The Wall Street Journal Reports on Why Pawnshops Are Thriving
This week the Wall Street Journal shares that pawn shops are providing value to consumers throughout the United States. The report points to the fact that banks are failing consumers because of their unwillingness to lend to everyday men and women. The article states that “borrowers on the fringes of the financial system are gravitating to these companies because they offer short-term loans” instantly to help individuals and families get back on their feet.
Additionally, on Wall Street stock shares of nationwide pawn chains have jumped to record highs in recent weeks. Experts agree that it is possible that shares will continue to rise in the coming months and years. Additionally, it is expected that the number of pawnshops throughout the country will rise exponentially in the coming years.
Top Reasons for Gaining Pawn Loans
The article points out that people normally utilize pawn shops when they are short on rent, need extra funds to cover monthly expenses, and for unexpected emergencies. The reporter also reveals that pawn loans on electronics, jewelry, gold and other items are only beneficial when they are paid off in a timely manner.
Fees and Interest Rates
Because pawn loans are intended for short-term use, the reporter noted that pawn loan fees and interest rates can be quite high. The borrower is made aware of this when the loan agreement is drawn up. While rates can be quite high, the industry is becoming more and more competitive each day. This is why one should carefully choose Orange County pawnshops offering high quality service and affordable rates.
Selling Valuable to Pawn Shops
Not covered in the Wall Street article is the option to sell jewelry, gold, silver, diamonds, art pieces, antiques and electronics to high end pawn shops. This is another way to generate instant cash for financial emergencies. It is recommended that prior to selling a precious item to a pawnshop, one should take time to carefully research its worth and shop around for a pawnbroker with a powerful network of resellers.
To read the full Wall Street Journal article surrounding pawnshops go to: http://online.wsj.com/article/SB10001424052970203658804576639431624988572.html
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