The Gold Standard - Loans w/cards as collateral

[GoldStandard]

We are nice guys. Not your typical Pawn Shop. If you need cash and have items that you are not ready to sell we can be a great alternative. We have many clients with high value items that trust us and use our services.

[conor912]

Originally Posted by GoldStandard

We are nice guys. Not your typical Pawn Shop.

Priceless

[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?

I suspect this is a new revenue stream for your business and it's strategy?

[Exhibitman]

[baseballart]

cavete norrower

[pokerplyr80]

Originally Posted by GoldStandard

We are nice guys. Not your typical Pawn Shop. If you need cash and have items that you are not ready to sell we can be a great alternative. We have many clients with high value items that trust us and use our services.

I clicked on the link to check out your site. I could not find your interest rate listed any where. What rate do you charge for these loans?

[CobbvLajoie1910]

Wow....just wow.

[DHogan]

If you don't pay, they will come after you with smokelessjoe's Antique Baseball Bat.

[pokerplyr80]

Originally Posted by DHogan

If you don't pay, they will come after you with smokelessjoe's Antique Baseball Bat.

I would assume they just keep the card but I find it very concerning to say the least that they don't even list a rate on the site.

[Peter_Spaeth]

Originally Posted by pokerplyr80

I would assume they just keep the card but I find it very concerning to say the least that they don't even list a rate on the site.

It probably varies.

[Brian Van Horn]

This thread is turning into a classic .

[conor912]

Originally Posted by pokerplyr80

I would assume they just keep the card but I find it very concerning to say the least that they don't even list a rate on the site.

It's an adjustable rate, depending on how many fingers you let them brake.

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. This service being hobby-related is tangential, at best.

[pokerplyr80]

Originally Posted by conor912

It's an adjustable rate, depending on how many fingers you let them brake.

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. This service being hobby-related is tangential, at best.

I can see how it could be beneficial to people in certain situations. Pawn shop loans have been around for a while and help those without the credit to obtain traditional financing.

However, I would think that if things are so tight you need to borrow against your collection it may be time to simply let go of part of your collection.

[Leon]

Originally Posted by conor912

It's an adjustable rate, depending on how many fingers you let them brake.

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. This service being hobby-related is tangential, at best.

You are entitled to your opinion just like everyone else. I am not sure how different this is than when I have paid an auction house a percent a month to pay out a large lot I won at auction. I got a good deal and it worked out great, interest and all. I don't think this collateralized sportscard loan is for most of us, but for a dealer, or even a collector, it could be a way to do a deal they couldn't otherwise do.

[GoldStandard]

Originally Posted by pokerplyr80

I clicked on the link to check out your site. I could not find your interest rate listed any where. What rate do you charge for these loans?

Sorry for the delayed response.

The interest rate is 4%/month The term of our loans is 4 months. Our clients only pay for the time they use the money. If the loan is payed back in the first month they are only charged 1 month interest.
These loans are not for everyone. If you find yourself in a temporary cash pinch this can be a nice option. We deal with many collectors that use our services for a wide variety reasons. Please let us know if you have more questions.

[Kevin.Shenker]

At the end of 4 months you have paid a little over 16 percent interest or approximately 50 percent interest per year?

Am I understanding this correctly?

[bnorth]

Originally Posted by GoldStandard

Sorry for the delayed response.

The interest rate is 4%/month The term of our loans is 4 months. Our clients only pay for the time they use the money. If the loan is payed back in the first month they are only charged 1 month interest.
These loans are not for everyone. If you find yourself in a temporary cash pinch this can be a nice option. We deal with many collectors that use our services for a wide variety reasons. Please let us know if you have more questions.

What other types of fees are associated with a loan? At a straight 4% fee there is no way you wouldn't be losing $ on transactions under a few hundred $.