10th, 2010

From WLS AM Dot Com

Pawnshop owner protects himself with gun

A convicted felon was shot to death as he tried to rob a Northwest Side pawnshop Tuesday afternoon — the third incident involving a citizen shooting an assailant in the city in the past two weeks.

The man killed was identified as Michael McMillan, 24, of 309 N. Menard Ave., according to a spokesman for the Cook County Medical Examiner’s Office. McMillan was pronounced dead at Our Lady of the Resurrection Medical Center at 1:17 p.m., the spokesman said.

The slain suspect was convicted in 2006 of armed robbery and sentenced to boot camp, court records show.

Police sources said the owner of Fullerton Pawners Inc. shot the robber at about 1 p.m. inside the store. Two accomplices, one wearing a black backpack, ran away. One may have been wounded, sources said.

Police have recovered a revolver they believe the slain robber was wielding, sources said.

Joseph Barats, president of the store at 5900 W. Fullerton Ave., declined comment. On a YouTube video, Barats said the store is family-owned. He took over the business about five years ago, he says in the video.

“We have the nicest stuff,” he says. “We are like the real pawn stars. Every day something is happening here.”

Police were reviewing video of the incident, taken from a surveillance camera in the store, sources said.

Detectives also were interviewing witnesses Tuesday night to determine if any charges should be brought against the shooter — including charges involving the city’s handgun ban.

The U.S. Supreme Court is expected to rule this month on the constitutionality of Chicago’s longstanding ban. Already, members of the gun lobby have pointed to two earlier incidents as reasons to lift it.

On June 3, a 27-year-old South Austin man shot and wounded a man who jumped through the window of a home as he was running away from police officers during a drug bust. And on May 26, an 80-year-old Korean War veteran shot and killed a suspected burglar at his home in East Garfield Park. The veteran was robbed at gunpoint last year, his family said.

Neither resident was charged with violating the handgun ban. In both instances, the slain robbers were convicted felons.

–Sun-Times Media Wire, Chicago Sun-Times

A Family’s Heirloom, History Are Reclaimed

Sunday, May 30th, 2010

From Boston Dot Com

A family’s heirloom, history are reclaimed
By Kevin Cullen, Globe Columnist | May 30, 2010

As soon as his boys could walk, Francis “Fuzzy’’ Hector took them on airplanes at Air Force bases. He wanted them to stand inside the belly of a transport and get that rumbling feeling in their own bellies.

“Man,’’ Derek Hector was saying, “my brother Chris and I, we went to air bases all over the place when we were kids.’’

They called him Fuzzy because he was fast.

“My dad ran track for Boston English,’’ Derek Hector said, “and he could fly.’’

Then World War II broke out and Fuzzy Hector really did fly. He went to train in Alabama as one of the Tuskegee Airmen, a group of African-American warriors deemed good enough to be part of an elite Army Air Corps unit, but not good enough to be considered the equal of a white man. Fuzzy Hector was a gunner and a radio operator.

After the war, Fuzzy Hector came back to the South End and raised two boys with his wife, the lovely Edna. He went to college and worked as an account executive for a liquor distributor for 30 years. And he kept telling all the other Tuskegee Airmen he would see around Boston that they had to do something, that they couldn’t leave their history to somebody else.

So they formed a local chapter of the Tuskegee Airmen and they would go into the schools and talk to the kids, and they would get together, old soldiers, and tell war stories, and whenever a Tuskegee Airman would die, Fuzzy and the boys would be there, at attention, snapping a final salute to a Lonely Eagle.

Fuzzy and Edna were married for 50 years when he died in 1998. Tuskegee Airmen, old black men in gray slacks, blue blazers, and ties the bright red color of their airplane tales, lined Charles Street AME Church and saluted Fuzzy Hector one last time.

“When my dad died, Chris really was the one who had to take care of things, take care of my mom, look after my dad’s affairs,’’ said Derek Hector, who had moved West in 1992, eventually to Chicago, where he worked as a tailor.

Chris Hector had to take care of himself, too, and that wasn’t easy after Vietnam. He had joined the Air Force, because of and in tribute to his father.

“The doctors said he was exposed to Agent Orange, and he had other problems,’’ Derek Hector said. “When he got out of the service, he had health problems the rest of his life.’’

Chris Hector got a job in the post office and that’s where he was working when Mike Goldstein first met him. Goldstein runs Empire Loan in the South End, and Chris Hector would come in to pawn jewelry.

One day, after his dad died, Chris Hector walked in and said he wanted to pawn his father’s Tuskegee Airmen ring, a heavy gold band with a blue stone.

“He told me about the history of it, about his father, about the Tuskegee Airmen,’’ Goldstein said. “I knew he was just borrowing against it, because in all the years I knew him he had never lost anything to foreclosure, and he certainly wasn’t going to lose his father’s ring. He pawned it dozens of times, over a six-year period, and he always paid back the loan and got the ring back.’’

Five years ago, Chris Hector stopped making payments on the last loan, for $150, that he took against the ring. In fact, he just stopped coming in.

He stopped coming in because he got sick and died. This took Goldstein months to find out. Goldstein was entitled to sell the ring or scrap it, but he couldn’t do it.

“I held that thing in my hand and it felt like history,’’ he said. “I just wanted to give it back to the family.’’

Goldstein put the ring in a safe and tried to find the family. He left a message with Edna Hector, but its significance didn’t register, and so the ring sat in a safe at the corner of Washington and East Berkeley streets for the last five years.

“It was one of those things, I just put it on the back burner and I figured I’d get to it some day, and the months passed and the years passed,’’ Mike Goldstein said.

Then one day he was reading Lena Horne’s obituary, and there was a story about how when Horne went overseas to sing during World War II, German POWs got better seats than African-American soldiers. Mike Goldstein thought of Fuzzy Hector’s ring again. He was sitting in his office and he looked at the calendar and saw Memorial Day was coming up and he knew he had to do something.

Mike Goldstein is a pawnbroker, not a detective, so he asked the people at his advertising agency, Mittcom, if they had any ideas. One of the supervisors, Alicia Pensarosa, started looking around and found Willie Shellman, president of the New England chapter of the Tuskegee Airmen. All she had to do was say the name Fuzzy.

A couple of days ago, Derek Hector went back to the South End for the first time in so many years he couldn’t remember.

“I remember it as Dover Street, not East Berkeley,’’ he said.

Then he walked into Empire Loan and Mike Goldstein handed him his father’s ring. He told Mike Goldstein he had given him a piece of his father back.

“This is the only thing of my dad’s that I have,’’ Derek Hector said.

Edna Hector is dying, and Derek Hector is back in town, taking care of her in her last days. Derek Hector put the ring in his pocket and went to see his mother.

“Mom,’’ he said, “I got dad’s ring back.’’

“That’s nice,’’ Edna Hector said. “You know, Chris has got to be more careful with your father’s things.’’

Pawnbrokers Continuing to Benefit from High Gold Prices

Thursday, May 27th, 2010

From Market Wire Dot Com

LONDON, UNITED KINGDOM–(Marketwire - May 27, 2010) - The recent surge in the price of gold has seen a huge increase in people choosing to take loans against or sell gold, rather than buy it. More people than ever before are now scrapping their gold items or achieving high loan amounts as gold values have rocketed in these uncertain economic conditions.

This is good news for pawnbrokers up and down the country, who are reaping the rewards of the constant supplies of gold provided to the international market. There has been a huge boom recently in people deciding to pawn gold, with many pawn shops appearing all over the country as a result. These increased prices mean pawnbrokers are able to offer customers much bigger loan values than previously as items are worth more providing greater security against the loans.

A spokesperson for Borro the UK’s first online pawnbroker says: ‘The increase in the price of gold came at a time when people were struggling to get a loan from banks, who were making it even more difficult to obtain finance and redundancies were rife up and down the country.

‘But as well as providing a way of getting from one month to the next, pawnbroking has also made people realise that they can afford luxuries through releasing extra cash from increasingly valuable items.’

Another factor which is likely to be attracting new customers to pawnbrokers, is the fact that credit ratings will not be affected if they cannot pay back a loan, as it would be by high street banks. Pawnbrokers traditionally sell off items if customers can not afford to pay back the capital and the interest, but credit ratings stay unaffected. So in that respect it is a low risk solution for many and with the incredible value of gold right now, this looks set to remain unchanged.

Headquartered in Oxford with offices in London, Borro.com was the UK’s first online pawn shop, changing the face of pawn broking by offering consumers a discreet, safe and hassle-free way to borrow money against their personal valuables.

 

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Copyright © 2009 - Stephen Krupnik - All Rights Reserved
Pawnonomics by Stephen Krupnik tells the infamous history of the pawn broking industry and shines a bright light into
its darkest corners, while also pointing out some pinnacles along the way.