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In tough times, do pawnshops do better or worse? Brooklyn Daily Eagle Share     For decades, pawnshops have provided short-term credit to people with limited options when hard times strike. Relative to other borrowing, pawning an item proves expensive. Now, in a sign that the recession is far from over, especially for the working class, these alternative lending sources are confronting financial problems of their own. … "Pawnbrokers tend to have long-term relationships with their clients," said Emmett Murphy, a spokesperson for the National Pawnbrokers Association. More
Pawnbroker campaigns for redemption The Wall Street Journal Share
The last time Illinois voters got a good look at Scott Lee Cohen he was sitting in a bar, choking back tears. But if he has his way, Democratic leaders might be crying come November. Cohen withdrew as the Democratic nominee for lieutenant governor in a weepy February press conference at a local tavern. Party leaders had pressured him to quit following news reports of his messy divorce and 2005 arrest on charges of assaulting a former girlfriend, who had separately pleaded guilty to a prostitution charge. Now Cohen is running again, this time for governor as an independent. The millionaire pawnbroker who has never held public office is given little chance of winning, but analysts say his deep pockets make him a potential spoiler of Democrats' hopes. More Pawnshops: Lender of last resort Indiana Pawn Broker Share
 In today's tough times, if you need money and can't turn to a bank, one option is to turn to lenders of last resort — pawnshops. More
Unemployment rates rise in 14 states CNN Money Share
State unemployment took a negative turn in July, with more states posting rising jobless rates than in the previous month. A total of 18 states and the District of Columbia posted unemployment rate decreases in July, according to the Labor Department's monthly report on state unemployment. Jobless rates rose in 14 states and were unchanged in 18 states. More Gold thefts prompt police to monitor sellers The Associated Press via WTOP-FM Share
Law enforcement and local governments are scrambling to shut down a shadow industry that has grown up around the booming cash-for-gold business nationwide: thieves are snatching jewelry, then converting it into a quick payday at the shops. Thousands of shops have opened to take advantage of high gold prices and hard economic times, and police in some cities have noticed an uptick in burglaries and thefts. Concerned about a growing criminal trade, Milwaukee passed an ordinance this summer to help police spot stolen jewelry being sold before it was too late to recover. Other cities are rushing to take similar measures, finding that the usual methods for tracking stolen goods weren't coping with the modern day gold rush. More
Pawn power: EZCorp and Cash America istockAnalyst.com Share
Pawn loans may sound a bit risky, but they may actually be one of the safer types of loans for the lender, since such firms collect tangible collateral to hold against the loans. Based in Texas, Cash America operates in more than 1,000 locations in the U.S. and Mexico, providing secured non-recourse loans — pawn loans. It also offers short-term cash advances and check cashing services. The firm has a market cap of just under $1 billion. More Video stores to pawnshops The Oviedo-Winter Springs Voice Share
Royal blue and fluorescent yellow paint still edge the building at the corner of the strip mall. People mil in and out; some bringing along items to return, while others come looking for something new to take home. Inside, merchandise is stacked, sorted and sectioned throughout the orderly aisles and televisions still border the expansive room flickering scenes of yesterday's hit movies. At her side is a shop employee just waiting to make a suggestion, to her left — a display case of diamond rings, locket necklaces and brand-name watches; to her right — an aisle lined with buzz saws and power drills. More
Pawnshop ordinance passes in Kissimmee, Fla. WFTV-TV Share
The city of Kissimmee, Fla., passed a controversial new plan to limit the number of pawnshops, but some city leaders want to go even further. They're difficult to miss with bright colors and in-your-face signs; pawnshops can rule any strip mall or street corner they're near. "Some pawnshops, quite frankly, stand out like sore thumbs," Kissimmee City Commissioner Cheryl Grieb said. More Precious metals: Gold futures decline on stronger dollar Dow Jones via The Wall Street Journal (Free Subscription) Share
Gold futures slipped a bit amid pressure from a stronger dollar, but the metal didn't stray far from its seven-week high as uncertainty about the global economic recovery remained on investors' minds. The recent decline reversed gold's upward trend from the rest of the week, when the metal moved higher as investors weren't confident that a slight recovery in the stock markets was sustainable. More
Don't pawn off NABE New York Daily News Share
With a new pawnshop slated to move into Sunnyside – a suburb in Queens, N.Y., next month, some residents say that one business' gold will be the neighborhood's headache. Some fear the EZ Pawn Corp. shop casts a not-so-flattering light on their neighborhood, especially at such a prominent location. … Pawnshops have thrived nationally in the past two years due to the struggling economy and the rising price of gold, said Emmett Murphy, a spokesman for the National Pawnbrokers Association. Cash-for-gold transactions were up by as much as 35 percent last year, according to an association report. More |
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