Pawn Store
Many people do not know how pawn shops work.
Many people think it is a a place to buy and sell items, and that this is how pawn shops make money. While this is one way pawn shops make money, this is not how they measure their success. They measure their success by their “pawn balance”, or by how much money they have currently loaned out.
Pawn shops provide loans to people who have exhausted other options to borrow money.
-
In order to get a loan from a pawn shop, all you need to have is something of value that you own, you take it to a pawn shop, and they give you cash immediately for your item.
-
You pay them interest every month until you want to buy the item back for the amount your borrowed against it.
-
If you decide not to pay the interest, then the pawn shop keeps your item and sells it in their store.
-
Pawn shops charge anywhere between 10% and 25% per month. As a result most pawn loans are short term, because if it goes 4-10 months you may have paid as much as you borrowed in interest, and you would be better offer just letting them keep the item.
-
Lower terms: Internet Pawn charges as low as 6% interest per month, which over 6 months results in about a 300% savings vs. a traditional pawn shop.
-
Experience: The team at Internet Pawn has decades of experience in the industry and has appraisers on site to make certain you get the most amount of cash possible for your item.
-
Privacy and Safety: Internet Pawn enables you to use pawn services from the privacy and security of your own home. In many cases we will pick items up from your home via Fedex or Brinks.
-
Security: Your items are stored in a state of the art secure facility and insured by Lloyds of London.
Tags: Pawn Shops
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.
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:
-
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
-
Requires no credit checks or proof of employment to obtain a loan, given the collateral-backed loan agreement
-
Offers cash quickly with no payments required for six months and gives customers the option for credit without negative consequences to their credit scores
-
Guarantees premium loan amounts based on proprietary valuation technology and decades of industry experience
-
Returns excess sales proceeds to the original owner
-
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.”