Marc
Makaha,#2Consumer Comment
Tue, October 11, 2005
My friend has a pawn shop, and he pays about 20% of estimated value, and resells at about what you stated. The money is made not on selling the goods, but by you coming back in and making your payment each month. Each shop tries to keep their regulars coming back and there is no point in "ripping you off." Think of it as a loan company that will still loan money to people that have a history of not paying their bills. Better to lose your daddy's watch than have a loan shark break your legs, right?
Mary
Middletown,#3Consumer Comment
Tue, October 11, 2005
Definition A small lender who lends money at a high interest rate and holds some of the borrower's personal goods as collateral, to be sold to the public (in a pawn shop) in the event of default.