The largest is money America in addition they have actually about 650 pawn stores and logged about $150 million in earnings just last year. So youve got types of synchronous tales right here. And, during the time that is same money America, one other two big pawn chains which are publicly exchanged, they are doing pay day loans. They do check always cashing. Theyve gotten in to the debit card company, a number of them.
Therefore, you understand, they truly are more diversified. They are pursuing whatever profits can be found under this poverty umbrella, unlike many pawnbrokers that pride by themselves in being pawnbrokers and, in fact in some instances, scorn or even resent the payday lenders because what's an online payday loan? It really is a loan that is short-term. So what does the pawnbroker do? Well, they are making loans that are small the band you generate, the television you bring in, so they're rivals.
The point that many amazes me personally in regards to the pawn industry could be the typical pawn loan this past year had been about $90. Its this type of amount that is small. It simply appears this type of nickel and dime company. However you come up with an adequate amount of these pawn stores and, you understand, it really is a billion dollar company for money America. It is, you understand, $150 million profit away from this nickel and dime company.