Online Pawn Shop Becomes Short-Term Option
NEW YORK ( MainStreet) -- Pawning dad's gold watch or grandma's broach may not be the first thing that comes to mind when seeking financing for a business, but a growing number of small-business owners are turning to this option because of a lack of financing available elsewhere.
"The demand is getting stronger and stronger every day," says Todd Hills, CEO of Pawngo, an online pawn shop. "Small-business owners have a pretty direct plan: 'I need this money for X and this is how I am going to play it back.' Whereas a consumer comes to us because they've had some sort of unexpected life event happen."
|With the economy still struggling, more small-business owners are turning to pawning valuables to supplement cash flow. Pawngo offers an online pawn option.|
The company typically accepts small valuables and jewelry such as watches and gold coins in exchange for a three- to six-month loan.
Common uses for the money by small-business owners includes payroll, equipment purchases, repairs or to grow their businesses."In the past these business owners have had lines of credit, easy credit cards, home equity loans -- more formal banking relationships that with everything that has gone on with the economy, the credit is just incredibly tight and those options just aren't available," Hills says.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV