Pawn Shops San Diego Ca - San Diegans struggling to survive during the coronavirus pandemic are turning to pawn shops for quick cash. I spoke with the owner to find out the dos and don'ts of pawn shop loans.
SAN DIEGO (KGTV) - During the coronavirus pandemic, people looking for extra cash are turning to pawn shops as a way to make money.
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Moris Adato, owner of CashCo Pawn, said the pawnshop business started booming in late April, when people needed extra cash to pay their mortgages and rent.
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Pawn owners say their loans can help them meet their needs when people are waiting for something like an EDD payment or stimulus check or looking for a new job.
When someone pawns an item, the store owner gives them a loan for the item's monetary value. People usually repay the principal over 4 to 6 months, plus interest. Once the debt is paid, the item is returned to the owner.
If a person is unable or chooses not to repay the loan, the item becomes the property of the store and can be sold. There is no penalty for losing an item and it will not affect your credit score.
"Jewelry is meant to be worn and look good on its own, but it's a commodity," she says. "That's gold, silver and diamonds. When things go wrong, this is how you get out of trouble."
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First, make sure the store you visit is certified by your state or national pawnshop association. This will ensure that they comply with all laws and regulations of their business.
Second, ask about the terms of the loan, especially the interest. California law limits interest in pawnshops to 3% per month.
Despite the increase in demand, Adato said about 90% of people who take out loans pay back and get their things back. His store offers interest-free benefits on loans paid in full within 30 days. He also promotes safety by doing as much business as possible through his website and app.
"Unfortunately, there are still people who need money," Adato said. "These are blue-collar, working, hard-working classes of citizens who need food to get them through these tough times." Community CornerCashCo Pawn Donates $5,000 for Thanksgiving MealCashCo is donating $5,000 to local communities for Thanksgiving Meals this November.
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Dedicated to serving the financial needs of the community through pawnshops, buying and selling, appraisals and consignment, CashCo Pawnshops will be giving away $5,000 worth of gift certificates to the community to help provide Thanksgiving meals this year November. Over the past 20 years, CashCo has given away 2,000 turkeys to San Diego households through its annual turkey giveaway.
This year, to embrace all cultures and give community members the option to purchase their favorite Thanksgiving meal, 200 gift cards will be available, each $25 and redeemable at all Target stores. 200 winners will be randomly selected on November 21st and November 22nd.
“CashCo was built with a foundation to support our community, and this tradition has been a part of the CashCo family for the past 20 Thanksgivings,” said Moris Adato, President of CashCo Pawn Shop. "The holidays can be a source of great joy for many people and can also be a source of financial stress. If we can eliminate some of that stress, it will help many families."
Community members are CashCo Pawn City Heights, 4502 University Ave. #103, San Diego, CA 92105 and CashCo Pawn Encanto, 6251 Imperial Ave, San Diego, CA 92114. No purchase necessary. BusinessCashCo Pawn Named One of the Best Companies of 2020 Pawn Leaders Magazine's StoreSan Diego Area Pawn Shop Recognized as One of America's Best Pawn Shops
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Dedicated to meeting the financial needs of the community through mortgages, purchases, sales and appraisals, CashCo Pawn Shop was named one of the Top Shops of 2020 by Pawn Leaders Magazine. The Top Shops list recognizes 20 pawn shops across the United States that have made an impact in the pawn shop industry.
Pawn Leaders Magazine serves the largest audience in the pawnshop industry and highlights leadership, strategy and marketing within the industry. Readers voted for the best pawn shops in our first annual Top Shops list.
"We are pleased to be recognized as one of America's leading pawnshops," said Moris Adato, President of CashCo Pawn Shop and member of the board of directors of the California Pawnbrokers Association. "By continuing to provide access to cash through pawn loans, we aim to help alleviate some of the financial strain that consumers and small businesses are currently facing."
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CashCo Pawn has been a trusted source for short and long term financing in San Diego for over 18 years. CashCo Pawn currently has two locations in San Diego and is the first certified "green" pawn shop in the United States.
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