LearnVest reviews the online pawn shop rising trend and their contribution to small business owners as well as for consumers. It supplies a great example of one of iPawn business customers receiving a fast loan to scale up his business in a simple and secure way.
From the review:
“Florida-based dentist Dr. Michael Hammond intended to finance his dental practice using a small business loan from a traditional bank. Given his strong credit and business plan, he assumed he’d have no issues…But the bank wouldn’t grant the loan he expected, so Dr. Hammond moved on to plan B: selling family jewelry to an online pawn shop…”
“One of the major appeals of securing a loan through a pawn shop is that it has no impact on your credit. In order to borrow money from a bank, the bank will check your credit, and if you’re delinquent with payments, it will have a negative impact. If you default on a pawn loan, the shop simply keeps your item.”
“Dr. Hammond says that the overall loan terms and experience iPawn offered were more competitive than what he found at several banks. “I found low interest rates, a better payment schedule and real customer service that doesn’t treat me like an account number,” he recalls.”