AARP The Magazine - April/May 2012

The Scoop
Here Today,
Pawned Tomorrow
Hock your collectibles for quick cash
Pawn shops are becoming the place for fast loans, as Palm Springs, Florida,
resident Cynthia MacGregor recently found. When she needed cash to pay
bills, she found a local shop that loaned her $320, with her late mother’s
diamond ring as collateral. “I don’t have a retirement fund, only Social
Security,” says the 68-year-old writer. “This was a viable option.”
These shops are shedding their shady reputations thanks to TV shows
such as Pawn Stars and Hardcore Pawn. Racy titles aside, today’s shops are
clean and highly regulated, says Emmett Murphy of the National Pawnbrokers
Association. His tips: If you don’t like the loan terms for your items, walk
away. (Many contracts are for 30 days; states set interest rates.) And confirm
how to reclaim your items. With the average loan at $150, 85 percent of cus-
tomers return for their goods. That’s what MacGregor plans to do with her
mother’s ring: “It’s the only nice thing I have left of my mom’s.” —Laura Daily

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