5 Facts You Didn’t Know About the Pawn Shop Industry

1. The average collateral loan amount nationwide is $100, according to the National Pawnbrokers Association. This shows that collateral loaning is often used to help consumers obtain a small source of funding. Pawn shop customers tend to borrow only what they need, and often use the funds as a safety net in the case of a family or personal financial emergency.

2. Pawn customers repay their loans completely at a rate 80 percent nationwide. This means that their collateral on the loan is returned to them, and they were able t successfully use the loan to meet their financial needs.

3. There are more than 13,000 pawn stores in the United States. They are mostly small, privately-owned businesses. Many are family-run shops.

4. Pawn store customers are an average of 36 years old. There are more than 30 million total U.S. customers at pawn shops per year.

5. Collateral loans acquired at pawn shops do not require a credit check, and they never impact your credit. They are also often processed faster than traditional loans. They offer a unique form of credit that has proven valuable in the economic downturn, as banks have been less likely to lend.

Come visit Suffolk Jewelers & Pawnbrokers to discover why pawn shops and collateral loans are becoming increasingly popular.

Suffolk Jewelers & Pawnbrokers is a verified member of the National Pawnbrokers Association.