Information for Pawnshop Clients
Do you use pawnshops for short-term cash? A lot of people do.
But if bill S. 500 gets passed, you won't be able to get loans from your local
pawnshop anymore.
All of America's Pawnshops will Close
According to politician Richard Durban, bill S. 500 will "protect" you from
"predatory" lenders by capping the maximum yearly interest rate for ALL
loans at 36%. Sounds great, right? Wrong.
It's IMPOSSIBLE for pawnshops to stay in business under this interest rate cap.
That means that IF THIS BILL PASSES, ALL PAWNSHOPS IN AMERICA WILL GO OUT OF
BUSINESS.
If your local pawnshop goes out of business, where will you turn when you need cash
for gas, auto repairs, rent, etc.?
- A bank? Right now, it's difficult for people with excellent credit and significant assets to get a loan. For people with bad credit, getting a bank to provide a low-dollar, short-term loan is impossible.
- Your credit card? No one with bad credit or no credit has a credit card, so this was never really an option to begin with.
- Payday loan lender? Businesses that offer payday loans will also be put out of business by bill S. 500, so you won't be able to turn to them either.
- Cash-for-gold business? While these shops won't be put out of business by this bill, they notoriously offer significantly less for gold than you could get at your local pawnshop.
- Family? Friends? We hope your friends and family have money to loan you, because soon this may be your only option for cash.
Why is Senator Durbin proposing this bill?
A lot of politicians think passing these
types of laws helps you. In reality, laws like this cause businesses to shut down,
and you end up with fewer options.
Do you want to help stop this bill?
There are several ways you can help:
-
Sign the Petition:
Sign the petition to stop bill S. 500. We will be delivering this petition to various people with power (senators, representatives, governors, mayors, media, etc.), and every signature makes a difference! Click here to sign the petition => -
Send an Email to Durbin:
Senator Richard Durbin (D-IL) is sponsoring this bill. Mr. Durbin has probably never been inside a pawnshop or met any regular pawnshop customers. It's time to let Dick Durbin know how important these stores are. Email Mr. Durbin by visiting his website (click here) => -
Other People to Contact:
Senator Durbin isn't the only person you can contact to stop this bill. Your local senators, representatives, governor, mayor, and news stations should also hear your voice on S. 500. Click the links below for information on how to contact them. Click here to learn how to contact your local congressmen. Click here to learn how to contact your local media.
