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An area of Baltimore along
Pennsylvania Avenue that is currently the home of many pawn shops is being
renovated. What will happen
to these pawn shops, and what difference does it make if they disappear?
Will consumers still be able to get paycheck loans?
Baltimore pawn shops offer services
that cannot be found elsewhere. Paycheck
loans, for instance, are found solely through a pawn shop (the borrower
presents an item as collateral, and without a credit check or the time and
paperwork of a standard bank loan, walks out with the cash needed
immediately), items are resold for discount prices (any collateral
associated with a loan in default is sold in the pawn shop’s
storefront), and some pawn shops are now involved in the paycheck loan
industry.
Without Baltimore pawn shops and
their paycheck loans, it would be hard for some people to pay unexpected
bills in a timely fashion. Perhaps
the borrower has had car trouble or serious medical problems recently, and
he or she is unable to fulfill the financial obligations toward the bills
associated with those problems. If
the individual has a ring or perhaps a musical instrument that is worth a
significant amount of money, it can be taken to a pawn shop, and a
paycheck loan can be arranged in exchange for the item in question.
When the individual has repaid the paycheck loan (as well as
interest), the collateral is returned.
Should the paycheck loans not be
repaid, the collateral becomes the property of the pawn broker, who can
then sell it. Many people
will then choose to purchase the pre-owned items from the pawn shop,
saving them money that would be spent on a new item.
If the section of Pennsylvania
Avenue in question is renovated and the Baltimore pawn shops are forced
out, it may be necessary for some of them to close due to increased
overhead for a new location. People
living in Baltimore in need of paycheck loans need to assure that their
business will follow the shop to its new location so that the pawn brokers
are more likely to make the effort to stay in business.
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