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Home   About   Membership   Resources   Government Affairs   Meetings & Events Aug. 30, 2011

Hard times prompts cash-strapped consumers
to turn to pawnshops

Chicago Sun-Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Some have come in with saddles. Others have brought in electric wheelchairs, and one man offered up a Camaro. All were in need of cash and turned to a pawnshop for a quick loan or easy sale. Job loss, high gasoline prices and long-term underemployment are driving more customers into pawnshops, and business is booming, say shop operators. They also credit the reality televisions shows "Pawn Stars" and "Hardcore Pawn" that have given many viewers a first-time look inside the pawnshop industry. More

9 business lessons from a pawnshop pro
BusinessNewsDaily    Share    Share on FacebookTwitterShare on LinkedinE-mail article
With nearly 30 percent of Americans possessing no checking accounts or credit resources, pawnshops like the Columbus, Ga.-based Money Mizer Pawn & Jewelry are increasingly becoming a primary resource for small loans. That, combined with the rising price of gold and silver, has made pawnshops as popular today as they've ever been. Money Mizer's CEO Robbie Whitten has learned a thing or two about dealing with customers in his 30 years in the pawn business. More

Detroit store that's star of 'Hardcore Pawn' will expand
into Pontiac, Mich.

Crain's Detroit Business    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Detroit pawnshop that stars in the truTV series "Hardcore Pawn" is expanding with a second store in Pontiac, Mich. The American Jewelry and Loan store is the result of the company's recent reality TV success, its owners said in a press release. More

Pawnshop demand up
KATV-TV    Share    Share on FacebookTwitterShare on LinkedinE-mail article
You've heard the saying desperate times call for desperate measures and as people continue to fall on hard times, more are turning to pawnshops for a few extra dollars to get by.

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Pawnshops see weird on the rise
UPI    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Pawnshop owners in Michigan say that tough times brings out stranger items that customers want to sell. "People are desperate," said Susie Ansara, owner of We Buy Everything, a store in Farmington Hills, Mich. As a sign of the times, Ansara said she has had customers offer to sell her the shoes they wear into the store. More

E! Entertainment special: 'Pawn 90210' premieres
Wednesday, Sept. 7

TV by the Numbers    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Money doesn't grow on trees ... not even in Beverly Hills, Calif.  Although it's the wealthiest zip code in America, some residents still need to liquidate. That's when they turn to just one person — Yossi Dina — the owner and proprietor of "The Dina Collection," otherwise known as the Taj Mahal of pawnshops. More

Record gold prices drive sales
The Miami Herald    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In more than 53 years of business, Louis Morningstar has never seen anything like the hundreds of people who have lined up during recent weeks in his downtown Hollywood, Fla., jewelry-and-pawnshop to sell their gold or use it to get loans. More

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Meet 'Hardcore Pawn's leading lady — Ashley Broad
Forbes    Share    Share on FacebookTwitterShare on LinkedinE-mail article
As Ashley Broad of "Hardcore Pawn" on truTV says, "If I can do it here, you can do it!" She's referring to surviving and thriving in a traditionally male-oriented business, and she should know More

DFC Global: Demand for payday loans boosts 4Q
The Associated Press via MSNBC    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The company formerly known as Dollar Financial Corp. posted a fiscal fourth-quarter profit that topped Wall Street expectations, citing growing demand for its payday loans and pawn services in a weak global economy. The company, which changed its name to DFC Global Corp., primarily serves people who don't have bank accounts, or can't get all their needs met by banks, and need access to fast cash. More

More people paying off pawned goods in Indonesia
The Jakarta Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
In the last few days before they close up for Idul Fitri holidays, some pawn businesses in Indonesia are witnessing a different trend in their transactions, as this year's annual surge in customers consists mostly of those reclaiming their goods. In the past, the drastic rise in the number of pawn customers ahead of Idul Fitri owed greatly to people's need for instant cash, forcing pawn centers to set aside hundreds of billions of rupiah to meet customers' demands for loans. More

Pawnshop owner says industry aims to help people
Martinsville Bulletin    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Hope Thompson said her Virginia pawnshop helps more good people than bad. Her clientele, she said, includes "professionals, retired people, dislocated workers ... people in a tight spot." More

Gold retreats after Bernanke's comments
The International Business Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Gold declined after the opening in the Asian session, cutting some of the gains recorded in the past session, after the Federal Reserve chairman, Ben S. Bernanke said that growth will improve in the second half, despite the downbeat gross domestic product figures that showed slowing pace of growth in the world's largest economy, recording the slowest pace since mid 2009. Tension and fears eased in the market, forcing some downside pressures on the shiny metal to trade lower as demand for safe havens slumped amid the slight wave of optimism. More

Cops in Chicago suburb see results from pawnshop tracking system
The Beacon-News via Chicago Sun-Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Police say an online system in Aurora, Ill., that tracks items turned in at secondhand shops has already helped police solve several theft cases. In July, a new ordinance took effect that requires all Aurora pawnshops, recycling centers and other second-hand businesses to upload information about items being brought in to LeadsOnline, a website that helps police look for stolen goods. More

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