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This paper surveys the role of pawnbroking in U.S. credit markets. Among the findings are: pawnshops provide very small secured loans to millions of low-income Americans excluded from bank and finance company credit. Most states regulate pawnshop finance charges, with the majority setting ceilings between 36 and 240 percent APR. Over the past century, pawnbroking has grown dramatically in the Southern and Central Mountain States, while shrinking in the Northeast. This article offers explanations for these trends as well as for the recent nationwide boom in the industry. Copyright 1991 by Ohio State University Press. |
