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Home   About   Membership   Resources   Government Affairs   Meetings & Events Sept. 9, 2011

Pawning Rolexes to make payroll
CNN Money    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Squeezed by tight credit and tempted by record high gold prices, small business owners are finding an alternative to the bank: the pawnshop. More than half of the customers at online pawnshop, Pawngo, are small business owners, said Todd Hills, CEO of the Denver-based company. Pawning is a relatively no muss, no fuss process, especially when compared to getting a bank loan. More

Pawnshop: 'Just another retail store'
Post-Tribune via Chicago Sun-Times    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Georgia Minko came into Loansum Pawn in St. John, Ind., with a plastic bag full of old gold jewelry. It was the first time she had ever set foot into a pawnshop. Spurred by the high price of the precious metal and television commercials promising cash for gold, regardless of the condition, the St. John resident thought she would find a local shop and give it a try. More

Secrets from a pawn star
Breakout    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The business model of the pawnshop dates back over 3,000 years and remains largely unchanged: A customer in need of some cash gets a loan from a merchant, using a personal possession as collateral. The pawnshop holds the property for a predetermined amount of time, charging interest on the loan. If the customer can pay his debt before the deadline, he gets his property back. If not, it's the pawnshop's to resell. The embodiment of the new era of the pawnshop is Rick Harrison, star of History Channel's monster hit "Pawn Stars" and author of the book "License to Pawn".

EZCorp backs off deal with Australian company because of planned new lending rules
Austin American-Statesman    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Austin, Texas-based payday lending and pawnshop chain EZCorp Inc. said it has killed a nearly $70 million deal to buy a controlling interest in an Australian payday lending company after the Australian government said it plans to limit fees on small credit contracts. More

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Missouri community pawnshops see an increase in business
since the tornado

KOAM-TV    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Pawnshops say they are seeing an increase in business since the tornado. The manager of Gold Digger Pawn Shop in Joplin, Mo., says residents have more frequently been pawning off items in need of money. More

Record gold prices have sellers emptying jewelry boxes
The Olympian    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. With gold hitting an all-time record of more than $1,900 an ounce recently, raiding the jewelry box has become a way for people to generate extra cash in these tough economic times. More

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New rules in effect for Alaska pawnbrokers
The Associated Press via The News Tribune    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Alaska department of commerce says consumers and small businesses will benefit from a new law requiring that pawnbrokers be licensed. The department says the licensing program, which took effect July 1, holds pawnshops to the same standard and says it gives consumers specified rights when patronizing pawnshops. More

Pawnshops seeing increase in business
WBBH-TV    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Whether down on your luck or just scouring for bargains, the pawnshop is the first stop for some. "Instead of spending $400, you can probably find something here for $200," said pawnshop customer Roberto Solis. He was at the in Fort Myers, Fla., pawnshop recently to pawn a grinder.

Hard times and record prices have Portlanders in Oregon mining their drawers for silver and gold
Willamette Week    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Renee Buckley and Sherri Dominic, a pair of self-described suburban housewives, shook down their jewelry boxes before coming to Silver Lining Jewelry and Loan in Portland, Ore. They spilled out their trinkets — including an old wedding ring from 40 years ago — before the owner. More

UK rich seeking pawnbrokers for cash
Money Market UK    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Pawnbrokers — once the ATM of last resort for the seriously poor — have seen a doubling in custom from rich clients in the United Kingdom since 2008. Driven by tighter lending criteria at the high street banks and the need to raise cash in a hurry, the rich are turning to pawnbrokers in unprecedented numbers, to unlock cash from high value items such as Rolex watches, luxury cars, yachts and works of art. More

Rising gold price fuels trade at Virginia pawnshops
Lynchburg News and Advance    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Barbara Hensley has been into Lynchburg Pawn Shop four times in the past two weeks to sell old gold jewelry. Leaving the Virginia store recently, Hensley said she had made about $1,000 in the four trips. "Unfortunately, I'm out of gold now," she said with a laugh. More

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