Guide to Starting a Pawnshop Business
July 19, 2009 by Leo 4,804 Views
Pawnshops and pawnbroking have been around for thousands of years. The basic idea behind any pawnshop is to loan people money. In the Philippines, pawnshop has the highest rate of interest earned for one year. Normally loan interest rates is at 60% (5% x 12 months ) annually on every loan released compared to 10 – 20% interest rates of the commercial / rural banks and other financial institutions. It has a potential to earn a Return of Investment in just 3 years and a half.
This is the reason why the growth of pawnshop is compared to sprouting mushroom even at stiff competition with multi-national pawnshop companies, locally owned pawnshop can still perform well and got a sliced of the short term credit market.
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