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How To Avoid Overdraft Fees
Avoiding Overdraft Fees
It happens, sometimes when we least expect it. You write a check to pay a bill; the rent, a car repair, even money you borrowed from a friend. Without realizing it, a deposit you were expecting doesn’t clear the bank in time and poof, you’re hit with an overdraft fee from your bank. That’s how it may start.
How Overdrafting Quickly Adds Up
The bank charges you $35 but the property manager you pay your rent to can charge you a returned check fee. Wham! Add another $30 to the bill. That’s $65 extra, plus the headaches and damage it may do to your credit rating. Depending on the amount of the bad check, it could become a criminal matter.
Imagine you’re going to pay your cell phone bill for $200.00 and because of a delay in your direct deposit, your account is $100 short to cover the check you just wrote. Between the $35.00 overdraft fee from your bank, the $30.00 charge from the cell phone company for the returned check and possibly a reactivation charge to turn the phone back on, it could cost more than the original bill. this is not an ideal situation to find yourself in.
Quick & Easy Overdraft Solutions
One solution could be a fast and simple pawn loan from Empire Loan. Simply bring something of value; gold and diamond jewelry, electronics, musical instruments, tools or other items with a secondhand value and you could have walked out with the cash to cover the shortage. A typical pawn loan for $100.00 from Empire Loan would cost you about $11.00. That’s it. No long forms to fill out. No waiting for approvals. Just bring in your merchandise and walk out with the cash you need to avoid this disaster.
Your One Stop Money Shop
Empire Loan has been serving Massachusetts and Rhode Island since 1985, getting our customers the cash they need, when they need it. Contact us via a convenient form, call them today or find a location near you to see what they can do to help.
EMPIRE LOAN OFFERS FINANCIAL SUPPORT TO FURLOUGHED FEDERAL WORKERS
Empire Loan Owner & CEO Michael Goldstein today announced that his company will offer furloughed federal workers interest free, no fee loans for the duration of the government shutdown
Boston, MA – Empire Loan, the “one stop money shop” for Greater Boston and Providence, Rhode Island consumers, has a solution to help local area federal workers survive the historic government shutdown. Today Empire Loan announced that they are offering no interest, no fee loans to qualified furloughed employees.
This past Friday, roughly 800,000 federal employees missed their first paycheck. About 380,000 employees have been furloughed and another 420,000 are currently working without pay. Congress has already passed a bill that guarantees all federal employees will receive back pay once the shutdown is over, but that does little to help them while it drags into its fourth week.
“I hate to think that there are so many federal workers out there with little or no financial options to ensure their bills are paid and they have food on their table to feed their families,” said Michael Goldstein, owner and CEO of Empire Loan. “So we decided to offer them what we’re calling an FDT Loan … a loan that they can access Fast, Direct, Today.”
An Empire loan uses a customer’s personal property as collateral instead of their credit. What individuals can borrow is based on the value of the item they bring in to Empire Loan for appraisal. For example, jewelry, coins, electronics, musical instruments and tools can all be used as collateral for a loan. Based on the value of that item, Empire Loan will lend furloughed federal employees cash on the spot with no fees, no interest, no credit check, paperwork or spiraling debt. Once they are back to work – no matter how long it takes for the government shut down to end – furloughed employees can pay back the interest free loan and get their collateral back without compounding interest or lingering debt.
“We want these federal employees to know that we are in this with them for the long haul,” said Goldstein. “Obviously we all want this government shutdown to end as quickly as possible, but if it continues indefinitely, our offer stands for the duration … interest free loans with no fees involved for all qualified furloughed federal employees.”
About the December 2018 Shutdown
The second shutdown of the United States federal government in 2018 – which has continued into January 2019 – began at midnight EST on Saturday, December 22nd, making it the longest U.S. government shutdown in which federal workers have been furloughed in history. The shutdown occurred when the United States Congress and President Donald Trump could not agree on an appropriations bill to fund the operations of the federal government for the 2019 fiscal year, or a temporary continuing resolution that would extend the deadline for passing a bill. The Antideficiency Act prohibits federal departments or agencies from conducting non-essential operations without appropriations legislation in place. As a result, nine executive departments with around 800,000 employees had to shut down partially or in full, affecting about one-fourth of government activities.
About Empire Loan
First established in 1985 by Michael Goldstein, Empire Loan is New England’s leading pawn shop with 8 locations in Boston, Providence, New Bedford, Worcester, Stoughton, Lowell and Lynn. Empire Loan is more than just a pawn shop, it’s a local, community-focused business that strives to change the image of pawn shops. Empire Loan enthusiastically supports the communities where they operate, providing donations to organizations like the Boys & Girls Club, Girls Inc., Health Centers, and local Arts & Entertainment organizations. In 2011, Goldstein created the Empire Loan Charitable Foundation which supports a wide range of programs in the communities where Empire Loan operates.
HowPawnLoanWorks
How A Pawn Loan Works
A pawn loan uses something you own as collateral instead of your credit. What you can borrow is based on the value of the item you bring in, which can be jewelry, electronics, musical instruments and tools. Based on its value we lend you cash on the spot with no credit check, paperwork or spiraling debt.
You pay back the loan with interest in a few months and get the collateral back without compounding interest or lingering debt.
And over 90% of our customers do get their merchandise back.
How Pawn Shops Avoid Stolen Items
The idea that stolen items end up in pawn shops simply isn’t true anymore. Extensive reporting requirements for every item that comes in is a huge deterrent for thieves. At Empire Loan, everything we receive is meticulously described, photographed and transmitted to a police database. Learn more.
Unwanted Gift Cards? Empire Loan Will Give You Cash!
The holidays are done and the presents and decorations are packed away. Now what do you do with the gift cards you’ll never use? Bring them to Empire Loan and turn them into cash!
Empire Loan buys gift cards from over 700 merchants and pays cash on the spot. No machines to fuss with, no sharing credit card or bank account information, just bring in your gift cards along with your ID and you walk out with cash in your pocket.
All those gift cards to the clothing store you would never be caught dead in, can be turned into cash that you can use wherever you want. If you’ve ever received a gift certificate to a high end department store where the $50 card might get you a pair of socks, you would probably prefer the cash. One customer even came in with a gift card for a restaurant chain that doesn’t even have locations in New England. In all these cases, Empire Loan will pay cash for those unwanted gift cards.
Everybody thought gift cards would be a popular holiday gift for family, friends and service providers when you couldn’t figure out what to give them as a gift. Gift cards would let them shop for themselves and get the right size or color item. Unfortunately, you can’t please everybody. Instead of letting it sit in your wallet or purse taking up space, bring your unwanted gift cards into any of Empire Loan’s 8 locations in Boston, Providence, New Bedford, Worcester, Stoughton, Lowell or Lynn along with your ID and you could be walking out with cash.
Some retailers are offering to buy your gift cards from their competitors in exchange for gift cards to their stores. Others are offering store credits to their stores for gift cards to their competitors. If you didn’t want a gift card for their store, why would you necessarily want one from a store that basically sells the same things?
The advantage to getting cash for your gift cards is that you get CASH that you can spend anywhere you want to get just what you want. Once again, Empire Loan makes it easy!
3 Options for Your Broken Jewelry
Broken jewelry – everybody has some, but nobody wants to just throw it away. What can you do with your broken or damaged gold, diamond and silver jewelry? Empire Loan has 3 options you can do with those broken items that have just been sitting in the bottom of your dresser drawer.
- Sell it! Broken, damaged or simply stray pieces of old gold and diamond jewelry can be turned into instant cash. Remember the earring that you lost the match to? It’s gone forever. How about the chain or bracelet that got crushed when you were doing yardwork? Of course, there’s also the ring that was mangled by the kitchen garbage disposal. If it’s gold, platinum or silver, Empire Loan will buy it, as is, for cash. Simply bring it in and the Empire Loan experts will test it, weigh it and pay you cash on the spot….no matter what condition it’s in.
- Get a short-term loan! Any gold, platinum or diamond jewelry you have, regardless of the condition, may get you a cash loan. If you want to keep that broken ring your great-grandmother handed down to you, Empire Loan will lend you cash based on the value of the gold and diamonds in the ring. Empire Loan holds it safely and securely in their vaults until you repay the loan and take back your valuables. It’s that easy. You never have to sell your precious mementos, they still belong to you. Empire Loan simply lends you money based on the value of the item. It doesn’t matter what condition it is in, so long as it’s gold or platinum. Silver trades for under $20 an ounce so most silver jewelry may not have enough value for a loan, regardless of what you may have paid for it. Grandma’s silver tea set though could weigh enough that you could get a loan from just a few dollars, on up to thousands, depending on the weight.
- Fix it! We live in a disposable society. When things wear down or break, we just throw it away and get a new one. Part of the problem is finding somebody who has the ability to fix things properly, particularly with gold and diamond jewelry. It takes a true craftsman to be able to repair a broken chain or pair of earrings. Empire Loan has goldsmiths available to bring your broken jewelry back to life. Even if you’ve just outgrown your ring, Empire Loan’s expert craftsmen can re-size it to fit the way it’s supposed to. We can fix that broken chain, pendant or ring the way it’s supposed to be and it’s like you have bought a new piece of jewelry. Not sure if what you have can be repaired? Bring it into any Empire Loan location and we’ll give you a free assessment and honest appraisal as to whether it can be repaired or not and how much it may cost. Then it’s up to you. Bring your broken jewelry in and see if Empire Loan can make it new again!
There is one other option: just let that broken jewelry sit in the bottom of your drawer collecting dust. But why do that when the other options are so much better!
5 Myths About Pawn Shops: Debunked!
Pawn shops have gotten a bad rap in the past. Negatively portrayed in the movies, pawn shops are associated with seedy-looking characters and dark and dirty storefronts.
Well, the times have changed! Pawn shops are prominently featured in TV shows as great spots for bargains and the perfect place to get short-term loans that aren’t available from banks or traditional lenders. Modern day pawn shops are clean, well-lit businesses that serve consumers from all walks of life.
Time to correct some of these misconceptions:
- Pawn shops charge high interest rates: Pawn shop interest rates are determined by the state, city or municipality that the pawn shop is located in. Pawn shops in the Boston area are set at 3% monthly while Providence pawn rates are set at 5% monthly. Compare these rates with those in New Hampshire with a monthly interest rate of 20% per month. A smart consumer will find out the interest before taking a loan.
- You have to make monthly payments: In Rhode Island it is for 3 months and in Massachusetts a pawn loan is for 4 months. This means you do NOT have to make monthly payments. Simply pay the fees and interest that have accrued by the end of the loan period and you can renew your loan for another 3 or 4 months depending on the locatoin of the original transaction. It’s important to know how long the loan is for since some communities may have loan terms that could even be weekly.
- Pawn Shops buy stolen merchandise: Never! Pawn shops report every transaction they make to local law enforcement and then hold onto the item for a specific period of time, giving police the chance to investigate if the items were the result of a crime. Pawn shops are generally required to require government issued ID’s, take photos of the items and the person who brought them in and to provide these photos to police if asked. This makes it easier for police to recover stolen items and prosecute the criminals. Pawn shops do their part to NOT take stolen items.
- Pawn Shops try to cheat people, offering below market value: The value of certain items goes up while others go down. A reputable pawn shop would be happy to explain how they came up with their offer. Gold & diamond jewelry is generally valued on the scrap value of the gold and a percentage of the wholesale value of any diamonds, not what you may have paid for the item at retail. Because the price of gold goes up and down with the market, the amount you may be offered on a buy or a loan may change by the minute. With miscellaneous items like electronics, the value falls the minute you open the box and because technology keeps changing, the 2-year-old TV, laptop or digital camera you have may even be obsolete by now. Most pawn shops search websites to determine the used resale selling price of an item and offer a percentage of that. This means the TV that you paid over $1,000 for may only be worth a $100 loan. Don’t be afraid to ask how they came up with their offer and to shop around for the best offer you can get.
- Pawn shops are dark, dingy and scary places: Empire Loan, with 8 locations has worked hard over the past 30+ years to create well-lit and welcoming stores that customers feel comfortable in. We take pride in making sure the items we put out on display are clean and in good working order. The stores feature beautiful jewelry cases with only the best in gold, platinum and diamond jewelry at prices that are a fraction of typical jewelry stores. Empire Loan employees are expected to be neatly dressed, polite and professional with all customers who they come in contact with. Seeing is believing, stop in and see it for yourself. (or peek below)
If you’ve been the victim of a theft, here’s what to do
Pawn Shops are regulated by local, state and federal laws pertaining to loans, purchases and privacy issues. People often think when their property is stolen they simply go to a pawn shop and see if their merchandise is on display there, but it’s really not that simple. Here’s a description of the process and what you should do if your merchandise is stolen.
First, understand that Pawnbrokers and other second hand dealers are generally required to report all transactions they make to local police or authorities. In addition to pawn shops, jewelers and consignment shops that buy gold and silver jewelry and other items are all required to maintain records of transactions and report them to local authorities on a regular basis. This often includes providing pictures and descriptions of all the items they take in, along with a copy of the ID and photos of the person who brought the item in. The pawn shop must then hold the item for a specific period of time, usually a minimum of 30 days, to allow the police time to investigate if the merchandise was part of a crime.
Fairly recently New England law enforcement agencies have centralized this information through NESPIN, New England State Police Information Network, where all six New England states (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont) share the information of what has been brought into pawn shops and second hand dealers across the region, allowing local law enforcement the opportunity to search database to see if items brought in were the result of a crime. This database is not available to the public but is accessible to local law enforcement.
As a victim of crime, here’s what you should do:
- Call the police. The first step after you discover a theft is to contact the local police where the crime was committed. Police will be able to take the information and conduct an investigation to try and locate your items. They may have knowledge of other crimes in the area and will also be able to review the records kept by other local police departments in surrounding communities to try and locate your items. As mentioned earlier, they can now also review the NESPIN records for all of New England to try and track your merchandise. If they are able to identify any possible items, they will then contact the pawn shop or second hand dealer themselves to verify if they are yours.
- If you do find the item, either in police records or on display in a pawn shop or jewelry store, contact the police department where you filed your original report. Only they can request the records of the pawn shop’s transactions. Because of privacy laws, pawn shops are not allowed to give out any information on any customers they have done business with. At Empire Loan, even though we would like to help you recover your merchandise, we are not allowed to tell you how we may have obtained a particular item. Empire Loan will however provide that information to the police or state authorities. Since 1985, Empire Loan has worked effectively with local law enforcement to help people recover their stolen merchandise and we pride ourselves on being cooperative with the authorities.
- Contacting local pawn shops directly yourself: Pawn shops do not want to buy or lend money on stolen merchandise. In the end, pawn shops can be the only ones who lose if it turns out they have taken in stolen merchandise. If the merchandise you lost was unique, if you have pictures of it or serial numbers, in the case of electronics, that can help the pawn shop identify the item. Unfortunately it’s not always possible for pawn shops to track details about every item that comes in the door. Empire Loan has 8 stores and does hundreds of transactions in a typical day. This means if you lost a gold wedding band, it would be virtually impossible for us to tell you if somebody came in with one since we could have literally taken in dozens.
- Checking in a pawn shops display cases won’t always be very effective. First, as indicated earlier, pawn shops like Empire Loan hold onto merchandise for a minimum of 30 days before doing anything with it. If the item was stolen last week, it would be another 3 weeks before we’d be allowed to sell it. After the 30 days we may melt the item down if it’s gold or silver or sell it online or to a wholesaler if its electronics or a musical instrument. That’s why it’s important to work with the police in trying to locate your items in a timely fashion.
- Contact your insurance company. If you have a homeowners policy or renters insurance you may be able to file a claim. While this won’t result in getting your original merchandise back, you may be able to recoup some money to help try and replace the items.
Empire Loan wants to help you recover your merchandise. Hopefully the above information will help you figure out how to do just that. If you have any questions or need any further information, feel free to contact any of Empire Loan’s 8 locations, check our website (www.EmpireLoan.com) or call us at 800-375-PAWN
Military Lending Act
On Monday October 3rd, 2016, a new law took effect from the Federal Government titled the Military Lending Act that affects Pawnbrokers and other lenders nationwide. Though the law was crafted primarily to control abuses by predatory lenders such as payday lenders and title loan companies. The law requires lenders to offer those on active military duty, their spouses and dependents a capped interest rate of 36% annually.
The purpose of the law was to rein in some of the exorbitant interest rates and fees being charged by these predatory lenders. In certain instances, these lenders charge monthly interest rates of 2O% or more along with other fees and penalties. In addition, many of these types of loans tie into a consumer’s bank account and report to credit rating agencies, resulting in deeper credit problems and spiraling debt for recipients.
Now when a customer comes into any of Empire Loan’s 8 locations they will be asked if they are “active duty military or a spouse or dependent of one”. If they are, Empire Loan will be in full compliance and waive any appraisal fees. Regarding the 3% monthly interest, Most Empire Loan stores were already in compliance due to rates set by the local communities we operate in.
If you are active military or the dependent or spouse of one, Empire Loan wants to thank you for your service and make sure you are getting all the benefits that you are due.
You can read more here: http://www.consumerfinance.gov/askcfpb/1783/what-are-my-rights-under-military-lending-act.html
October Birthstone(s): Opal and Tourmaline
October is a special month with the changing of the seasons and a choice of two birthstones that come in a wide range of colors; opal and tourmaline.
Tourmaline
Tourmaline has become very popular in jewelry due to the wide range of colors it can be found in. There is something for every style and taste. Tourmaline is best known for featuring multiple colors in each gemstone, featuring two, three or more colors in a single gemstone and is known for having the widest range of colors of any gem. The more distinct these color differentiations, the more desirable to stone is. Tourmaline colors ranges from black, blue or dark brown through green, red, pink and yellow. One type of tourmaline is referred to as Watermelon Tourmaline for its green and red color variation in a single stone.
Tourmaline is found all over the world including Afghanistan, Brazil, East Africa in even in the US.
Opal
The other October birthstone is the opal, from the Greek Opallos, meaning “to see a change (of color)”. Opals also show a wide range of colors from a milky white to black with flashes of yellow, red, green and blue. The 3D reflection within opals is one of the stones finest and most notable features.
The GIA describes opal as: Fireworks, Jellyfish, Galaxies, Lightning with a shifting kaleidoscope of colors unlike any other gem. The most often used term is Play-of Color, which speaks to the floating reflections of light and color or fire in the stones. The five main type of opals are:
- White or light opal with a translucent color or background
- Black opal which features a dark or black background (rarest)
- Fire opal which is brown, yellow orange or red in background color
- Boulder Opal which is translucent to opaque and where the surrounding rock becomes part of the gem
- Crystal or Water Opal is transparent to semitransparent with a clear background and shows exceptional play of color.
