The Gold Standard - Loans w/cards as collateral

[vintagetoppsguy]

It's an interesting idea, but didn't PSA try this years ago?

For whatever reason, it didn't work for them.

[bnorth]

Originally Posted by vintagetoppsguy

It's an interesting idea, but didn't PSA try this years ago?

For whatever reason, it didn't work for them.

I kind of remember that also. Maybe PSA offered to high of % of card value and did not charge enough interest.

To any broke member I would offer up to 20% loan value and interest would start at a very low 2% per day.

[frankbmd]

I helped a friend (?) accepting his 1956 Topps set as collateral for a personal loan with an agreed upon repayment date. When that date came without the payment, I upgraded my set with cards from his, as a form of interest on the loan. He ultimately repaid the loan in full and got his somewhat lower grade set in return. When he was unable to pay, he was informed of and accepted the "interest" addendum to the original contract. It all worked out in the end, but I wouldn't recommend it.

[ullmandds]

i also have lent friends $$$$ keeping their cards as collateral. I felt comfortable because regardless of whether they paid or not...I'd get my $$$ back. Luckily they paid...and they got their card back in the same condition as given to me.

Never a good idea to lend money to friends!!!!

[Exhibitman]

[Peter_Spaeth]

Originally Posted by frankbmd

I helped a friend (?) accepting his 1956 Topps set as collateral for a personal loan with an agreed upon repayment date. When that date came without the payment, I upgraded my set with cards from his, as a form of interest on the loan. He ultimately repaid the loan in full and got his somewhat lower grade set in return. When he was unable to pay, he was informed of and accepted the "interest" addendum to the original contract. It all worked out in the end, but I wouldn't recommend it.

Frank Bucks to the rescue.

[ALR-bishop]

OMG, Frank is a card usurer

[GoldStandard]

We are nice guys. Not your typical Pawn Shop. If you need cash and have items that you are not ready to sell we can be a great alternative. We have many clients with high value items that trust us and use our services.

[conor912]

Originally Posted by GoldStandard

We are nice guys. Not your typical Pawn Shop.

Priceless

[pokerplyr80]

Originally Posted by GoldStandard

We are nice guys. Not your typical Pawn Shop. If you need cash and have items that you are not ready to sell we can be a great alternative. We have many clients with high value items that trust us and use our services.

I clicked on the link to check out your site. I could not find your interest rate listed any where. What rate do you charge for these loans?

[oldjudge]

First, let me say I know nothing about the company or its terms. However, in general, the key is the interest rate being charged. We are in basically a zero interest rate environment. If the loan is not a high percentage of the card's market value, it is basically a riskless loan for the lender. As such, an interest rate anywhere near 10% is excessive and should be avoided.

[wonkaticket]

Hmmmm, we have some guys here in Philadelphia who offer the same thing I think...

[mechanicalman]

Or, you could just keep your cards in hand and get a loan from Western Sky at the low APR of 89%. Essentially, you can borrow enough from them to buy a beater Goudey Ruth, but you have to pay back a PSA 8.

[Brian Van Horn]

Originally Posted by bnorth

I kind of remember that also. Maybe PSA offered to high of % of card value and did not charge enough interest.

To any broke member I would offer up to 20% loan value and interest would start at a very low 2% per day.

Ben the budding entrepreneur .

[vintagetoppsguy]

Originally Posted by vintagetoppsguy

It's an interesting idea, but didn't PSA try this years ago?

For whatever reason, it didn't work for them.

I guess I was wrong. Apparently it did work for them because, according to Bloomberg, they're still in business - Collectors Finance Corporation.

I think you guys have a lot of misconceptions about this service.

Originally Posted by conor912

I'm seriously not sure what's sadder....the existence of such a service, the people who would use it, or the fact that they're being let to advertise on this board.

According to Bloomberg, it's (Collectors Finance Corporation) used mostly by dealers looking to free up some cash, which makes sense if they have a lot of cash tied up in inventory and are looking to make a significant purchase.

Originally Posted by Kevin.Shenker

How do validate the cards are not stolen? This seems like the perfect place to try and pawn a stolen card. Do you have something in place to flag people who have pawned x number of items and never came back for them, or to flag people that repeatedly pawn the same high dollar cards?

You have to show valid id and I'm pretty sure that they report to local law enforcement. Therefore there would be a record of who pawned the item.