Friday, Jun 27, 2008

The future of credit

Telegraph: Pawnbroking goes high-end

Consumers buckling under the strain of higher living costs are returning to the Victorian age in a bid to get their hands on some cash – they are hot-footing it down to their local pawnbroker. And it is not just those on low incomes who are pawning bits of jewellery and small family heirlooms. Some brokers report City whizz kids and professional footballers offering cars or Rolex watches worth tens of thousands of pounds in return for a loan.
This is priceless. But seriously Pawn Brokers look positively moral in comparison with high street banks. They have *real* assets backing the money they lend. Wait a second I think they just got upgraded to Angels of light -- they have 100% backing for their loans with real stuff. Wow. They don't do fractional reserve pawn broking, hahaha

Posted by last_days_of_disco @ 10:11 AM (349 views) Add Comment

3 Comments

1. mark wadsworth said...

You could do fractional reserve pawn-broking, you know. The pawnbrokers could just hire out all the Rolexes, Ferraris and posh tea-sets to people who want to impress other people for short periods.

Friday, June 27, 2008 10:22AM Report Comment
 

2. drewster said...

Mark, I think you may have just hit upon an excellent new business model!

Friday, June 27, 2008 11:29AM Report Comment
 

3. japanese uncle said...

Didn't I say this some 20 months?

Friday, June 27, 2008 12:28PM Report Comment
 

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