Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
| Row 0 - Cell 0 | Recent 'My Story' Profiles |
| Row 1 - Cell 0 | 2008 'My Story Collections |
| Row 2 - Cell 0 | 2007 'My Story Collections |
What's the largest loan you've made? Seven figures.
What's being pawned? The more upscale clients are bringing in pricier items: diamonds and watches, such as Patek Philippes and diamond-encrusted Rolexes. We also lend against artwork and have seen Picassos, Warhols, Lichtensteins and Rauschenbergs. But the vast majority of our business is fine jewelry and watches. We can do a $250,000 loan in ten minutes.
Are people embarrassed to come in? I think there is a stigma attached to going to a pawnbroker. But coming to us for a loan against your beautiful six-figure diamond is no different than getting a loan against your beautiful six-figure home. They're both tangible assets that you own and that you're leveraging to get cash. I've heard people compare my role to that of a bartender. People have cried in my office. It's often their first time at a pawnshop. I never ask why they want the loan, but nine out of ten tell me.
Article continues belowFrom just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Has anyone ever pawned an Oscar? People have tried. But Oscars belong to the Academy, so we turn them down.
Any surprises? I've had people come in with a diamond engagement ring from a previous marriage that turns out to be a cubic zirconia. I tell them that maybe the divorce wasn't such a bad thing after all.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.