Pawn Shops are Busier than Ever with Today’s Credit Crunch
It has been recently estimated by researchers that 1 in 5 Americans have recently reached out to pawn shops for a loan in the last twelve months. This has happened as banks are much less likely to provide loans to consumers with less than perfect credit scores. Throughout history, even as far back as the great recession, pawnbrokers have been there for families struggling to find their footing after a job loss, investment woes or family emergency.
When many think of pawn shops, the first thing that comes to mind is a corner shop with lots of junk in the windows and a strange fella behind the counter looking to make a quick buck. There are definitely some of those out there, but since the 1990s there has been an increase of high end pawn shops that carry top-quality jewelry, precious metals (gold, silver, platinum) and even luxury cars!
Both those in desperate need of pawn loans and those looking for high end items at a bargain prices are reaching out to select pawn shops.
The most common items to be pawned at leading pawn shops have been reported include luxury watches such as Rolex, diamonds, gold and silver jewelry, gold/silver coins and bars, high end antiques, cars and more. This is because many Americans had more flexibility with credit lines that enabled them to cover monthly expenses easily during slow months. Then once money flowed in they could pay off their debt and move forward. Even those with pretty decent credit scores saw their credit lines diminished.
In the case that you have found yourself in a similar bind, don’t let the stress get to you! You can take action by finding a reputable pawn shop and striking a deal. Pawn loans don’t require a credit check and aren’t reported on your credit report. You simply provide an item of value to a pawnbroker and agree to their terms of repayment. Your pawned item will be held as collateral until you are able to pay your pawn loan back. Or if you would rather sell an item, you may be able to get top dollar at a reputable pawn shop. The key is to find one that you trust, set your price and stay strong.
In the case that you are a bargain hunter, you will be thrilled to find amazing items at a high-end pawnshop near you. You never know what you will discover!