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No more pawn shops?

POSTED: Friday, April 17, 2009 - 6:21pm

UPDATED: Thursday, April 8, 2010 - 3:57am

TYLER-It's a day some pawn shop owners never thought would come. One U.S. Senator has proposed a bill that if passed, would do away with pawn shops all together.

Experts say if this bill passes most pawn shops will shut down and 50 million Americans will be left with nowhere to get a short term loan.

Senator Richard Durbin of Illinois (D) proposed the bill designed to protect consumers from what he calls "unreasonable credit rates."

It would limit consumer interest rates to 36 percent.

Experts say the new interest a customer would have to pay on the loan wouldn't be near enough to keep pawnshops in business.

John Duncan of JC Pawn in Tyler told us if pawn shops close, people who just need cash fast aren't going to be able to get it.

"That's one thing we provide for people is a smaller loan," Duncan said. "They don't have to go through a background check, we don't care about their credit, its more on going by people's word and they're not going to be able to go have that luxury."

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This is absolute sensationalism, and I might add, completely contrived. I am typing this from the Pawnshop I have come to six days a week for twelve years and I would have never worked one day if we charged such userous rates as thirty six percent. This is just another example of the wolves(pay day loan advocates) trying to scare the sheep (people) by threatening them with the shepherd (Pawnshops). Pawn shops predate the Bible. Queen Isabella pawned the crown jewels to finance Columbus. If the government truly wants to help poor people with ridiculous rates they should check their legal fine and traffic ticket ratio of income. All of this is why loaning money for profit was originally a serious sin and the business was dominated by non Christians for two thousand years.

OMG.....next they are gonaa shut down fast food places cause of high fatting food......are people forcing people to walk into a pawn shop and get a loan..NO...So people have no credit at all and have to use a pawnbroker to get by...When did we stop thinking for ourselves in this country. I love pawn shops..you can get awesome deals on stuff if you know what you are looking for. Thier interest rates are crazy high but again..if you are in a tight and banks look at you like your a waste of space cause you credit is 0 then you can see the pawnshops...fast and easy compared to a bank process. This senator needs to focus on another problem in America....leave to poor folk loan offices alone please

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