12/28/2023 0 Comments Rick pawn shopMost people don't realize how regulated the pawn industry is, especially where I'm at in Nevada. HARRISON: I mean we always ask the questions, you know, where did you get it, and a lot other things like that. Are there particular clues that tell you something might be hot? The interest keeps on accruing and accruing and accruing, and if you don't pay them back they end up suing you, garnishing your wages and you end up a lot of times owing them as much as 10 times as much as you gave them, as you got in the loan.ĭAVIES: Now one of the things you want to do when someone brings you something is make sure it's not stolen to the extent you can. It's a lot less money than if you go to one of these payday loan places. So if you get a $50 loan, it's going to cost you $7.50 for the first month and $5 a month after that. I mean you got to realize most pawn shops around the country, the average loan is $50 and most pawn shops charge between like $2 and $5 service charge, and they average right around 10 percent a month. Now the interest rates I guess are high if you calculate it on an annualized basis, right? I mean $15 on $100 is a lot for a short-term loan. And a lot of people don't realize up until the 1950s, pawn shops were the number one form of consumer credit in the United States.ĭAVIES: Hmm. They don't have anything like that for like when some small emergency pops up. Most people don't realize, you know, OK, it's 20 percent of the adult population in the United States does not have a bank account. ![]() It's that simple.ĭAVIES: Now you make the point that this is actually a banking service that a lot of people really need, right? No one chases you down to break any legs or anything like that. Now, if you don't pay me back at all, I end up keeping the merchandise and I put it in my showcase for sale. I hand you your ring back, everything's good in the world. So say you come back in 30 days, you give me $115. You have 120 days to come back in my pawn shop and pick your merchandise up and pay me my money back. I give you the $100, plus a pawn ticket, after I fill out some paperwork. RICK HARRISON (Owner, Gold & Silver Pawn Shop): It's pretty simple. ![]() But when somebody pawns something what are the rules? How does it work? Now your customers do come in and sell things outright. Let's just start with some of the basics. A lot of our audience has never pawned anything. He and the crew of the Gold & Silver are featured in the History Channel series called "Pawn Stars." And he's written a book about his life in and out of the shop. Harrison's willingness to buy or pawn just about anything has made him a unique sort of pawnbroker, and it's gotten him on television. He, his dad and sons own the Gold & Silver Pawn Shop on Las Vegas Boulevard, where over the years he's bought jewelry, gold teeth, watches, power tools, antique guns and Picasso paintings. If you were tapped out in Vegas, you might find your way to our next guest, Rick Harrison. © 2023 NYP Holdings, Inc.This is FRESH AIR. “We just have a government that is dead-set on creating more inflation and less jobs,” said Harrison. “And I really believe,” he said, that lower-income people are affected “much worse” right now by what’s going on in the economy than “upper-income people.” Rick Harrison said some are pawning items they never planned to sell in order to get by. ![]() “The price of food - inflation’s gone nuts,” he said. “Gas prices are killing people,” he said. Harrison also said that Las Vegas is a very spread-out town - and people need to have cars there. He added, “So if they need a little extra money, this is what they have to do.” “Most people don’t realize that 20% of the adult population do not have a bank account,” said Harrison. Some are pawning items they never planned to sell in order to get by. Rick Harrison, pawn shop owner and star of the TV show “Pawn Stars,” joined “Fox and Friends” on Monday morning to share what’s going on today amid inflation as Americans are struggling to get through to payday. Powell says there is 'no guarantee' Fed can tamp down inflation Grocery shoppers making shift away from national brands 'Pawn Stars' store, other pawn shops regaining business amid inflation
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