SOUTH BELOIT, Ill. (WIFR) – Jason Vandiver has worked in the pawn industry with his family for more than 35 years, but he’s never quite seen a year like this one. Vandiver says sales have skyrocketed at his Rockford store, Paymaster Pawn and Jewelers, and has opened a second store in South Beloit with the expectation of it doing the same.
“Having a pawn shop is almost like having two businesses. We have the one aspect of the business where we loan people money for the items that they bring in,” said Vandiver. “And then we have the other aspect of retailing merchandise as well. So we see a big uptick in each of those during the holiday season”
Kelly Swisher, President of the Illinois Pawnbrokers Association says nearly 40% of annual traffic at pawn shops comes from people looking to sell unwanted items for cash.
“It’s a very easy, convenient way, for a person to get cash. If they’re a little short. They can use an item that they already own and they can use that to receive money from a pawn shop,” Swisher said.
