As our nation’s economy has been declining and struggling to recover for almost a decade, the time has changed in the finance industry. For many Americans, payday lending and other short-term financing services are now mainstream finance options. Given the predatory practices and excessive interest rates, new sources of funding are beginning to become the trend-including pawn brokers. It’s now so common to pawn personal items for quick cash that reality shows like Hardcore Pawn and Pawn Stars, and even documentaries like Broke. The Documentary appears as a slice of reality evidence that America’s economy can grow in the 21st century. All pawn brokers, however, aren’t ruthless capitalists preying on the poor, and not all pawn shops are created equal.If you wish to learn more about this, visit Conyers Cash Loan
Combating the image of shady dealers and miserably loans associated with local pawn brokers, online pawn shops are seeking to attract upscale clientele that have hit hard times. Offering larger loans (up to $1 million) and electronic purchase flexibility, online pawn shops are seeking to change the reputation of pawn trading to deliver short-term lending to a consumer capable of repaying or at least reselling valuables for significant income. In an attempt to appeal to a middle-class audience that is relatively new to the need for these short-term financing options, the best in the industry has created a new look and feel of pawn brokerage that could transform the potential identity of brick-and-mortar pawn shops.
Pawngo, a company that targets the wealthy (or once wealthy) who are experiencing financial hardship and have luxury items to use as collateral for short-term loans, is the leader of the pack in the online pawn brokerage sector. From Louis Vuitton bags to Cartier watches to Picasso paintings, valuable personal assets are pinned over the internet, enabling patrons who may be reluctant to visit local pawn shops to get the cash they need with the discretion they want. Typical Pawngo loans average around $1,700, 17 times the average of $100 for the pawn-industry. (1) The major advantage of using short-term lending electronic pawn shops is that pawn brokers do not submit to credit bureaus. If you default on your credit, you’re simply losing your collateral. So, credit rating-protecting borrowers can use this funding option to achieve their goals without fear of digging deeper into financial ruin.