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The Tempo article “The Pawnbroker” (June 11) glossed over the reality of the charges the pawn gang levy on their always-desperate and often tragic customers. As a former pawn shop employee and occasional patron, let me assure readers that when author Steve Mills says that the “terms of a loan are based on the items value and the length of the loan,” much is left unsaid.
The amount loaned is always a tiny fraction of what the item pawned would sell for in used-goods markets. The interest rate is most typically 25 to 33 percent per month. Think about it–33 percent per month. It is a tough business.
