When Empire Loan opened 30 years ago in 1985, the goal set out by third generation pawn broker Michael Goldstein was to create a new kind of pawn shop, one that treated customers honestly and respectfully. Those guiding principles carried on as Empire expanded and nowhere is that more evident than in the New Bedford/Fall River area where Empire opened their second store.
When that store opened in 1989, New Bedford and Fall River pawn brokers had developed a terrible reputation for being less than honest and fair with customers. Not telling customers that they did not have to come in monthly to make payments, charging them excessive fees and interest and trying to short change them by giving them less than what they deserved. New Bedford and Fall River pawn brokers were everything Empire Loan in New Bedford was not.
At Empire Loan in New Bedford, pawn brokers take the time to explain the process to their customers and tell them ways they could even save money on their loans. The staff at Empire Loan’s Acushnet Avenue store work with customers to try and get them as much money as they can for their items, but explaining they don’t have to take the maximum amount if they don’t need it, which helps them save money.
One of the biggest differences between Empire Loan in New Bedford and other pawn shops in Fall River and New Bedford is the time they take the time to teach customers how the loan works and what the fees and charges are. Surprisingly enough, other pawn shops on the south coast don’t do that one simple thing. That’s why while the industry sees around 80% redemption rates for pawned items, Empire Loan in New Bedford sees almost 90% of their pawn loans redeemed. This means that only 1 in 10 people can’t or don’t redeem their loans and get their merchandise back.
What sets Empire Loan in New Bedford apart from other pawn shops in Fall River and New Bedford? It’s all about caring about our customers.
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