No other business has been as typecast as much as the St. Louis Pawn Shop. They are generally identified through their offices in seedy by lanes and trade in stolen articles. The fact on the other hand could not be farther from such false impression. In fact, the workplaces of these pawn brokers are everything but grimy and unclean. They are well lit and more often than not located in a posh area of the city.
Cash strapped but benefit rich middle and higher income people are now increasingly relying on pawn brokers for short term loans. Approximately everything that is considered precious can be pawned. You can pawn a family heirloom, or ornaments, very old objects, picture, memorabilia, magnificence watches, etc. In fact, the rich even pawn their luxury cars, ship, and fine wine.
Typical customers of an average pawn include;
a) Middle class family unit in require of critical money for learning or as a stop gap arrangement for a real estate transaction.
b) Medium businessmen who require cash immediately to close a deal.
c) Financers, creator, musical group or people from the entertainment industry who are in require of critical short term cash.
Unlike banks St Louis Pawn Shop do not require borrowers to explain proof of income or are not barred because of a bad credit rating. All that these Saint Louis Pawn Shop owners require is a precious or any asset that is value the amount asked as credit. Such loans are generally short term as there are regulations in different states where it is banned to extend these loans beyond a stipulated period.
And if circumstances arise where the borrower is not capable to cash in his security, the finance company would sale off the precious that is pledged after notifying the borrower and on make sure that he is given enough time after such intimation.
It is next to unfeasible to safe unsecured loans or small loans from banks, thanks to strict banking regulations. Most banks do not permit you to borrow less than $2000 and that too after fulfill with their credit checks. But pawn brokers can lend you cash as less as $20. Their customers are frequently included of people looking to clear their medical bills or pay their utilities bill.