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Who Uses Pawnshops

Millions of people rely on pawnshops to pay for unexpected hospital bills, car breakdowns, and other unforeseen expenses. If you talk to customers of a pawnshop, they will tell you that pawnbrokers are the only lenders willing to loan them money. In fact, during the great depression, the pawn shop was the only functional lender.

Today our customers are people from all walks of life. Next time you are in line at the bank or supermarket look at the people standing in line next to you, those are the same people you will find in our stores.

The founder of Pawn Daddy started out as a pawn shop customer.

In 1970 William Jachimek needed some cash to start his first business. After still coming up short with loans from family and friends he took a diamond ring to Levinsons pawnshop in downtown Chicago. The 500.00 loan he received gave him the balance of funds he needed and little did he know that several years later he would find the pawnshop business as his life's work.  Another $500 loan several years earlier started the famous Barneys of New York which recently opened in Scottsdale.

Barneys of New York

Barney Pressman, founder of New York-based luxury chain Barneys, owed a lot of his success to his wife. When Pressman saw a small store in Manhattan going under in 1923, he wanted to buy it and open a clothing store of his own. There was a problem, though: he didn't have the cash.

When Pressman told his wife, Bertha, about this predicament, she slipped off her engagement ring and told him to pawn it.

With the $500 Pressman got from hocking his wife's diamond, he took over the failing store's lease and bought 40 high-end suits, which were the original inventory when Barney’s Clothes opened its doors shortly thereafter.

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