The need for a quick cash advance loan is strong throughout America, but Las Vegas pawn shops have been recording record levels of business. EZCORP (EZPW) reported a 73% growth in revenue to $25.7 million in the fourth quarter of 2009. Also, the profits of First Cash Financial Services (FCFS) rose by 26% in the year ending 31 December 2009. The demand for pawn shops in Las Vegas has always been greater than the rest of the country due to the massive influx of visitors who wish to play at the casinos.
How Do Pawn Shops in Las Vegas Work?
A loan from a pawnbroker is a form of secured loan. In order to borrow money, the customer will need to provide a bad credit lender with an item of value. The most common forms of collateral include gold, silver, jewellery, art, antiques, electrical goods and car titles.
An expert will assess the value and will then provide the customer with a no credit check loan for 30% to 50% of the items value. The money will typically be provided in less than 10 minutes along with a receipt so the collateral can be redeemed at the end of the borrowing term. This is usually 30 days from now, but could be as long as six months.
