Empire Loan and the World Wide Web

This August marks the 25th anniversary of the worldwide web as we know it. Online shopping, college classes and degrees, recipes, email, movies & music, just about anything you can imagine can be found on the web. Cars are wifi hotspots, medical records are accessible, and how-to videos have changed the world as we know it. In the pawn industry, there have been technological advances that have helped customers and pawnbrokers alike. Empire Loan, a chain of pawn shops in Massachusetts and Rhode Island, has been leading the way.

Empire Loan has created an app called Cash Cam, that allows consumers to take a photo of an item and submit it to Empire Loan to find out what it might be worth.  “In the almost 2 years since we launched Cash Cam we have received hundreds of submissions from people all over the country, although it’s mostly designed for customers in Massachusetts and Rhode Island” Said Michael Goldstein, President of Empire Loan. “The concept was that people who are cleaning out their attic or find something at a yard sale can snap a picture and send it in to see how much they might be able to get for it. People have submitted artwork, antiques, instruments, electronics, just about anything you can think of.  It’s been a big success”

Another technological benefit Empire Loan offers their customer is an online loan center that allows customers to pay their loans from anywhere by logging onto www.EmpireLoan.com. “The Loan Center was created to allow customers to renew their loans or even redeem them without having to come into the store” says Goldstein. “Our customers can’t always get in to the store to pay on their loans because of work, travel or just not having the time. The best feeling is when they call in a panic about not being able to get into the store. We tell them to just log onto the website and they can pay through the web. You can almost hear the relief in their voice. People have paid while they were on vacation, at work, anywhere they happen to be really”.

Pawnbroking may be a centuries old industry, but pawnbrokers like Empire Loan have taken it beyond just New England, and into Cyberspace!

cash_cam_graphic

How to Get a Low Cost Pawn Loan

For 30 years, Empire Loan has been offering pawn loans for a fraction of what many of our competitors charge. Even though Massachusetts and Rhode Island pawn loans are regulated, there is a difference. Most importantly, that difference can save you money. Here’s how:

  • Interest Rate: Empire Loan charges the lowest interest allowed by MA or RI law in every city we operate in. Maximum rates are set by the state and local municipalities, and Empire Loan adheres to that in every store we operate in. How do we know we’re the lowest? We have visited our competitors and found some charging as much as 7% per month. That’s almost double what any Empire Loan location charges.
  • Fees: The law allows pawn shops to charge a variety of fees, and many of our competitors charge as much as they can. At Empire Loans 8 locations in Massachusetts and Rhode Island we charge an appraisal fee. We have seen competitors charge origination and closing fees, photo fees ticket processing fees. This can sometimes total more than the loan itself. The worst of these are the late fees. One Empire Loan competitors is charging $35 for a late fee. That’s 5X what Empire Loan charges!
  • Educated Customers: Empire Loan believes every customer should understand every part of the transaction: how the process works, how we evaluate your merchandise and valuables, what fees and interest charges are, and what it takes to pay off your loan and get your items back. Empire Loan pawnbrokers review the loan ticket with all new customers and makes s ure to explain everything they need to know. That’s why close to 90% of customers who pawn with Empire Loan get their merchandise back.

If you have ever thought about getting a pawn loan, there is a difference. Feel free to shop around and experience the Empire Loan difference. There is Empire Loan and then there is everybody else.empireloan_617_22_1