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Mini Poll: Secondhand Riches

If there is such a thing as a recession-proof business, it would seem to be a pawn shop. As gas and food prices climb, many people turn to the services of the neighborhood pawnbroker, who can turn tools, lawn mowers, musical instruments, and duplicate wedding gifts into short-term loans or ready cash.

Most modern pawn shops have a lengthy pedigree, one that dates back to the Ancient Greeks, and a familiar operation: customers bring in their items, brokers assess them, and the items are either purchased outright or become collateral for short term loans. Other customers - savvy hunters or cash-stretched shoppers - browse through the pawn shops' cabinets and shelves looking for bargains among the purchased goods and the unredeemed articles.

Critics complain about the rates some pawn shops charge on loans (2 percent interest per month in Missouri, plus fees and storage), but some people prefer the simplicity of pawning to the more complex task of borrowing money from a bank. There are no credit checks in pawn shops - and, since the transaction is secured by the title to the collateral, there is unlikely to be a bad mark on a credit report if the borrower defaults.

If you'd like to open a pawn shop in the City of St. Louis, you had better be prepared to move here with 29,999 of your closest friends. That's because City Ordinance 63461 limits the number of pawn shops to one license per 30,000 residents - and, according to the License Collector's office, the current quota has been filled.

This week's Mini-Poll from MayorSlay.com wants to know what you think about pawn shops and whether or not you have ever considered selling or buying something at a shop advertised by the Lombards' three gold balls.

In general, how do you view pawn shops?

Favorably
Unfavorably

Do you think pawn shops have any useful role to play in urban communities?

Yes
Yes, primarily as short-term lenders
Yes, primarily as sellers of previously owned items
No, not really

Do you believe that pawn shops hurt the overall business environment of the blocks on which they are located?

Yes
No

Does your answer to the previous question change if the pawn shop is well-managed, well-lit, and well-designed to fit into its block?

Yes
No

Have you ever been inside a pawn shop?

Yes
No

When was the last time you were in a pawn shop in St. Louis?

In the past year
In the past five years
In the past ten years
A long time ago
I have never been inside a pawn shop

Would you be more likely to pawn an item or get a payday loan (a short-term, high-interest loan on your paycheck) if you were in an immediate need of cash?

Pawn something
Get a payday loan

Have you ever pawned anything?

Yes
No

If you have pawned something, did you ever retrieve it?

Yes
No
I've never pawned anything

Have you ever purchased anything from a pawn shop?

Yes
No

Do you think that pawn shop owners who comply with all the regulations in identifying the seller and recording the transaction should be required to return stolen property to its proper owners without any compensation?

Yes
Yes, but the proper owners must agree to cooperate fully in the investigation of the theft and in any subsequent prosecution
Yes, but there ought to be a court hearing first if there is any question of ownership
No

Which of the following items would you be most likely to purchase from a pawn shop if the price were right?

Sporting equipment, including bicycles
Jewelry
Electronics
Appliances
Shoes, coats, luggage, or clothing
DVDs or video games
Musical Instruments
Tools
Firearms
Something else

Which of the following items would you be most likely to pawn if you needed some quick cash?

Sporting equipment, including bicycles
Jewelry
Electronics
Appliances
Shoes, coats, luggage, or clothing
DVDs or video games
Musical Instruments
Tools
Firearms
Something else

Which of the following do you think is the highest interest rate per month that a pawnbroker should be allowed by law to charge?

Less than 3%
Less than 5%
Less than 7%
Less than 10%
Ten percent or more

Would you be willing to shop at a citywide event in which St. Louis’s pawn shops put their merchandise on sale for a hyped event like Tokyo’s annual “Pawn Shop Bargain Rhapsody” which draws tens of thousands of customers from miles around to purchase pre-owned luxury goods?

Yes
No

Click here to listen to a MayorSlay.com interview with a
St. Louis pawnbroker.

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This week's Mini-Poll from MayorSlay.com wants to know what you think about pawn shops and whether or not you have ever considered selling or buying something at a shop advertised by the Lombards' three gold balls.

In general, how do you view pawn shops?

Favorably Unfavorably

Do you think pawn shops have any useful role to play in urban communities?

Yes Yes, primarily as short-term lenders Yes, primarily as sellers of previously owned items No, not really

Do you believe that pawn shops hurt the overall business environment of the blocks on which they are located?

Yes No

Does your answer to the previous question change if the pawn shop is well-managed, well-lit, and well-designed to fit into its block?

Yes No

Have you ever been inside a pawn shop?

Yes No

When was the last time you were in a pawn shop in St. Louis?

In the past year In the past five years In the past ten years A long time ago I have never been inside a pawn shop

Would you be more likely to pawn an item or get a payday loan (a short-term, high-interest loan on your paycheck) if you were in an immediate need of cash?

Pawn something Get a payday loan

Have you ever pawned anything?

Yes No

If you have pawned something, did you ever retrieve it?

Yes No I've never pawned anything

Have you ever purchased anything from a pawn shop?

Yes No

Do you think that pawn shop owners who comply with all the regulations in identifying the seller and recording the transaction should be required to return stolen property to its proper owners without any compensation?

Yes Yes, but the proper owners must agree to cooperate fully in the investigation of the theft and in any subsequent prosecution Yes, but there ought to be a court hearing first if there is any question of ownership No

Which of the following items would you be most likely to purchase from a pawn shop if the price were right?

Sporting equipment, including bicycles Jewelry Electronics Appliances Shoes, coats, luggage, or clothing DVDs or video games Musical Instruments Tools Firearms Something else

Which of the following items would you be most likely to pawn if you needed some quick cash?

Sporting equipment, including bicycles Jewelry Electronics Appliances Shoes, coats, luggage, or clothing DVDs or video games Musical Instruments Tools Firearms Something else

Which of the following do you think is the highest interest rate per month that a pawnbroker should be allowed by law to charge?

Less than 3% Less than 5% Less than 7% Less than 10% Ten percent or more

Would you be willing to shop at a citywide event in which St. Louis’s pawn shops put their merchandise on sale for a hyped event like Tokyo’s annual “Pawn Shop Bargain Rhapsody” which draws tens of thousands of customers from miles around to purchase pre-owned luxury goods?

Yes No

Click here to listen to a MayorSlay.com interview with aSt. Louis pawnbroker.

Favorably
Unfavorably

Yes
Yes, primarily as short-term lenders
Yes, primarily as sellers of previously owned items
No, not really

Yes
No

Yes
No

Yes
No

In the past year
In the past five years
In the past ten years
A long time ago
I have never been inside a pawn shop

Pawn something
Get a payday loan

Yes
No

Yes
No
I've never pawned anything

Yes
No

Yes
Yes, but the proper owners must agree to cooperate fully in the investigation of the theft and in any subsequent prosecution
Yes, but there ought to be a court hearing first if there is any question of ownership
No

Sporting equipment, including bicycles
Jewelry
Electronics
Appliances
Shoes, coats, luggage, or clothing
DVDs or video games
Musical Instruments
Tools
Firearms
Something else

Sporting equipment, including bicycles
Jewelry
Electronics
Appliances
Shoes, coats, luggage, or clothing
DVDs or video games
Musical Instruments
Tools
Firearms
Something else

Less than 3%
Less than 5%
Less than 7%
Less than 10%
Ten percent or more

Yes
No

Click here to listen to a MayorSlay.com interview with a
St. Louis pawnbroker.