So. My Mom needs to come up with cash last week so we can get some groceries. She decides to pawn her two diamonds for a couple of weeks so we can go to the grocery store. The emasculation I go through is both painful and irrelevent to the main story, so I will skip that part. Anyway, while we are waiting for a free clerk, I notice a [b]POST-BAN[/b] AR-15 on the wall. I don't really get a chance to look it over very well. But I do notice the price. [b]$1599.99!![/b] This is shock number one.

Next, someone finally gets to a point where he offers to help us. He loks at the two [b]DIAMOND[/b] rings and tell my Mom he can give her $35.00 for [b]BOTH[/b]. Well, she would have to pay back $45.00 in 30 days to get her rings back. Okay.....

There are 12.17 (rounded) 30-day periods in one year
That makes $121.70 annual interest (rounded)
That works out to approx [b]348%[/b] interest

POST-BAN AR-15: $1599.99
TWO DIAMOND RINGS: $35.00
KNOWING WHEN TO WALK AWAY: [b]PRICELESS![/b]


Scott

Pawn shops are just legal loan sharking.

Pawnshop workers and owners are the scum of the earth. Most are the kind of people that would sell their children.

Now you are getting me thinking about opening another one.

Hey Now! I resemble that comment!  I am providing a service to the people.

Besides I don't have any kids.  Wanna buy a dog? [:D]

Ok, so MAYBE there are a couple out there who are OK. I said maybe.

LOL

But would he charge $1599.99 for a post ban?

Would ya 1GUNRUNNER?

If I loan a friend money and charge 34.8% interest, I am committing a crime. But the government encourages this level of income with a license. It comes down to the money the government makes. I'm not blaming the pawn shops. Not even the check-advance places. The government lets them operate by licensing that kind of interest.....

Scott

1599 is just asking price.Im sure he would've taken 1500 cash : 0 )

Like the lottery. Las Vegas would love to run a scam like the gov sponsored lottery!

You want the upper [i]and[i] the lower? [:D]

The only thing I go into my local pawn shop is for transfers.  They're cheaper then the dealers.  I find some interesting things there, just to look at....lots of shot guns, old military bolt guns, and lever actions.

Maybe. Are pawn shop dogs as mean as junk yard dogs? [:D]

What pecentage of pawned items get redeemed? I would think it's pretty low.

I've used pawn shops over the years. Sometimes because I needed money, other times just to "dump" some junk.

There were a few about 10 mins. from a place I worked at a few years ago. I got a hour for lunch , so I'd make the rounds a couple times a week. Got some decent deals once they got to know me. It got to the point that when I walked in they would say"Hey, you gotta see what I got coming out in a day or two" and bring me in the back to show me some high dollar tool(I'm in construction) or a gun that they thought I'd like.

Yeah, it's legal loan sharking. If ya don't wanna pay the interest, don't borrow the money.

What I hate is the shops that think all their stuff is made of gold or somethin'. When I ask what their best price is on something and they say "That's it on the tag." I laugh as I'm walking out the door.