Network News

X My Profile
View More Activity
About Small Change  |  RSS Feeds RSS Feed  |  On Twitter Ylan  Nancy  |  Email: Ylan  Nancy

Need Some Cash? Is a Pawnshop the Answer for You?

Nancy Trejos

I came across an interesting article on pawnshops today. CreditCards.com examined whether or not pawnshops are a good way for people to make some money in this economy.

Pawnshops grant short-term loans using your personal property as collateral with no risk or effect on your credit, even if you default on the loan, the article reports. Once you repay the loan and a loan fee, your property is returned to you.

The article offers some interesting data from the National Pawnbrokers Association: The average pawn customer is 36 years old, has a household income of $29,000 and comes from a variety of ethnic backgrounds. The NPA also estimates that 80 percent of pawn customers are employed, 82 percent have a high school diploma or a GED, and 33 percent are homeowners.

Critics, however, complain that pawnbrokers target people who have had bad financial breaks and offer them very little for their items.

Take a look at the story and let us know what you think.

By Nancy Trejos  |  July 1, 2009; 12:02 PM ET
Categories:  Consumer News , Nancy Trejos  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Got Laid Off? You Might Still Be Able to Keep that Fridge
Next: Vacation in Your Backyard

No comments have been posted to this entry.

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company