26 Jan A case study 2018
As most of you know since last year I’ve been on a personal crusade to reframe the Pawnbroking industry. I was tired of the inaccurate stereotypes that Pawnbroking was a seedy, dishonest business that does a disservice to its clients. Nothing could be further from the truth. Pawnbroking has seen resurgence in recent times with key figures in the finance sector identifying the potential of collateral loans.
So with that in mind, in this blog, I am going to present to you another simple case study.
Client: 40-year-old male,
Business: Painter & Decorator
We’ll call him Andy, all businesses have their ups and downs with cash flow and Andy’s business was no different, Christmas and New Year was a time when Andy’s business was most affected by cash flow, and like most businesses, he operated in and out of an overdraft with the bank.
Now Andy didn’t want to talk to the bank, this would raise a red flag on his business by needing a larger overdraft until the receipts came in, (Banks are quite happy lending you money when you don’t need it) but when you do it can trigger alarm bells, believe me I know!
Now Andy had some Gold that he had accumulated over the years and not wanting to head to the bank and knowing that Gold always has a value, he decided to ask Dr Google to see if anyone would lend money on his Gold, Dr Google recommended The Pawnbroker because of our collateral loans so Andy picked up the phone and gave us a call.
Andy asked a few questions about how safe & secure would his gold be, on reassuring him of our security measures he headed out the door with $10,000 with a look of relief knowing he could settle those outstanding bills that piled up over the holidays.
And we took his Gold as collateral, (which I might add is safe and secure in our vault)
Andy was in the office for around 25 minutes, No awkward questions, No credit checks, No application forms, simple!!
These are the kinds of stories we hear about all the time at The Pawnbroker. People have assets, they need cash, and we make it happen. It’s that simple.