Golden era for LI pawn brokers -- Economy, Business and Finance...

Full story: Newsday

Long Island could be ripe territory for the state's pawn industry. At least that's the opinion of the leader of New York 's pawnbrokers, Mitchell Kaminsky.

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Ligal

Hicksville, NY

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#1
Apr 6, 2008
 
Good to know but been to the one in merrick the guy is a snob
Not only that but

Fort Lee, NJ

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#2
Apr 6, 2008
 
Just what we need. More ripoff retail establishments.
Sandy

United States

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#3
Apr 6, 2008
 
Teachers and nurses don't have credit cards, checking or savings accounts? I find that hard to believe.

But then again, on Long Island the janitor at the hospital calls themselves a nurse. They stiretchh the word nurse. And here teachers aides probably also call themselves teachers too.
Sandy

United States

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#4
Apr 6, 2008
 
Ligal wrote:
Good to know but been to the one in merrick the guy is a snob
I know what you mean. He's a mysoginist too.
Needed Raoul Felder

Bronx, NY

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#5
Apr 6, 2008
 
Sandy wrote:
<quoted text>
I know what you mean. He's a mysoginist too.
HE MUST HAVE MET MY EX-WIFE PAWNING ALL MY STUFF!
Maisie

AOL

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#6
Apr 7, 2008
 
Interesting .
Real Facts

New York, NY

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#7
Apr 7, 2008
 
Does anyone actually know how a pawn shop works?

I understand the idea of lend me $100, here is my wedding ring for collateral, and next month, I will pay you $110 to get my ring back.

People say that there are great deals to be had a pawn shops. How does that work? Does the pawn shop get to sell that wedding ring if the guy does not pay? If so, what do they charge? I understand that gold can be melted down, but what about other items in pawn shops. Are there really good deals?
Melissa

Bohemia, NY

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#9
Apr 7, 2008
 
Real Facts wrote:
Does anyone actually know how a pawn shop works?
I understand the idea of lend me $100, here is my wedding ring for collateral, and next month, I will pay you $110 to get my ring back.
People say that there are great deals to be had a pawn shops. How does that work? Does the pawn shop get to sell that wedding ring if the guy does not pay? If so, what do they charge? I understand that gold can be melted down, but what about other items in pawn shops. Are there really good deals?
As long as you are educated in what you are buying, you can get good deals. If you buy diamonds, I'd get them appraised elsewhere to confirm what you're buying and make a deal that you can return it if it's not what they are saying it is.
Dan

Bridgeport, CT

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#10
Apr 7, 2008
 
Another sign of a great economy.

Newsday will probably run an article on how blood banks that pay donors are booming.
Ed Burke

Coram, NY

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#11
Apr 7, 2008
 
Pawn shops, loan sharks, are all Long Island growth businesses. The lottery ticket is another hoped for illusion that is still doing well. Who doesn't dream of winning a lottery and paying all the bills off at once. The Long Island deathspiral of job losses, civil servants aid far moere that they're worth or thsn their condtituentd.
Angie

Patchogue, NY

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#12
Apr 7, 2008
 
Many homes have been robbed of their
jewels and brought to pawn shops for money. How do pawn shops know if they are not receiving stolen jewels ?? They could be receiving stolen goods.
E Z Pawn Corp CASHLOANS

New York, NY

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#13
Apr 7, 2008
 
A great article, pawnbrokers provide a fantastic service to the community. Helping in many more ways than you can imagine. We service the non-banking public allowing them to be able to conduct business transactions throughout the community. Without credit checks, past history doesn't matter, whether a person has a job or not, anyone over the legal age is qualified.
ezpawncorp.com is just one of the few pawnbrokers committed to helping people through difficult financial times.
E Z Pawn Corp CASHLOANS

New York, NY

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#14
Apr 7, 2008
 
How it works...Its Quite simple actually, A pawnbroker will lend a qualified individual money on an item of value, see www.ezpawncorp.com . Pawnbrokers will then hold that item for a short period (every state has a different holding period) in NY it is 4 months. The customer can redeem their item anytime with in the holding period by returning to the pawnbroker the original loan principal plus the interest. Interest is charged on a monthly basis. If you borrow 100 dollars for less than a month the charge would be 104.00 dollars plus a ticket fee of 5.00 dollars. Its should be only used for short term loans as long periods tend to be costly.
And to answer your question about stolen merchandise, most pawnbrokers do not deal with stolen items as the police will confiscate it and prosecute the thief with the information that was given to the pwnbroker.
I hope that this is healpful to you
Yeah right

Fort Lee, NJ

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#15
Apr 8, 2008
 
E Z Pawn Corp CASHLOANS wrote:
How it works... most pawnbrokers do not deal with stolen items as the police will confiscate it and prosecute the thief with the information that was given to the pwnbroker
And exactly how is it that "most pawnbrokers" know what is stolen and what is not? As if "most" really care... except about the "vig".
Real Facts

New York, NY

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#16
Apr 8, 2008
 
E Z Pawn Corp CASHLOANS wrote:
How it works...Its Quite simple actually, A pawnbroker will lend a qualified individual money on an item of value, see www.ezpawncorp.com . Pawnbrokers will then hold that item for a short period (every state has a different holding period) in NY it is 4 months. The customer can redeem their item anytime with in the holding period by returning to the pawnbroker the original loan principal plus the interest. Interest is charged on a monthly basis. If you borrow 100 dollars for less than a month the charge would be 104.00 dollars plus a ticket fee of 5.00 dollars. Its should be only used for short term loans as long periods tend to be costly.
And to answer your question about stolen merchandise, most pawnbrokers do not deal with stolen items as the police will confiscate it and prosecute the thief with the information that was given to the pwnbroker.
I hope that this is healpful to you
Thanks for the info.

As to my second question, what happens after the four months? My assumption is that the pawn broker is free to sell the item.

I guess my question is, if I hypothetically have a piece of jewelry worth $1000, what would I get from a pawn broker. Would it be along the lines of $500, or would it be more like $100. If the loan is unpaid after 4 months, what would the pawn dealer sell it for?

If the pawn dealer sells it for more than what was owed, does the original owner get anything?
E Z Pawn Corp CASHLOANS

New York, NY

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#17
Apr 8, 2008
 
Real Facts wrote:
<quoted text>
Thanks for the info.
As to my second question, what happens after the four months? My assumption is that the pawn broker is free to sell the item.
I guess my question is, if I hypothetically have a piece of jewelry worth $1000, what would I get from a pawn broker. Would it be along the lines of $500, or would it be more like $100. If the loan is unpaid after 4 months, what would the pawn dealer sell it for?
If the pawn dealer sells it for more than what was owed, does the original owner get anything?
After 4 months the Pawnbroker most notify the pawn customer as to its intent to sell the pledge. It is not unusual for a pawnbroker to have a 90-95% redeemtion rate. In other words 90-95 % of all pawns are picked up. That is because most of our customers come to us because they dont want to lose their jewelry to begin with only that they needed money to pay a bill or some other use. Knowing this a smart pawnbroker will lend as much money as he can to the pawn customer. If an item is lost because the pawn customer does not redeem it it usually brings close to the value of the pawn. But a pawnbroker, when an item is sold is allowed to recover all the costs involved in making that loan. Also all the loans that a pawnbroker makes are non-recourse, which means that if a pawnbroker estimated the item wrong or its not worth what he lent on it he can not recover any money from the pawn customer. The amount that a pawn broker lends on any item is subjective to that pawnbroker and their buisness plan. In other words, it depends on how comfortable a pawnbroker wants to be holding your collateral. In todays economy with gold at its current price of 900 dollars an oz, my loan associates will lend as close to that amount as possible. I hope that info is helpful to you.
man1

Oulu, Finland

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#18
Apr 22, 2008
 
NEED PAWNGAME HACKS
man1

Oulu, Finland

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#19
Apr 22, 2008
 
lol
Norm

AOL

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#20
Nov 29, 2011
 
Does anyone know where I can learn about coins? I just finished a diamond grading course for pawnbrokers from Gem School America and I earned my certification ... it was an excellent course working with real diamonds, I learned everything about diamonds, such as cut, color, clarity and carat, how to tell fakes from real diamonds, and learned how much to pay for diamonds. But Gem School America does not teach about coins, and I'm trying to round out my education, as one day i would like to open my own pawnshop. I think that a lot of people are pawning diamonds and jewelry, but also coins. Are there any schools other than Gem School America, where pawnbrokers can learn about coins? Thanks.

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