Internet Pawn provides guaranteed online personal loans to honest people with valuable items opens it’s pawn shop online…
AS CONSUMERS SEEK ALTERNATE INCOME SOURCES DURING RECESSION, INTERNET PAWN OFFERS A SECURE, CONSUMER-FRIENDLY WAY TO ACCESS CASH
Company seeks to revolutionize pawn industry by offering the first Web-based pawn shop in the United States
DENVER, August 18, 2009 – As a result of the economic downturn, a large segment of the population is unable to access credit. Internet Pawn, a new online pawn service launched today by founders with more than two decades’ experience in the pawn industry, provides consumers a unique opportunity to discreetly leverage the equity they have in their personal valuables to solve immediate cash flow needs.
Internet Pawn:
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Provides personal loans based on the collateral of customers’ personal valuables – customers do not have to sell sentimental assets or valuables in order to receive cash
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Requires no credit checks or proof of employment to obtain a loan, given the collateral-backed loan agreement
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Offers cash quickly with no payments required for six months and gives customers the option for credit without negative consequences to their credit scores
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Guarantees premium loan amounts based on proprietary valuation technology and decades of industry experience
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Returns excess sales proceeds to the original owner
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Uses the latest in security standards, and partners with such industry leaders as Wells Fargo, Equifax, Verisign, Westec and PawnGuard, so consumers can trust their assets and personal information are safe and secure
“Internet Pawn puts a whole new twist on the concept of pawn loans, making pawn more attractive, affordable and convenient to a broader group of customers,” said Todd Hills, co-founder, president and CEO of Internet Pawn. “Internet Pawn is ideal for anyone with a valued personal asset and a temporary cash flow need. This can be someone who can’t rectify a financial challenge in 30 to 90 days, but will be in a different financial position in six months to one year; entrepreneurs without access to lines of credit; customers who have extended their credit over the past few years or anyone experiencing an unexpected household emergency.” “Internet Pawn derives revenue from the interest rate of our loans. It is our goal to return 100 percent of the items used as collateral to our customers,” said Jim McHose, Internet Pawn’s co-founder and CFO. “Our terms allow consumers time to get on their feet financially using valuables they might otherwise have to sell so that they can repay their loan. If they opt not to repay and we sell their item, we return excess proceeds from the sale to the consumer.”