IPawn

Last updated
iPawn
Ipawn logo.png
Type of business Pawnbroker
Founded2011
Headquarters Tyler, Texas, United States
Area servedUnited States
Services Secured loans, luxury goods reseller
URL www.ipawn.com

iPawn is a company that specializes in providing financial solutions through the acquisition of gold items. They offer a service that allows individuals to sell gold articles for cash, such as jewelry and coins. The company primarily serves individuals looking to convert their gold into cash quickly and securely. It is based in Tyler, Texas. [1] iPawn raised over $4 million in investment in 2013. [2]

Contents

Services

Non-recourse loans against valuables, also referred to as pawn loans or asset-based loans, and buying and selling previously owned valuables, are the two primary services offered by iPawn.

Consumers and small enterprises can receive lending and retail services. iPawn offers its services in exchange for high-end products like jewelry, diamonds, gemstones, precious metals and expensive watches.

History

iPawn was established with the purpose of utilizing the latest technologies and internet for the veteran pawnbroking industry and to serve as a high-end pawn broker, [3] delivering a simple, private way [4] to get loans or sell high end goods through the internet. The idea came after learning about the high interest rates charged by pawn shops. The company launched its services to the public in July 2012. In March 2013 iPawn closed $4 million in its second round of financing from a group of angel investors led by Dr. Rafi Gridron. [2] On May 12, 2014 iPawn announced the launch of a new brand called Worthy dealing only in after-market sales.

Brick & Mortar Pawn Shop Vs. Online Pawn Shop

While services provided by a brick and mortar pawn shop are similar to those provided by the online ones, there are few main differences: most notably, the means by which services are rendered. In a brick and mortar pawn shop, the process of receiving a loan or selling a valuable is done in person [5] while in an online pawn shop the process is conducted through the internet [4] and a courier of choice. The low inventory overhead results in the ability to provide higher value and lower interest rates. Another notable difference is the appraisal process of the submitted valuables: in a brick and mortar pawn shop, the appraisal is done in the local shop itself while in an online pawn shop, all items are shipped to a central facility where the appraisal is made.[ citation needed ]

Licenses and Accreditation

iPawn is a licensed pawn shop certified by the Texas Office of Consumer Credit Commissioner [6] (OCCC). Additionally, iPawn holds a precious dealer certificate, [7] also granted by the Texas OCCC. iPawn is accredited by the Better Business Bureau.

Partnerships

iPawn has partnered in 2012 with FedEx and ParcelPro to provide insured shipping services. iPawn also partnered with Delta Lloyd in the same year to provide insurance to its facilities. [8]

In the Media

In August 2013, MSN Money Watch discussed how iPawn caters to affluent individuals and families that don't need money immediately but want a more sizable loan to help their cash flow. [9] In an article published in July 2013, Reuters discusses the benefits of the purely online transactions carried out by iPawn, focusing on the desired discretion amidst the negative stigma of pawn shops. [10]

In May 2013, LearnVest brought into focus the story of a dentist who chose to use iPawn to sell family jewelry instead of a traditional bank loan. [11]

Yahoo New Zealand published an article in March 2013 shedding light on the new world of online pawn shops and what to expect when utilizing their services. [5]

South Coast Today Describes in an article published January 2013 how small business are turning to pawn shops for short-term loans, a better suited alternative to traditional bank loans. [12]

Early in 2013, TIME Business and Finance discussed the reinvention of the pawn industry and its transition to the internet. [13]

KETK NBC Sits down with iPawn COO in December 2012 to talk about bringing the pawn shop online. [14]

In December 2012, NuWire Investor provided a detailed layout of the upscale online pawn industry and its move away from the originally bad stigma attached to pawn shops. [15]

Later in December 2012, the New York Post wrote about the appeal of high-end online pawn shops from small business owners to wealthy celebrities. [3]

See also

Related Research Articles

<span class="mw-page-title-main">Pawnbroker</span> Individual or business that offers loans, using personal property as collateral

A pawnbroker is an individual or business that offers secured loans to people, with items of personal property used as collateral. The items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral. While many items can be pawned, pawnshops typically accept jewelry, musical instruments, home audio equipment, computers, video game systems, coins, gold, silver, televisions, cameras, power tools, firearms, and other relatively valuable items as collateral.

<span class="mw-page-title-main">Brink's</span> Security company

The Brink's Company is an American cash handling company, headquartered in Richmond, Virginia. Its operations include cash-in-transit, ATM replenishment & maintenance, and cash management & payment services, such as vault outsourcing, money processing, intelligent safe services, and international transportation of valuables.

Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds. For mortgages, there is a specific mortgage origination process. Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new account opening for financial services organizations. Certain people and organizations specialize in loan origination. Mortgage brokers and other mortgage originator companies serve as a prominent example.

<span class="mw-page-title-main">Brick and mortar</span> Class of organisations or businesses

Brick and mortar is an organization or business with a physical presence in a building or other structure. The term brick-and-mortar business is often used to refer to a company that possesses or leases retail shops, factory production facilities, or warehouses for its operations. More specifically, in the jargon of e-commerce businesses in the 2000s, brick-and-mortar businesses are companies that have a physical presence and offer face-to-face customer experiences.

<span class="mw-page-title-main">Wells Fargo</span> American multinational banking and financial services company

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FirstCash Holdings, Inc. is an American pawnshop company headquartered in Fort Worth, Texas which operates retail pawn stores in the U.S. and Latin America. It is a publicly-traded company listed on the Nasdaq stock exchange. In September 2016, the company merged with Cash America International, Inc. and in December 2021, the company acquired American First Finance.

EZCORP, Inc. is an American pawn shop operator based in Austin, Texas which provides services across the United States and Latin America. It is a publicly traded company listed on the NASDAQ stock exchange and is the second largest pawn shop operator in the U.S. after Cash America International.

Cash4Gold was a company which purchased gold, silver, and platinum, primarily from jewelry mailed in by customers. In 2012, the company declared insolvency and its assets were purchased by Direct Holdings Global.

I Do Now I Don't is an e-commerce website that markets previously owned jewelry, primarily diamond engagement rings, as well as other items such as bridesmaid dresses through fixed-price and auction sales.

<i>Pawn Stars</i> American reality television series

Pawn Stars is an American reality television series shown on History and produced by Leftfield Pictures. The series is filmed in Las Vegas, Nevada, where it chronicles the daily activities at the World Famous Gold & Silver Pawn Shop, a 24-hour family business opened in 1989 and originally operated by patriarch Richard "Old Man" Harrison, his son Rick Harrison, Rick's son Corey "Big Hoss" Harrison, and Corey's childhood friend, Austin "Chumlee" Russell. The series, which became the network's highest rated show, and the No. 2 reality show on television, behind Jersey Shore, debuted on July 19, 2009.

<i>Hardcore Pawn</i> American TV reality show

Hardcore Pawn is an American reality television series produced by RDF USA and Richard Dominick Productions for truTV about the day-to-day operations of American Jewelry and Loan, a family-owned and -operated pawn shop and broker in Detroit, Michigan's 8 Mile Road corridor.

Pawn Queens is a reality TV series about female pawn shop operators, airing on TLC, which premiered in 2010, following its pilot episode in 2010.

<i>Cajun Pawn Stars</i> American reality television series

Cajun Pawn Stars is an American reality television series on the History channel that debuted January 8, 2012, at 10 pm ET.

Lester Gold is an American pawnbroker, reality TV star, author, and media personality. He is known for his role on cable and satellite television truTV's reality series, Hardcore Pawn.

<span class="mw-page-title-main">Direct Line Group</span> British insurance company

Direct Line Insurance Group plc is a British insurance company based in the United Kingdom, formed in 2012 by the divestment of The Royal Bank of Scotland Group's (RBS) insurance division, through an initial public offering. The company owns a number of insurance subsidiaries, providing various insurance products, including Direct Line and Churchill, Darwin as well as the roadside assistance and vehicle recovery provider Green Flag.

Yossi Dina is an Israeli pawnbroker, businessman, entrepreneur, and reality television personality.

<span class="mw-page-title-main">Check Into Cash</span> Payday lending company

Check Into Cash is a financial services retailer with more than 1,100 stores in 30 states. The company was founded in 1993 by W. Allan Jones in Cleveland, Tennessee, where the headquarters are located today.

Unbolted is a UK based online personal asset-based peer-to-peer lending platform, where individuals can borrow from other individuals by using high value personal assets such as luxury watches, cars, fine arts, antiques, jewellery and commodities such as gold. The company started trading in November 2014 and has its offices in London.

The Texas Office of Consumer Credit Commissioner (“OCCC”) is a Texas state agency that regulates non-depository lenders in the state of Texas, which includes, among others, mortgage loan originators, vehicle sales finance companies, debt settlement providers, pawnshops and credit access businesses.

References

  1. ↑ Insights, CB (May 26, 2024). "IPawn". CBInsights.
  2. 1 2 Staff (March 14, 2013). "iPawn Raises $4M". PE Hub. Reuters. Retrieved 9 December 2013.
  3. 1 2 Paul Tharp (26 December 2012). "New pawn shops court high-end borrowers". nypost.com. New York Post. Retrieved 9 December 2013.
  4. 1 2 Laurie Kulikowski (2012-12-18). "Online Pawn: a Booming Business Luring Upscale Customers". Thestreet.com. The Street. Retrieved 9 December 2013.
  5. 1 2 Geoff Williams (14 March 2013). "Pawn Shops Go Mainstream". U.S. News & World Report. U.S. News. Retrieved 9 December 2013.
  6. ↑ "OCCC License". Archived from the original on 13 December 2013. Retrieved 9 December 2013.
  7. ↑ "Active Precious Metal Dealers". Archived from the original on 13 December 2013. Retrieved 9 December 2013.
  8. ↑ Ross, Allison. "High-End Pawnshops Cater To Asset-Rich". Bankrate. Retrieved 30 December 2019.
  9. ↑ Geoff Williams (14 March 2013). "Pawn shops go mainstream". U.S. News & World Report. U.S. News. Archived from the original on 13 December 2013. Retrieved 9 December 2013.
  10. ↑ DEBORAH L. COHEN (2 July 2013). "High-end pawn shops solve small business cash crunch". Reuters.com. Reuters. Retrieved 9 December 2013.
  11. ↑ Stephanie Taylor Christensen (May 21, 2013). "Pawn Shops Go Upscale: Is This a Good Way to Score Extra Cash?". Learnvest.com. Learnvest. Archived from the original on 14 December 2013. Retrieved 9 December 2013.
  12. ↑ Jennifer Lade (January 18, 2013). "Online pawn shops offer financing option for small business". Southcoast Business Bulletin. southcoasttoday.com. Retrieved 9 December 2013.
  13. ↑ Sarah Max (Jan 17, 2013). "Reinventing the Pawn Shop". Time Business and Money. Time. Retrieved 9 December 2013.
  14. ↑ Angela Berry (December 13, 2012). "ETL: The revolution of online loans". kektnbc.com. NBC. Retrieved 9 December 2013.
  15. ↑ Laurie Kulikowski (December 21, 2012). "Online Pawning Goes Uptown". Nuwireinvestor.com. NuWire. Archived from the original on 12 December 2013. Retrieved 9 December 2013.
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