Quote:
Originally Posted by SallyRand
A well-run pawnshop will make tons but you need to have a ton available to loan out and the banks will not loan you money to do this unless the loan would be secured by about 200-300% collateral. Now there are other things in this field that you can do but you're still going to have to have a bunch of startup money.
Hit me up some time and we can chat about it if you have a sincere interest in pursuing the possibility as I have more than a bit of experience in the field.
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You make me scared to death. I'm scared of people in Kansas. But thank you for the offer
Pawnbrokers do make a fortune.. and the best part is that they do have something to back the loans up against... But here in KS pawnbrokers only get 120% .. and I think it's lower in other states.
I can't argue that it's a great business. A great business. Someone who use to be considered to be a friend of mine has one and it's just an amazing cash cow.... ridiculous money. Especially because you can have someone carrying a loan for just about a forever - some clowns leave things in for years at a time!!!
You are also very correct that you have to have A LOT of money to put out onto the street.. but look how quickly it pays for itself.. if your money is almost or sometimes more than doubling itself every year, shit, wow