Who Shops a Pawn Shop?

Monday, October 12, 2015 | 8:41 pm

When you think of pawn shops most people think of seedy people doing seedy deals in dimly lit back alleys. But these well-established businesses are not all they’re made out to be. Pawn shops are simply lending and retail institutions that can help people out in a pinch.

So who is a pawn customer? Customers of pawn shops are simply people who are looking for a good deal or need to take out a quick loan. According to The Consumer Federation of America, about 50% of households live paycheck to paycheck so all it takes is one medical bill or one unexpected car repair to fall behind. The average customer is 36 with a medium income of $29,000. 80% of customers are currently employed, but just need a little extra to get by.

Most banks do not make small timely loans such as $100 to cover an unexpected plumbing job or $50 for a new prescription. But pawn shops are available to help people through these unexpected expenses. According to www.pawnshopstoday.com, most payday loans are $150.00 which is mainly used to cover an expense not budgeted for. The pawnshop fee is generally cheaper than a payday loan, late fee or bounced check fee. It may be a viable option to protect your credit rating when you are in a tough spot.

Pawn shops provide a valuable service that can help people make ends meet as well as a discounted shopping experience for others. They are a great place to get high quality items such as electronics, jewelry and musical instruments. The rotating selection makes for an enjoyable and unique shopping experience, generally, you will find the items in good condition and at a much cheaper than retail price.

Crown City Loan and Jewelry is located at 65 E. Colorado Blvd., Pasadena. Call (626) 793-5404 or visit crowncityloan.com for more information.

 

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