Andrea Farr, owner of Texas Pawn and Jewelry in Leander, has seen a 30% increase in small loans as inflation hits a record high in the U.S., as reported on KVUE this week.
This marked increase started about six months ago. Andrea notes that people mention the increasing cost of gas, food, and rent. As Americans have to choose between keeping items or paying bills, they are selling personal things to make ends meet.
Currently, Andrea, a member of the Leander Chamber of Commerce and Visitors Center, notes that the average loan size at her stores is around $150, lower than the national average of $180. This new upward trend in inflation has also brought in a wider customer base of folks looking to get a loan to make it to the next payday.
“Although pawn shops are known to be places that have all sorts of goods, right now it is a place where many people are finding some extra help,” said Conner Board, a reporter at KVUE.