Payday loan providers stress pawn stores as downturn bites

Payday loan providers stress pawn stores as downturn bites

BANGALORE Bad credit? Require cash now? Simply grab that electric electric guitar within the corner and mind for a pawn store. Cash-strapped Д±ndividuals are swapping jewelry, music systems and electronic devices for money like nothing you’ve seen prior.

“The pawn deal is a simple, no-questions-asked loan that is secured’s working well for folks, Sterne Agee analyst Henry Coffey stated.

Payday loan providers, whom make little, short-term loans up against the borrower’s next paycheck, are spending more within their pawn operations as stricter laws and rising jobless make their main company less appealing.

Loan providers like Ezcorp Inc, First Cash Financial solutions Inc and money America Overseas Inc have observed reduced earnings from the front that is payday strong outcomes from their pawn operations. Devamını oku