Pawnshops are emerging that lend money to cash-poor consumers with pricey collateral.
If you’ve got a cash-flow problem and a rare Picasso painting lying around your house, you’re in luck. A growing niche of high-end pawnshops wants your business.
That’s right. The pawnshop, which has long toiled under the reputation as a seedy lender of last resort for the desperate, is going after the luxury market.
Some pawnshops are offering thousands to millions of dollars in loans, with items for collateral ranging from Rolex watches to Maserati cars to Super Bowl rings or fine art. It’s a far cry from the average $150 loan on smaller items that are seen in the pawn industry.