Quote:
Originally Posted by MrMaxwell
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 |
Here in Kansas athe maximum rate is indeed 120% per year but becase of repeat loans to the same customers and some other strange shit, the EFFECTIVE interest rate for most shops approaches 160%, which is kind of nice, plus you have to consider resale of forfeited items...........................................
Not to mention buying gold, silver, platinum and palladium at around 40-50% of scrap value and there are "ways" to *lower* your gross and taxable income without raising too many eyebrows.
Nice $ but you do have to know what you are doing.