Small Business Owners Using Pawnshops

The recession is bringing pawn shops a new kind of customer: small business owners.

They are turning items of value such as gold, jewelry or electronics into cash, often to help pay employees and cover bills.

Many of the business owners turning to pawn shops say it is easier and faster than dealing with banks to get loans.

There is also no applications, credit checks or dings to the credit report if the customer defaults on the pawn shop's loan.

Financial experts advise this method is good in a pinch but pawn shops' loans are often too expensive to maintain long-term.


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