The pandemic has been good for business at pawnshops in Philly and across the state.
State of play: Local and state pawnbrokers saw their sales and loan redemptions spike over the last year and a half, Stanton Myerson, owner of Lou’s Jewelry & Pawn in Upper Darby, told Axios.
Yes, but: Inventory dropped as fewer people needed loans by pawning items, defaulted on loans or sold their belongings.
- “The pandemic, all said and done, increased business — it just came in differently,” said Myerson, who’s also president of the state’s Pawnbrokers Association.
Meanwhile, pawnbroker licenses in the city have fallen in recent years, from 40 in 2015 to 32 this year, according to city spokesperson Karen Guss.
How it works: Pawnbrokers lend money on collateral, which is based on the value of an item. These loans don’t affect a customer’s credit score.
- Pawnshops typically provide loans to the unbanked and those without credit or with bad…
