Having been open just over a year, and attribute a large part of our success to the community and local support.
We recently decided to conduct a pawn shop study jointly with Pandoros Inc. At Pandoros they believe that leveraging technology and data is a huge asset in making businesses run smoothly. Well we agree, so thus conducting a joint study.
This study had one purpose: Determine Pawn Shops per Capita (state level).
Top 10 States, with the highest Pawn Shop Density per Capita as of 2014/2016 data
|1. Alabama has: 1 Pawn shop for every 5,921 People. With a 25% Interest Cap|
|2. Arkansas has: 1 Pawn shop for every 6,477 People. With a 18% Usury Limit|
|3. Georgia has: 1 Pawn shop for every 7,397 People. With a 25% Interest Cap|
|4. Mississippi has: 1 Pawn shop for every 7,817 People. With a 25% Interest Cap|
|5. Montana has: 1 Pawn shop for every 7,935 People. With a 25% Interest Cap|
|6. West Virginia has: 1 Pawn shop for every 10,008 People. With a No State Cap, some cities no cap|
|7. Tennessee has: 1 Pawn shop for every 10,412 People. With a 2% Interest Cap + 1/5th loan amount|
|8. Wyoming has: 1 Pawn shop for every 10,621 People. With a Not very restrictive?|
|9. Oklahoma has: 1 Pawn shop for every 10,654 People. With a 3%-20% Interest Cap, flex on loan amount|
|10. Idaho has: 1 Pawn shop for every 11,044 People. No State Cap, (county laws), 20% standard|
Top 10 States, with lowest Pawn Shop Density per Capita
|1. DC has: 1 Pawn shop for every 94,128 People. With a 2-3% Cap (Bill 18-715)|
|2. New Jersey has: 1 Pawn shop for every 53,203 People. With a 4.5% (recently raised)|
|3. Vermont has: 1 Pawn shop for every 52,214 People. With a 3%-5%% Interest Cap|
|4. Wisconsin has: 1 Pawn shop for every 46,061 People. With a Interest Rate Not Restrictive?|
|5. Pennsylvania has: 1 Pawn shop for every 37,390 People. With a 3% Interest Cap|
|6. Massachusetts has: 1 Pawn shop for every 34,415 People. With a Interest Rate Not Restrictive?|
|7. Delaware has: 1 Pawn shop for every 31,187 People. With a 30% Interest Cap?|
|8. Oregon has: 1 Pawn shop for every 30,777 People. With a 3% Interest, 3%storage,+10% setup ($100 max each)|
|9. California has: 1 Pawn shop for every 30,650 People. With a 2.5% Interest Cap|
|10. Ohio has: 1 Pawn shop for every 30,115 People. With a 5% Interest Cap|
We believe in sharing knowledge, you can download the full list here: Pawn Shop 2015 Dec Pawn Shop Count By State
Idaho has a lot of Pawn Shops, but who would have thought, we are number 10 on the list. Is this the kind of information you should be able to obtain before opening your small business? We would have thought so. We decided to look up state pawn regulations for each of these states to come up with the rough max % interest that could be charged monthly, and quickly found that the pawn density per state is highly influenced by the regulations and laws.
You will also note, that Wisconsin, Massachusetts, and Delaware all have a low pawn shop per Capita Rate. Is this an ideal state to start looking for opening your Pawn Shop? Contact as to look at density by location, compared to population in focused areas for your business study.
This data was obtain from Yellow Pages listings in late January 2016. We obtain the public listing data for ever Pawn Shop in the USA to calculate the count per state. We then aggregated the results with Census Data, to determine the Pawn shop per Capita rate.
One reason we did this study, well because according to the standard Google Searches, there was not any data available. So here you go, the information is now public for all you Pawn Brokers and Entrepreneurs.
If you need help doing this in your industry; Pawn, Retail, Brewery’s or anything, or just need help opening a pawn shop in your area, then contact us or Pandoros.
Have Pawn Broker questions?
We can provide consulting support, and save you the hassle and money, Contact us at firstname.lastname@example.org
Need a unique out of state pawn shop loan on a high dollar amount item. We have unique special term financing for loans over 10k. These are competitive with bank loans, and do not hit your credit. Contact us for a professional discussion to find a solution for you.
Note we have a Further study in progress: Determine Pawn Shop per City/County.
|State Name||State||Pawn Shop Per Capita||Pawnshop Count Yellow pages||CENSUS2010POP|
|District of Columbia||DC||94,128||7||601,723|