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Pawn brokers take to the internet

Dec 09, 2012 Quinn Thomas

Pawn brokers take to the internet
With the emergence of new technologies, many business owners have taken their storefronts online. Allowing customers to shop for merchandise online is not only often more convenient for consumers, but it can help greatly expand the target market for business leaders who might not have been able to market to individuals in other regions.
 This also holds true for many firms within the short term lending sector. A number of pawn brokers, in particular, are taking their companies online, allowing customers to shop and acquire loans using their goods as collateral over the internet. First pawn shop experiencing success
In an interview with Todd Hills of, the first online pawn shop, Business News Daily revealed that the company has been successful and can help consumers acquire loans even if they live far from the nearest storefront. Hills, the owner of the firm, detailed that Pawngo can give up to a $1 million loan. For others in the industry, Hills recommended pursuing the pawn sector for the love of the work, not the money, though it can be a lucrative avenue. He told the source that though this might require long hours and hearty investments, if the dedication is there, it will most likely pay off. Thinking outside the box is also often important, as the owner explained that when he came up with the idea of an online storefront, he was simply considering what the next step in the evolution of the industry would be while meeting the increasing demand from consumers. So far, Hills told Business News Daily, Pawngo has doled out millions of dollars worth of loans and continues to see success. Important this time of year
This venture might be particularly successful during the holiday season. With increasing frequency, individuals purchasing Christmas gifts are taking to the internet in order to find the best deals and comparison-shop. This was evidenced by the recent massive success seen during Cyber Monday,as spending online was up by 17 percent year-over-year.  Shoppers are going to pawn shops to do holiday shopping with more frequency, the Denver Post reported, and area storefronts have seen many requests for popular gift options this year such as DVDs, instruments and jewelry. When buying for picky present recipients, shoppers can often find quirky items that fit their needs. Consumer Chris Cassera told the newspaper that he was able to find obscure movies in his favorite nearby pawn shop in mint condition, something that he would have been hard-pressed to locate nearly everywhere else.