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Pawnshop companies make money by giving short-term loans to customers who offer jewelry, electronics, tools, musical instruments and other merchandise as collateral. These pawn brokers are expected to pay for the monthly storage fees and loan-servicing fees. If a customer fails to pay the loan plus the interests and charges, the pawnshop, following a grace period, can sell the item.


Pawnshop loans are usually short duration and high risk loans. Lenders charge interest rates commensurate with the risk, size, duration of the loan, and the collateral offered.  All pawn brokering interest rates are regulated. Interest rates for payday loans or pawn loans vary in every state. The rates in following table are variable:

Table 1. Comparative features

Type of Loan

Interest Rate



Payday Loan


7-30 days

No collateral, cash in 1 hour

Cash Advance


30 days

No collateral, with credit check

Pawnshop loan


30 days

With collateral, no credit check


Many states have usury limits. Pawnshops are hardly seen in New Jersey, New York, or Pennsylvania because of the strict usury laws there. In some states, there are no ceilings on interest rates and some states are more protective of their people so they set low interest rates.


Payday loans offer the following:

  • Up to $1500 deposited into your account within 24 hours
  • Flexible payment options
  • $30 per $100 finance charge
  • 100% faxless
  • Bad Credit is ok


Payday loans have almost the same interest rates. In some neighborhoods, only payday loans are operating. Banks have fled the area so the working-class residents turn to the payday lender or pawnshop for micro financing. Pawnshop loans have generally higher interest than credit card or bank loan.