I work in NYC and live in the NY metropolitan area, and I don’t know of any pawnshops here. Yet in my travels down south I’ve noticed places where they’re all over the place. I’m pretty sure I’ve encountered at least one somewhere in NY state, so I don’t think it’s a legal issue. Is there a reason why they’re prevalent in some places and not others?
They are generally in poorer neighborhoods or near colleges. Places where people actually might have to pawn their guitar to pay rent this month, yet someplace others can afford to buy merchandize from conveniently. I don’t think they are illegal in any state.
Hey, frog, sure we got pawnshops here in NYC.
There used to be a whole slew of 'em on 14th Street, east of Union Square. I think many of them are gone, but I’m pretty sure there are one or two hold-outs. There also used to be a bunch near Times Square, too.
I suspect the reason they’re much less common in Manhattan these days is that as the economy has improved (1) they’ve been pushed out my rocketing real estate prices, and (2) their business has fallen off.
They definately exist in the outer boroughs – mostly in marginal neighborhoods, I’m afraid.
Check the phone book; I’m sure you’ll turn up a whole bunch.
Pawnshops having their business fall off? It is to laugh. The only time you’ll see a pawnshop go out of business is when:
A) The proprietor dies, and none of his children want to take over.
B) Some big mega chain comes in and undercuts him (the Wal-Mart syndrome). Around here, that would be Pawn America.
C) The shops are forced out by zoning regs. Here in Minnesota, pawn shops are prohibited from being within 10 or 15 miles of a casino. The existing shops were grandfathered in, but they might not have been in NYC.
I’m sure there are pawnshops in New York, but their profitability differs from place to place so you see them more or less in different regions.
The maximum interest rate allowable on loans is something left to states to determine, and how various types of lending are classified can also vary. I believe most states limit pawn shops to something along the lines of a 240% APR but there are certain states that are much more restrictive.
There is a decrepit pawnshop near me which in turn is near the neighborhood of which frogstein speaks. My Manhattan Yellow pages has only a dozen or so listings for pawnbrokers, which seems tiny for an area of 1,500,000 or so people. So I can see why one might not notice them here. I just wanted to add that I liked the quote from Victor Borge who died a few days ago at the age of 92. His humor was unique and precious. Also, the history of Pawnbroking is interesting. It is one of the oldest trades known to mankind.
I get 360 APR, compounded an average of every 3 weeks. Awful tough to lose money under those circumstances.
Spritle bought his first guitar at a pawn shop. An Italian “Contessa”. Yep, bought it for $50 and had it appraised for over 30 times that amount. Sucker. 
Bought his second guitar at a pawn shop. A 1959 Epiphone. Yep, bought it for $45 and had it appraised for over 20 time that amount. Double Sucker. :D:D
I bought my first guitar at a pawn shop. Yep, an Italian “Contessa”. Paid $50. 
I think pawn shops have seriously decreased in NYC. (70’s TV shows depicted NYC as having a lot of them.) But I think they were considered a driving force for burglars to commit crimes.
DC has quite a few, usually linked with check-cashing places. The ones across the river in Virginia aren’t nearly as seed-looking as DC’s; some are even pristine.
I’ve noticed the same thing-pawnshops are mainly in the poorer areas. In the deep south (Alabama, Miss, etc.) there are tons of them.
I once tried to buy some stuff from a pawnshop-most of the merchandise loked well used.
Here in the poor deep south there are pawn shops everywhere.
Also we have many Check Chashers, Payday Loans, and auto Title Loan, and Rent to Own businesses. I’d advise everyone to stay awayfrom these places unless your desperate for cash. The interest rates are really high, but I suspect most of the people who use these places can’t read or add.
I walked into one on Flatbush Ave two days ago. Around…hmm…6th Avenue and Flatbush, more or less. HUGE place, had tons of stuff. Did NOT have a Handspring Visor, however- a fact I found vexing since that’s what I’m jonesing these days.
I went to School of Visual Arts, on East 23rd. There was for a LONG time a good pawn shop around the corner, on 3rd ave. at 24th street, Southwest corner. Also, as mentioned here, around 14th St east of the park. Me, I love 'em.
Cartooniverse
So, do you refer to the interest as “knocking them for a loop?”
Cartooniverse, this morning I attended a Handspring User Group meeting in San Francisco. Two Visors were given away (a deluxe and a prism).
I did not win either, thus I can not send you my current model. Sorry.
On my next paycheck, I have to spend about $300 at one. A few months ago when my debit card was stolen and my bank account was wiped out, I had to pawn some stuff to make ends meet, and I have been putting off getting it out. Now I have to, and at 240% interest…eeek.
I’ve only seen them in Spanish Harlem, on my way down to my expensive, safe . . . almost all-white . . . apartment building next to . . . Gracie Mansion.
If you’ll excuse me, I’m going to go feel guilty now. . .
My favorite local commercial ever when I was living in the south :
A young couple wants to take a vacation but just can’t find the money (that’s right - a vacation). Why not pawn the title to your car? You can even keep driving it! This is legal in Georgia, but not in surrounding states. I don’t even want to know the interest rate.
Several of the ‘car pawn shops’ in the Orange and Osceola County areas (FL) have packed up and moved to other counties - seems the local governments put a cap of something like 30% annual interest the shops could collect, instead of the 240 - 360% they used to charge.
Now the big things is the ‘check pawn shop’ - write a postdated check before payday, we’ll give you the money and hold it until your payday, and you pay it then, or just write us another one to pay off the first, while the interest goes up, and yes we prosecute severely for bounced checks.
And yes, we have lots of regular pawn shops - several in downtown Kissimmee (just outside the attractions) and on S.O.B.T. (South Orange Blossom Trail), in both the poorer sections of town and near the topless bars.
spritle - I hope you and my Epiphone are happy together. [Yup, needed to put food on the table and pay bills, and couldn’t get it out of hock in time.]