The number of pawn shop customers is increasing this year, according to an ABC News article (bit.ly/LlOTaE). The article found that there are more American consumers going to pawn shops in the South Bend area this year than in years past.
“If you need $20 bucks to get through the week to finish off your week, it’s really difficult to go to your bank and get $20 bucks, so they just come to us and we help them get to work the rest of the week or the month,” said a pawn shop manager in South Bend, Indiana. The manager said her store provided an average of $40,000 in loans at any one time last year, but the number increased to $140,000 this year.
This local news article sheds light on what we already know at Suffolk Jewelers and Pawnbrokers. Times are tough, and more people are looking for small loans or a small influx of cash to fill a financial gap.
Though the article is focused on Indiana, the situation is similar throughout the United States. Small business owners, families, and others have shown greater interest in collateral loans in recent months.
There are more than 13,000 pawn shops in the United States, and the vast majority are mom-and-pop stores that have been operated by one family for generations.
Come into Suffolk Jewelers and Pawnbrokers today to discover why pawn shops are becoming increasingly popular.
More details about our collateral loan process are available here.