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Do all pawn shops have similar interest rate?

The answer to these questions would be a tricky one. Interest rates for pawn shops are similar based on the state they are located in. by using a valuable item as collateral, a customer can get a decent amount of loan from the local pawn store. The interest rate for such loans are usually regulated, and as some states regulate the rates too high, it is pretty usual to find pawn shops fighting to get customers by reducing their interest rates. When a customer has to pay the same amount of loan, but is charged a lower interest rate, it becomes fairly easy for the customer to get their merchandise back. Therefore, the customer ends up getting a "better deal" and the pawn shop receives a customer in the end.

Most of the time, pawn shop interest rate are usually low. This is because the loans are not meant to be as heavy as a bank loan or such. These are short "unforeseen financial crisis" loans which are used by customers to help them survive the difficult times. They are set by state law in most cases but in some situations a pawn broker may reduce his interest rate to out price the competition. But how do you know if that’s going on?

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There is a very simple trick behind finding out if the pawn shops in your area are having a "battle" by reducing their rate prices. Picking up the directory or logging on to the internet will give you the numbers for your local pawn stores and by calling them, one could easily find out if there is competitive interest rate in the market. Unfortunately, there isn’t a centralised registry and hence calling individual pawn shops would be your only bet and figuring out the interest rates. But on an average, one could say that 5% interest rate is what could be found.

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