Wealthy people looking to fund new ventures are turning to their Rolexes and art collections as collateral for quick and easy loans from high-end pawn shops.
The handful of lending companies tapping into the trend let their affluent clients take quick thousand-dollar or million-dollar loans with high-end collectibles as collateral. That's far greater than the average loan size of $150, according to the National Pawnbrokers Association. Business owners say the way the luxury goods-backed loans are growing points less to the financial distress associated with pawn shops and more to seize money-making opportunities.
Gems N' Loans in Oceanside California offers discreet financial planning options and collateral lending options. Whether it involves an investment in gold coins or bullion, the ease of access and reliability is more appealing than dealing with other financial institutions.
