Pawn shops are heavily regulated and licensed by the city.
Pawn loans are usually small, short term loans averaging $80.
Pawn shops are regulated by all of the 12 major federal laws & regulations that apply to other entities that are designated as financial institutions
Pawn loans keep borrowers out of a debt cycle, as opposed to other forms of non-bank lenders
Pawn stores lend to anyone and use collateral to secure a loan and never pull a credit report.
Pawn transactions are routinely transmitted to the Des Moines Police department, which dramatically decreases the likelyhood that a thief would bring in stolen merchandise. We lose one or two items a year and the thieves are always caught.
With a pawn loan, there is never an obligation on the part of the borrower to repay the loan, nor is there ever an adverse impact to ones credit rating in the event of a default. If you do default, we will make another loan anytime.