Archive for April, 2010
Online pawnbroker Internet Pawn is meeting the short term cash flow needs for a huge % of the nation’s white collar population by lending them cash on their Fine Jewelry and High end Watches from the privacy of their own home or office.
This new generation of customer base has never had experience in a traditional brick mortar pawnshop.
The traditional pawnshops are not equipped with necessary tools and staff to meet this customer’s short term cash needs. An average loan at the neighborhood pawns shop is less than $100.00
their main focus is on Electronics-Tools and Small Gold Jewelry items’ they do a great job fulfilling small loans on these types of products.
An online pawnbrokers average loan is over $2500.00 and their main focus is on Fine Jewelry and Watches such as Vacheron Constanin ,Patek Phillippe ,IWC, Girrard,Perregaux, Rolex, Audemars Piguet.
Online pawnbrokers have expert staff that is experienced in evaluating fine Jewelry and Watches.
Just last week internetpawn.com gave a NFL player a $10,000.00 cash loan on his breitling diamond watch.
Todd Hills, CEO of Internet Pawn was surprised when the online application came in. The player has been in the league for over ten years and has played for multiple teams.
The player said that he needed the cash to cover some unexpected bills. He was able to get a cash loan on his Breitling diamond watch for $10,000.00 in less than 24-hours.
The player said he would be back to repay his online watch loan in less than 30-days even though he has 6-months to retrieve his watch.
When we think of the typical pawnshop customer, often we think of low income people out of work and down on their luck.
The one thing I hear all the time is pawnshops only deal with crack heads, drunks and thieves. These typical stereotypes still hold true for a number of pawn customers, but there is a new pawn customer emerging.
The pawn industry has significantly changed over the last decade. There is a new customer base and a new quality of product being pawned. The high unemployment rate, lack of personal loans, and overall economic downsize has produced a whole new breed of pawn customers. These people are not crack heads, drunks and certainly not thieves. The new customers are honest, hard working, educated, blue and white collar Americans that are caught in the country’s credit crunch and huge economic slowdown.
Let me be a little more specific about who this new customer is. It could be a very successful business owner that has a payroll to meet next week. I have provided financial solutions for a few professional athletes, who are down on the luck and their contracts have expired. With the divorce rate continuing to loom around 50%, diamond rings are pawned or sold to help build new lives. Or how about a big time wealth manager or a real estate broker, mortgage broker or car sales person. Many industries are being affected by the economy and many people are one pay check away from financial hardship. In this day and age I never know who my customer will be, but am always glad I can offer a financial solution. In the good times these new pawn customers have done their part in stimulating the economy by purchasing
items like. The good news is that they have these assets, which can be pawned for financial relief. I have seen a tremendous growth in the value of items being pledged, and would expect to see this trend as the economy continues to suffer.
Pawnshops have been around for centuries. In the good times and bad, they have been there to service the financial gap that traditional financial institutions cannot, or will not serve.
Todd Hills