Site search
sponsored by
News
Sports
ENLARGE
Brian Langfitt of The Cash Company.
GRAND JUNCTION, Colo. — Queen Isabella of Spain pawned the crown jewels to finance Christopher Columbus’ first voyage to America.
That’s according to Grand Junction pawnbroker Brian Langfitt.
“We might be speaking Swedish right now if not for a pawn shop,” said Langfitt, who owns The Cash Company, 2938 North Ave.
Pawnbrokering is the “second oldest profession,” Langfitt said, and in today’s economic recession, local pawn shops appear to be stronger than ever.
Both The Cash Company and Big J Jewelry and Loan, 136 S. Seventh St., say business is good.
“We’ve seen 20 to 25 percent increases in loan activity,” said Big J manager Larry Bruner. And “sales are way up over last year.
“Part of that is people don’t mind buying used when they can’t afford to buy new,” he said.
They can buy a used item at half or three-quarters of what they’d pay new, and it’s guaranteed, Bruner said.
Big J will celebrate its 20th anniversary April 18 with free hot dogs, cake and a drawing for an Xbox gaming system.
Seeing both sales and loans increase at the same time is unusual, said Langfitt, whose shop is also seeing an increase in both. “Usually when loans go up, sales go down, and when loans go down, sales go up. People either have money or they don’t.”
“People have to shop a little smarter. They can buy it for a fraction of what they could new, and they know I’m going to guarantee it,” Langfitt said.
Cash It In Consignment is an eBay, computer-based consignment shop at 3098 I-70 Business loop. Owner Jesse Chisler said business is up at his second-hand business as well.
“A lot of people are bringing in higher-end stuff” like diamonds and gold, said Chisler. “Everybody’s trying to raise a buck.
“We’ve seen a lot more bulk. Businesses that have gone out of business have brought us their merchandise.”
Unlike the pawn shops, however, Cash It In Consignments doesn’t make loans. It sells items for people on eBay for a commission.
The vast majority of Cash Company and Big J clients eventually buy back the items they’ve pawned.
People get what’s called “wholesale used” loans on their merchandise — “not near what they paid for it” and so most of the time, they don’t want to let it go at that price, Bruner said.
Pawn is another name for a “poor man’s bank,” Bruner said.
“If a person just needs a loan, a few bucks for gas, groceries ... it helps them out.”
“There are no credit checks,” Langfitt said. The loans are “purely based on collateral and their needs.”
People who pawn items sign contracts with shop owners agreeing to buy back their items with interest by a certain date.
Langfitt, who’s been in the pawn business for 20 years, said his oldest loan dates back to February 2004. The item’s owner has paid interest every term for the past five years, evidently intending to buy it back someday.
People default on Langfitt’s loans about 10 percent of the time, compared to a national average between 40 and 60 percent, he said.
Pawned items wait for their owners in the back of the store, while in the front Langfitt sells new merchandise, as well as defaulted or used items he bought outright.
Dorothy Maldonado has been a regular client (and customer) at The Cash Company since 2000.
Wednesday, Maldonado brought in 23 computer games and walked out with a $82 loan. She’ll pay $8.20 in interest a month until she returns to buy back her games.
“I’ll come back, pay my loan off and get them out,” Maldonado said.
Reach Sharon Sullivan at ssullivan@gjfreepress.com.
That’s according to Grand Junction pawnbroker Brian Langfitt.
“We might be speaking Swedish right now if not for a pawn shop,” said Langfitt, who owns The Cash Company, 2938 North Ave.
Pawnbrokering is the “second oldest profession,” Langfitt said, and in today’s economic recession, local pawn shops appear to be stronger than ever.
Both The Cash Company and Big J Jewelry and Loan, 136 S. Seventh St., say business is good.
“We’ve seen 20 to 25 percent increases in loan activity,” said Big J manager Larry Bruner. And “sales are way up over last year.
“Part of that is people don’t mind buying used when they can’t afford to buy new,” he said.
They can buy a used item at half or three-quarters of what they’d pay new, and it’s guaranteed, Bruner said.
Big J will celebrate its 20th anniversary April 18 with free hot dogs, cake and a drawing for an Xbox gaming system.
Seeing both sales and loans increase at the same time is unusual, said Langfitt, whose shop is also seeing an increase in both. “Usually when loans go up, sales go down, and when loans go down, sales go up. People either have money or they don’t.”
“People have to shop a little smarter. They can buy it for a fraction of what they could new, and they know I’m going to guarantee it,” Langfitt said.
Cash It In Consignment is an eBay, computer-based consignment shop at 3098 I-70 Business loop. Owner Jesse Chisler said business is up at his second-hand business as well.
“A lot of people are bringing in higher-end stuff” like diamonds and gold, said Chisler. “Everybody’s trying to raise a buck.
“We’ve seen a lot more bulk. Businesses that have gone out of business have brought us their merchandise.”
Unlike the pawn shops, however, Cash It In Consignments doesn’t make loans. It sells items for people on eBay for a commission.
The vast majority of Cash Company and Big J clients eventually buy back the items they’ve pawned.
People get what’s called “wholesale used” loans on their merchandise — “not near what they paid for it” and so most of the time, they don’t want to let it go at that price, Bruner said.
Pawn is another name for a “poor man’s bank,” Bruner said.
“If a person just needs a loan, a few bucks for gas, groceries ... it helps them out.”
“There are no credit checks,” Langfitt said. The loans are “purely based on collateral and their needs.”
People who pawn items sign contracts with shop owners agreeing to buy back their items with interest by a certain date.
Langfitt, who’s been in the pawn business for 20 years, said his oldest loan dates back to February 2004. The item’s owner has paid interest every term for the past five years, evidently intending to buy it back someday.
People default on Langfitt’s loans about 10 percent of the time, compared to a national average between 40 and 60 percent, he said.
Pawned items wait for their owners in the back of the store, while in the front Langfitt sells new merchandise, as well as defaulted or used items he bought outright.
Dorothy Maldonado has been a regular client (and customer) at The Cash Company since 2000.
Wednesday, Maldonado brought in 23 computer games and walked out with a $82 loan. She’ll pay $8.20 in interest a month until she returns to buy back her games.
“I’ll come back, pay my loan off and get them out,” Maldonado said.
Reach Sharon Sullivan at ssullivan@gjfreepress.com.
