Provident Loan Society of NY
A collection of articles and resources from industry professionals committed to answering common pawn shop and jewelry questions and issues.
A Concise Look at the History of Pawnbroking: Part 2. In my last blog, A Brief History of Pawnbroking: Part 1, I talked about how pawning was an integral part of ancient civilizations.
Over time, many religions would only allow the lending of money at interest to members outside their faith. But the exchange of money in the marketplace led to the exchange of ideas, which led to a better understanding and tolerance among peoples of different faiths, cultures, and origins. In this blog, I’m following a similar theme in discussing how the “friendly” lending of goods and services has long been one of humanity’s most important survival strategies. During the period 4000-3200 BC, as small agricultural villages expanded into urban centers, city dwellers more often had to conduct business with total strangers in order to survive. Agree to Agree: Using Improv methods to meet shared goals.
I taught a class at Artistic New Directions the other night called Essentials of Improvisation, which focused on the importance of agreement.
The participants were actors looking to get more out of the unscripted scenes that they create on the spot. If the actors on stage aren’t able to find a way to work together and support each other, the scene won’t go anywhere. Without agreement, there’s no improv. You may have heard of this concept as “Yes, And…,” which means agree with whatever is happening and add something to it. There can be a misconception among beginning improvisers that they need to literally say the words “Yes, and…” to begin every sentence, which is why I often prefer the term “agreement.” It’s also easier to use the term agreement in a business context. Here’s the approach to agreement that we practiced in my improv class. Take in what’s happening. Part 1 of a Consice Look at the History of Pawnbroking.
I recently started reading the book Pawnonomics by Steve Krupnik.
Biting and sometimes tongue-in-cheek, Mr. Krupnick’s book is an interesting exploration into the economics and history of pawnbroking. His very first question in the introduction is, “Pawnbroking… A Venerable Institution or a Den of Thieves?” – a provocative question, indeed. As the author himself states in this video, most people believe a lot of the unsavory (and untrue) rumors about pawnbroking and don’t realize that it actually had an economic significance throughout history, and still does to this day. One of the earliest known records of the word “usurer” comes from Vedic text of ancient India (2,000-1,400 BC) and is interpreted as any lender at interest. Our Guide to Getting an Online Loan from a Pawn Shop. Should You Trust Pawn Shop Loans Online? The very nature of collateralized lending is that your collateral has to physically make the trip into the pawnshop in order to be appraised and securely stored.
That’s why pawn loans don’t affect your credit rating because you physically left collateral behind. That being said, the Internet is a terrific tool to find a trustworthy pawnshop, and to do a lot of the work necessary to secure a collateralized loan online. More consumers are searching for pawnshops online as a way to secure fast cash in emergencies or to take advantage of the opportunities that a nearly instant loan can provide. Searching online allows consumers to shop for great deals, even outside their state. Suprising Pawn Shop Stats and Fictional Historical Pawn Legends. As a Chief Marketing Officer, it’s my job to keep up-to-date on the latest pawn industry trends and customer data—and I’m constantly amazed at what I learn.
I thought I’d share some of the more surprising statistics with you: 1. Pawning Has a More Than 80% Success Rate The National Pawnbrokers Association (NPA) reports that over 85% of pawn transactions end with the loan being repaid and the customer getting their collateral back. How a Pawn Shop Can Help Your Liquidity and Prepare You for the Holidays. If the weather outside isn’t as frightful as your cash flow is for the holiday season, and you don’t know if and when a bonus will be coming your way, then like me, you are probably looking for some extra cash to support the litany of extra expenses that seem to crop up this time of year.
Unusual Things People Use for Loan Collateral. I’ve been in the pawn industry for over 40 years, all of them with the Provident Loan Society, the only not-for-profit pawnshop in New York State (and probably the country).
Pawning is a great way to get quick, short-term cash loans by using a personal item of value as collateral to ensure that the loan gets paid back according to schedule. At Provident, we accept gold, jewelry, precious gems, fine watches, silverware, and the occasional collectible item as collateral. But I can remember when we also accepted radios, cameras, musical instruments, and furs. The problem with radios and cameras is that, with all the rapid changes in technology, they became obsolete so quickly and hence reduced their perceived value. So now, we no longer accept these as loan collateral. In the 1970s, our Times Square office had a few women customers who used their furs coats as loan collateral.
For What It’s Worth – Assessing an Item’s Value Unusual Collateral Loan Items I still think about it.