Exactly why are millennials scraping payday loans and you will pawn shop?

Exactly why are millennials scraping payday loans and you will pawn shop?

Ny (Reuters) – David, 29, was in a-pinch. He was strengthening aside an additional place for his family members’ jewellery shop inside Queens, Nyc and you may running out of cash. The guy turned to a neighborhood pawn search for funding to get rid of the building, a choice he today regrets.

It absolutely was too difficult to find a mortgage, informed me David, who’s hitched and college or university-educated. The guy said he had been handled quite of the pawn shop he put, but mentioned that, from inside the retrospect, the pressure regarding pawning jewelry away from his collection wasn’t value it.

Millennials such as for instance David are heavy pages of option monetary services, mainly pay-day lenders and you can pawn sites. Continue reading “Exactly why are millennials scraping payday loans and you will pawn shop?”