The Gold Standard - Loans w/cards as collateral

[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.

[conor912]

Originally Posted by pokerplyr80

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.

Ding ding ding.

[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.

[conor912]

Originally Posted by Leon

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.

You do you. The market will dictate...just not my style.

[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 $.