"Tighter restrictions on banks mean loans that used to fly through the approval process are now being turned down...Some entrepreneurs (ePawnMarket.com) saw this as a business opportunity to take the pawn shop process online." Ben Hoover (WIS Newswatch)
(PRWEB) April 02, 2012
The set of WIS NewsWatch heated up recently as Karen Jenkins a consumer protection expert exposed the Pros and Cons of pawning online with an online pawn shop like ePawnMarket. This financial consultant explored the current lending environment, where online pawn should fall in a consumer's sequence of options, and advantages of online pawn.
Newswatch host Ben Hoover opened conversation by pointing out that “tighter restrictions on banks mean that loans that used to fly through the approval process are now being turned down.” Financial consultant and consumer protection expert Jenkins elaborated, “we understand the lenders are not lending and the banks are not doing what they need to be doing (for average consumers).” One point that all agreed on was that many Americans have items of value, “luxury assets” as ePawnMarket executive Daniel A. Delnoce refers to them, that have real value but are worthless as collateral to the traditional lending industry. Jenkins conceded that there is a real need for collateral based pawn loans and that consumer awareness and responsible borrowing needs to play a key role in the online pawn process.
One aspect that Karen Jenkins adamantly pointed out is that a pawn loan needs to be used only after traditional borrowing options have been exhausted. She explained “hopefully you can go to a friend or family member but if that is tapped out the virtual pawn shops are less expensive.” The over arching warning that Jenkins continued to expose is that this is a “short term loan.” Andy M. Anderson executive for ePawnMarket and online pawn shop industry representative agreed “this is not a long term solution to a larger financial problem. This is cash for a few months to help a family through a tight spot.” In interview Anderson went on to define ePawnMarket's commitment to borrower education and explained the consumer advocate policies of this online pawn shop.
One of the more interesting turn of events in this two segment debate was the advantages of online pawn pointed out by Karen Jenkins. She admitted “now the good news about it is that this type of loan is not as damaging to your credit rating if you do not pay it back because its not going to be reported. You just lose the item that you have pawned.” Specifically Jenkins explained that you simply need to make sure your willing to lose the item you have pawned if you are unable to pay the money back. Responsibility on both the part of the borrower and the online pawn shop lender seemed to be Karen Jenkin's priority as throughout this interview she expressed the need and acknowledged the availability of consumer pawn loan information. She ended her interview by stating, "if you are going to pawn online to obtain a short-term loan, do your research and use a reputable online pawn shop such as ePawnMarket or Groupon backed Pawngo." Delnoce also stated that, "if your item can’t be shipped and you contact ePawnMarket for a pawn loan they will refer you to a local brick and mortar pawn shop that they have affiliated with that can serve you."
ePawnMarket is one of the world’s largest online pawn shops that offers secured pawn loans using luxury items of value that you already own as collateral that can be shipped via Federal Express. Utilizing luxury watches, jewelry, handbags, gold, silver, precious metals, collectibles, and digital SLR cameras as collateral you can obtain fast cash safely and discretely from the comfort of your own home. ePawnMarket.com offers free shipping and insurance on all items you buy, pawn, or sell. By offering our “best deal guarantee” customers can rest assured they will receive the ability to obtain fast cash without credit checks or the hassle of cumbersome paperwork due to bad credit. Can’t ship your item? That's no problem! We have partnered with hundreds of local pawn shops around the country to offer you fair and honest rates and terms that benefit both the consumer and local pawnbroker.