cross-posted from: https://piefed.social/c/economy/p/1972277/bloomberg-pawn-shop-loans-spike-as-high-gas-prices-weigh-on-americans
[Bloomberg] Pawn Shop Loans Spike as High Gas Prices Weigh on Americans
Pawn shop owners across the US say they’ve seen an increase in demand for loans in the past month or so, a sign of just how punishing higher gas prices are for some Americans.
“We’re making a lot more loans,” said Tim Cassidy, the fourth generation in his family to run Cassidy’s Jewelry & Loan in Stockton, California. “They have to have that gas, they have to get to work.”
[…]
Pawn shops can offer timely signals about consumer strain that may not be clear in official statistics, which often mask the experiences of different socioeconomic groups and are typically released with a lag.
Emphasis mine.
The pawn business is so exploitative, but they’re heroes compared to payday lenders.
Payday lenders are literally loan sharks. The fact they’re allowed to exist and not treated like the criminals they are is crazy.
I remember seeing the Payday episode of Dirty Money on Netflix. Some terrible shit they inflict and these guys know they’re using legal loophole shit and say shit like, “we offer a good product”. I felt nothing hearing about them facing justice.