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December 19, 2007

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stuiec

Ummm, Michael... this is an ad for a pawnbroker -- that's what a "collateral lender" is.

When he says "reduced loan rates on fine jewelry and art," it means he'll charge less interest when someone pawns an item of that type.

Mike

Of course (slaps hand on face). I've re-written it to make that more clear. But as editor Dana notes, that makes this even more sleazy!

stuiec

It's kind of a tough call. On the one hand, pawnbrokers inherently take advantage of the desperation of people in financial straits. On the other hand, better to pawn a piece of jewelry or a painting and keep one's house than lose the house to foreclosure and THEN be forced to pawn away one's possessions. What this pawnbroker is doing is giving union members a discount -- one hopes that few people are in such dire need that they have to use the offer. (By the way, some union strike funds pay out in the form of loans that have to be repaid, so I can't fault the pawnbroker here.)

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