The Neighborhood Pawn Shop Revolutionized
In an ever increasing amount of online businesses, it was beginning to look like the neighborhood pawn shop would go the way of toy stores, hobby shops and the TV repair shop.
Fortunately enough for those that may be in need, the pawn shop business has been reinvigorated and made a more convenient way to get funds when one needs it most.
Since launching in June, Pawngo has done more than $6 million in 48 states. The business model, the response and most of all the company’s commitment to quality customer service is what is going to make this a standout. Additionally, it is can be a nice feeling for someone to get a loan on a valuable without the feeling of embarrassment that is typically associated with going into a pawn shop and asking – “How much is my ring worth? Please say $400 so I can pay my car note!” It’s also much better than getting an extremely costly payday loan.
“Things happen and there’s always a need. That happens even more if you have a family.”
Those are the words of Pawngo's CEO Todd Hills, who had to help meet the needs of his own family when he first entered the pawn shop business in his teens. He tells us about this revolutionary new service and how it will use social media to connect with its consumers and increase growth.
Bryan: Tell us the story on the background of Pawngo. Where do you see it going in the future?
Todd: “The concept of Pawngo literally started from the ground up. When I was 17, I got a job at a local pawn shop to help my family make ends meet and quickly moved into a managerial role shortly after I started working there. By my early twenties, I opened my own pawn shop and eventually ended up owning and operating more than 25 traditional pawn shops. A few years ago, I realized that the next evolution of pawning was to take the industry completely online. My concept was grounded in the fact that an online lending model such as ours would give customers quick and easy access to financial security with the comfort of anonymity. Towards the end of my brick-and-mortar days, I also noticed a different breed of customer interested in obtaining a pawn loan. These were people who used to be financially secure but had fallen on hard times and were looking for a sizable short-term loan. With that in mind, I started a company called Internet Pawn back in 2009. Pawngo.com was launched this past year after the co-founders of Groupon, Brad Keywell and Eric Lefkofsky, discovered my business and decided to invest in the concept of online pawning. Our site appeals to a wide range of customers, including those interested in loan amounts ranging from $500 to $1 million.”Continued on the next page