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re: what's the difference between a flea market and a pawn shop?
Posted on 2/27/16 at 9:49 am to anc
Posted on 2/27/16 at 9:49 am to anc
quote:
Pawn shop owners make bank. Lots of money in taking advantage of the poor and stupid these days
There is good money in operating a pawn shop,but I won't say that we take advantage of people.
If you need some money to pay your light bill,and none of your people,or a bank will loan it to you,what are you gonna do? Go without electricity?beg under a bridge?
0
Posted on 2/27/16 at 9:51 am to mdomingue
yep,we send in a report everyday of what we take in.
Posted on 2/27/16 at 9:51 am to oldcharlie8
Never seen a flea shop that sells glocks
Posted on 2/27/16 at 9:52 am to oldcharlie8
A few years ago, Jordy Hultberg brought on BJ Pawn as a sponsor. He would do a live spot for them on the air. His bullet point was, "BJ Pawn. It's not what you think!" Uh yeah, Jordy. It kind of is.....
Posted on 2/27/16 at 9:56 am to oldcharlie8
Good flea markets are fricking awesome and not at all trashy. They have antique stores at some of them.
Obviously there are also trashy ones.
I love the one in New Orleans.
Obviously there are also trashy ones.
I love the one in New Orleans.
Posted on 2/27/16 at 10:06 am to JJBTiger2012
quote:
It is ofcoirse paid on rediculously high interest
The interest rate is often regulated like any other legal operation (i.e. credit card) but it is high. If you think about it, it's high because of the general clientele they deal with typically don't have access to low interest loans for a reason, there is no real opportunity for a credit check, and the odds of default are very high.
quote:
the money you receive is usually 1/3 of what the item is actually worth
Again, in the event of default, they expect to make money. Additionally, if it ends up being a stolen item, they are out of money.
Yes, there are unscrupulous pawn brokers, but I know a couple that are straight up guys, one is an ex police officer.
Posted on 2/27/16 at 10:42 am to anc
quote:Our great state is a boon for them.
Pawn shop owners make bank. Lots of money in taking advantage of the poor and stupid these days.
Posted on 2/27/16 at 11:11 am to oldcharlie8
The primary business purpose of a pawn shop is to make loans, and flea markets don't do that.
Pawn shops are underrated in that regard...it is a legit service, subsumed by rip-off outlets like payday loans.
Pawn shops are underrated in that regard...it is a legit service, subsumed by rip-off outlets like payday loans.
Posted on 2/27/16 at 12:59 pm to JJBTiger2012
Here is how I do things: my interest is 25%( legally I can charge significantly more) per month,and on run of the mill items, I will loan you 1/3 of the new price that it sold for.
If it is a gun,or high end guitar,that I wouldn't mind having for myself, I will go up to about 1/2. I have to hold each pawned item for 60 days,so if the person doesn't come back to get it. I have invested about 50- 65% of THE NEW price,into the item, when you consider that I couldn't use that money,to earn interest,making other loans. Obviously,I can't sell it for new price.
Also, a huge difference between the pawn shop and other businesses,on the day you open the doors,money starts going out,and not a penny will come back in for at least 30 days,and you can't sell anything for another 30 days,that's pretty rough.
If it is a gun,or high end guitar,that I wouldn't mind having for myself, I will go up to about 1/2. I have to hold each pawned item for 60 days,so if the person doesn't come back to get it. I have invested about 50- 65% of THE NEW price,into the item, when you consider that I couldn't use that money,to earn interest,making other loans. Obviously,I can't sell it for new price.
Also, a huge difference between the pawn shop and other businesses,on the day you open the doors,money starts going out,and not a penny will come back in for at least 30 days,and you can't sell anything for another 30 days,that's pretty rough.
This post was edited on 2/27/16 at 1:24 pm
Posted on 6/21/22 at 6:03 pm to auggie
quote:
Here is how I do things: my interest is 25%( legally I can charge significantly more) per month,and on run of the mill items, I will loan you 1/3 of the new price that it sold for
Do you have a friend(s) that are available at a moments notice to help with the authentication and value of random items?
Posted on 6/21/22 at 6:08 pm to Mr Personality
You worry about being trashy if you want to. Leaves more good deals for us. 
Posted on 6/21/22 at 6:09 pm to BennyBaves
quote:
BennyBaves
Member since Jun 2022
1 post
Great first post. Whose alter are you?
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