According to a new poll conducted by the San Diego Union Tribune, over 75% of San Diegans would pawn valuables to help their business make ends meet. The poll was connected to a recent article on the rise of San Diego pawn shop loans as an alternative to traditional bank loans. Thanks to television shows like Pawn Stars on the History Channel and upscale luxury pawn shops like San Diego Jewelry Buyers, affluent individuals and business owners are increasingly visiting pawn shops for quick cash loans.
San Diego Jewelry Buyers (SDJB) was interviewed for the San Diego Union Tribune article. In the Tribune article, an SDJB spokesperson tells reporter Penni Crabtree that during difficult economic times he often sees business owners who want to pawn personal assets so that they can make payroll or real estate investors who need some cash to tide them over until a property sells.
According to SDJB, their average cash loan is $200, but he has given loans up to $50,000. San Diego Jewelry Buyers offers cash loans up to $250,000 on qualified collateral. In addition, the pawn shop purchases diamonds, fine jewelry, Rolex watches, and other precious gift assets outright. Recently SDJB purchased a rare Van Cleef & Arpels platinum pendant and earring set, featuring a 5.09 carat D-color Flawless diamond and 5.64 carats of museum-quality Columbian emeralds. In the past, such important jewels were only acquired at auctions at Sotheby’s and Christie’s. That the San Diego pawn shop was able to purchase such expensive and precious fine jewelry is a testament to how far the pawn shop industry has risen above the seedy image Hollywood has shown in films over the years.
SDJB points out that the interest rates at San Diego pawn shops cannot be compared to those of bank loans obtained to finance a car or home. “San Diego Jewelry Buyers offers short term loans which can be as short as one hour and as long as 4 months and 10 days (renewable), so obviously our rates have to be higher, closer to the rates banks charge on credit card cash advances,” says SDJB. “It is not a practical form of financing over the long term, but, when all the banks are closed at 8 p.m. on a Friday night, customers can walk out of here with a loan that can help them turn that corner.”
San Diego Jewelry Buyers’ luxury pawn shop is located in the downtown San Diego Gaslamp. For more information, please visit their website at SanDiegoJewelryBuyers.com.
Located in the Gaslamp Quarter of downtown San Diego, SDJB leverages over 30 years of industry experience and fine jewelry expertise to make certain that customers receive the fairest cash offers and loans for their diamond/gemstone jewelry and premiere brand watches. Serving La Jolla, Rancho Santa Fe, Solana Beach, Carlsbad and other surrounding communities.
