BLOG.PAWNSHOPSTODAY.com: Recent Comments

Comment on A Helping Hand in Time of Need-The Pawn Community

2009-11-01T21:31:14Z

What an awesome story. I have heard the live version from you before but reading it on paper was truly awesome. I am glad you shared your story in this blog!!! Thanks Laura

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-10-29T19:16:15Z

Rammer,

Sorry to say but that won't work as the bill makes you include any and all fees into the calculation of the interest. However the outrageous bounced check fees and overdraft fees are exempt from the bill. The people that the bill says it will protect are the ones it will affect the most. Currently pawn shops are the only lending institution that does not affect you credit in any way nor do we come to collect on a defaulted loan. This bill will affect over 13,000 small businesses and 34-39 MILLION people in a time of tight credit.

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-08-17T12:19:30Z

Been watching 'Pawn Stars' and haven't seen them do anything but buy....that is not the norm in the pawn biz. But I'm sure 'Hollywood' doesn't find anything real sexy about a mother needing to borrow $25 - $50 to take her child to get vaccinated for school...because she had to use the money she'd put back for that to keep groceries on the table. So she PAWNs her wedding ring to cover it and then comes back later & picks it back up.

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-08-17T12:09:11Z

This S.400 is just one of many bills that have been thrown into the 'I'm from the government and here to help you' financial arena mix by Legislators that have not taken the time to understand what really happens on main street. Main street did not cause the Wall Street big banks & lenders problems. There's another 'let us fix it' in the form of a proposed "Consumer Financial Protection Agency" that's come straight from the White House. Just what we need, another government agency....NOT!!

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-08-11T09:50:53Z

First of all just so you know i am against the bill affecting pawn shops because i use them in the manner described by many to make ends meet when something out of the ordinary comes up like im sick and miss a day of work and now am short for gas in my car to make it back and forth to work to get the full paycheck. Now that being said Pawn shops charge an enormous interest rate of $120% APR on average. Compared to the 400% and upwards of the payday loan shops is nothing. I don't have a problem paying pawn interest because it tunes to approx less than $10.00 on most of what i have to pawn in the first place. In my opinion If this stupid bill comes into place then the stores will no longer be pawn shops they will become "Loan and Storage" shops which is what they are to begin with they just combine the total cost of the interest with the cost of storage in one lump sum. If they would use a 36% rate for the interest and break down the cost of storage, regulatory fees and even add a recovery fee to include the time it may have to remain in the store on the shelf waiting to be sold if the loan becomes default. These can be broken down in a manor that can be legal and law abiding even if the bill is passed. The interest and fees may be broken down as follows. 36% interest, 36% storage fee, 24% regulatory fees and 24% recovery fees. Which figures at 3% interest, 3% storage fee, 2% reg fee and 2% recovery fee. All of this add up to the same 120% APR and the monthly break down of 10% at the pawn shops I have used in my past and currently using. Thats the easiest thing i can come up with but im sure there is a better way to get around the political red tape BS but thats my 2cents. Hope you enjoy.

Comment on OPEN LETTER Senate Bill 500 and H.R. 1608- From Pawn Brokers

2009-08-10T17:26:55Z

thank you for all your good work

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-07-14T05:49:41Z

Here's hoping the Convention is a success for you and that you get Pawn Shops removed from s.500!

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-07-10T19:48:19Z

Hey, pawn shops have been around forever without complaint and specialize in small loans, so why try and fix something that ain't broke? Doesn't the gov have enough to do with health care and the economy? If they feel the need to rehaul something, what about the health insurance field? Or better yet, their own government spending?

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-07-10T19:13:47Z

I don't know what I'd do if pawn shops had to close. I just sold my husband's power drill to get gas money. On top of our paycheck, the pawn shop is the only way to make ends meet.

Comment on The Facts: Bill S. 500 - 36% Rate Cap and Pawn Stores

2009-07-10T18:47:01Z

I just saw that there's a new Senate bill that may force pawn shops to close. As long as their not committing a crime, why should they be forced out of business? Charging interest is a part of every loan. Why should pawn shop owners be punished for trying to make a living like the rest of us?