Shuswap Pawn opened in Revelstoke this week.
There are two other Shuswap Pawn stores in the area. One in Salmon Arm, which has been open for more than 20 years and the other is in Chase.
The owner, Mike Jalving, who lives in Sorrento, said he thought he’d give Revelstoke a try.
“Let’s see if it’s viable.”
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Pawn shops provide secured short term collateral loans with personal property, such as jewellery or tools as collateral. Jalving said the average loan is roughly $100 for a 30-day loan. Interest on the loans is $25 per every $100 loaned.
A pawn shop is somewhere between a thrift store and retail, with items half the price of when they were new, said Jalving.
Pawn shops is a growing business is Canada, said Jalving, especially with the rising cost of living.
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“People don’t always have saving,” he said.
Jalving said he’s already starting to give out loans.
“When life throws you a curve ball, you can’t always just go get money from the bank.”
Jalving said he is still gathering inventory from his other two stores. At the moment, there is a selection of tools, knives, and DVDs. Soon, the store will also sell jewellery, which is a pawn shop stable said Jalving.
To ensure the store isn’t selling stolen goods, Jalving said he records serial numbers of every item in the store and sends them to the RCMP for them to check against their records.
Shuswap Pawn is located at Orton Ave and 2nd Street east.
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