The Gold Standard - Loans w/cards as collateral

[vintagetoppsguy]

Originally Posted by vintagetoppsguy

It's an interesting idea, but didn't PSA try this years ago?

For whatever reason, it didn't work for them.

I guess I was wrong. Apparently it did work for them because, according to Bloomberg, they're still in business - Collectors Finance Corporation.

I think you guys have a lot of misconceptions about this service.

Originally Posted by conor912

I'm seriously not sure what's sadder....the existence of such a service, the people who would use it, or the fact that they're being let to advertise on this board.

According to Bloomberg, it's (Collectors Finance Corporation) used mostly by dealers looking to free up some cash, which makes sense if they have a lot of cash tied up in inventory and are looking to make a significant purchase.

Originally Posted by Kevin.Shenker

How do validate the cards are not stolen? This seems like the perfect place to try and pawn a stolen card. Do you have something in place to flag people who have pawned x number of items and never came back for them, or to flag people that repeatedly pawn the same high dollar cards?

You have to show valid id and I'm pretty sure that they report to local law enforcement. Therefore there would be a record of who pawned the item.