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The unpredictable economics of pawn stores

You’re straight down on fortune, your funds are running low, and you’re in serious need of the few hundred dollars in cash — ASAP. The financial institution won’t allow you to, together with cash advance spot wishes a 400% yearly interest.

You’re straight straight down on fortune, your funds are operating low, and you’re in dire need of some hundred dollars in cash — ASAP. The financial institution won’t allow you to, together with cash advance place wishes a 400% yearly rate of interest. All that you’ve got kept may be the gold pocket watch your great-uncle Chester offered you.

Where do you turn? You visit the pawn store.

On a yearly basis, some 30m People in the us frequent the country’s 11.8k pawn stores into the hopes of securing that loan in return for security.

As you pawn store owner tells The Hustle, “everything which can be pawned is supposed to be pawned:” Wedding rings, shotguns, classic horse saddles, prosthetic limbs, and any device imaginable that is electronic. Collectively, the loans, acquisitions, and product product sales pawn stores make on these little products soon add up to a $6B+ industry that is per-year. Okumaya devam et