PORTLAND, Ore. (KOIN) — For many of us, it’ll be a different holiday season this year. Many big celebrations have been set aside and many people who’ve been laid off this year might be a little tight in money — that’s where a longtime Portland business wants to help.
The Silver Lining Jewelry and Loan pawn shop has been in business on Northeast Sandy Boulevard and Northeast 21st Avenue for decades. It is a resource in many ways for people who need to raise cash without the formality of a bank loan — and a great place to snatch some really good deals on stuff for the holiday. It is the ultimate community resource, according to the owners of the business — a short-term lender of cash, a place to liquidate items of value for cash and a great place to pick up last-minute holiday gifts at below retail prices.
The thrill for Josh Oller of Silver Lining is: there’s always new surprise merchandise coming in the door.
“Playstations and electronics, video games and cameras and then all of a sudden we get people with vintage toys that brings us back to our childhoods,” Oller said.
Most people take out short term loans against possessions. A vast majority repay the loans and get their stuff back at rates regulated by the state. That says Josh is the bread and butter of the pawnshop business, custom made for people who don’t have time or credit to get a bank loan.
Your loan is based only on the value of what you bring in. But, there are others who simply want money in exchange for stuff like jewelry, bikes, power tools, exotic guitars — even a bust of Winston Churchill with a stogy wedged in his mouth.
Prices on all the stuff are well below typical retail prices.
“I’m not making three, four, five times my money on them — I’m moving them,” Oller explained. “Getting people great deals and then we turn around and loan that money back out to other people who need it.”
Oller says this is one of the most heavily regulated businesses as consumer laws are in place to regulate how much pawn shops can charge in interest and fees. This makes it a great place to get on-the-spot money loans if you bring in something of value — and of course, a great location for inexpensive gift ideas.
