Pawnshop Loans

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Pawnshop Loans covers the history of pawnshops, their use in American credit markets, and other aspects related to this high cost, but often needed, service for certain segments of the U.S. population. Along with payday lenders and car title loans, pawnshops are one of several "fringe banking" or "alternative financial sector" industries. Their "target" consumer is cash-strapped families, particularly low-and-middle-income households. They are considered a type of predatory lender because of the high interest rates and fees that are charged in many states.

Author:
P. Christopher Beaugard (Family and Community Health Sciences Educator, Rutgers Cooperative Extension)

Duration:
12 minutes, 4 seconds

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