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Online Pawn Shops

The finance industry has evolved with the times as the nation's economy has been in decline and has struggled to recover for almost a decade. Many Americans now have a variety of funding options, including payday lending and short-term financing services. Alternative funding options are becoming more common, despite the high interest rates and predatory practices. The practice of pawning personal belongings for quick cash has become so widespread that reality shows such as Hardcore Pawn, Pawn Stars, and documentaries like Broke have been able to show it. The Documentary is a slice of American life that shows how America's economy has changed in the 21st century. All pawn brokers don't prey on the poor and are not greedy capitalists.

Online Pawn Shop aim to combat the negative image of local pawnbrokers as shady and unprofessional. They also seek to attract high-end clients who are in financial trouble. Online pawn shops offer larger loans up to $1 million and electronic transactions at their discretion. They also aim to change the perception of pawn brokerage by offering short-term financing to markets that have the ability to repay, or valuables that can easily be resold to make substantial profits. The best in the business have designed a new look for pawn brokerage to appeal to a middle class market that is relatively new to the need to short-term financing options. This could make brick-and-mortar shops more appealing to this new market.

Pawngo is the leader in the online pawn brokerage market. This company targets the wealthy (or once-affluent) and has luxury items that can be used as collateral for short term loans. The internet allows patrons to pawn valuable personal assets online, such as Louis Vuitton bags, Cartier watches, and Picasso paintings. This gives them the flexibility to access the cash they need at their convenience. Pawngo loans are typically $1,700 and 17x the average $100 pawn industry average.

Online pawn shops are a great option for short-term financing. Pawn brokers don't report to credit bureaus. You simply lose your collateral if you default on your loan. Borrowers who are careful about their credit ratings may use this funding option to reach their financial goals without worrying about getting into deeper financial ruin.