April 2, 2008 11:46AM
Need Extra Cash? Hit The Pawn Shop
By Alexis Glick
Get this! The pawn shop business is booming! Forget going to the bank to get money to pay for your car loan or credit card. You can get a loan from a pawn shop in many cases for 30 days to cover your upcoming home heating or electric bill. All you have to do is bring in your personal items as collateral. Now it’s not cheap! Some pawn shops charge interest rates as high as 100% of the value of the loan. It depends on the state because rates are determined by the individual states.
This morning my colleague Eric Bolling visited a pawn shop in New Jersey and witnessed a customer pawn a Rolex watch as collateral on a loan. He shows us how to do it and why the business is so busy. We then talked to Thomas Bessant, chief financial officer of Cash America, a publicly traded pawn shop business. It’s an amazing story and the price of gold has made it an even more amazing.
Here’s the video
Comment by chuck harrison
Apr 2nd, 2008 at 12:47 pm
I can tell you that pawn shops are real big in downtown Vicksburg Ms. All u have to do is send a Fox video crew and see for yourself. But anyway I cruised one of the pawn shops when I was looking for a Kill Bill samurai sword. But I didn’t find one but u can find all sort of interesting things. I’m not surprised in these lean times that the pawn shops have blossomed.