Pawn guru log in11/25/2023 ![]() banking system to meet the needs of many poor people. People deciding to use pawnshops, he argues, is an entirely rational choice exposing the fundamental failure of the U.S. The reason, insists PawnGuru co-founder Jordan Birnholtz, is pawnshops have become a refuge of last resort for millions of low-income Americans systematically underserved by traditional, mainstream financial institutions. If there’s such a negative public perception of pawnshops why do some 30 million Americans use them every year? ![]() In 2012, when a national chain wanted to open a pawnshop in a long-vacant lot in Chicago’s predominantly African American 18th Ward, for example, community members erupted up in strident opposition. Their business model – offering people short-term loans using personal items as collateral – has consistently drawn complaints suggesting the industry preys upon the needy. Pawnshops don’t exactly have the best of reputations. Want more? Subscribe to our newsletter to get our investigations delivered straight to your inbox.
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