Pawning is one of the world's oldest professions.
And since 1954, the Lucky Loan Pawn Shop in downtown Vancouver has provided this oft-misunderstood service at a location brimming with the leftovers of a thousand unpaid loans: televisions, rifles, rings, musical instruments, snowboards and even animal pelts.
"It's like a big kid's toy store," says Jeff Lanford, one of three co-owners at this third-generation family business.
The retail side certainly fits Lanford's description. The store is full of electronic items, even hard-to-find technology relics like car phones, beepers and enormous fax machines.
And like many other retailers, Lucky has seen a big drop in the buying side of its business. However, the shop has seen an uptick in the amount of new, small loans since the economy went south last year.
"Before the downturn we had our regulars, coming in monthly, paying off their loans," Lanford said. "Now we have a lot of new customers, who just need a month's worth of gas or electricity."
Lucky's loans are highly regulated, with the interest rate depending on the dollar amount and length of the loan, according to Dan Mack, Lanford's brother-in-law and co-owner.
For example, on a loan amount of $80, a pawn shop can charge up to $3.25 in monthly interest and no more than $10 total in any 90-day period, according to Washington state law. Customers have 90 days to pay off the loan before forfeiting their property.
For the one-twelfth of Americans without a bank account, pawning can be the only way to get extra cash when times get tough, according to Mack
A common misconception is that pawn shops act as a fence – a place to hock stolen items – according to Lanford's wife, Kelly. "People call in all the time: ‘My Xbox is stolen. Do you guys have it?'" she said.
As per state regulations, the pawn shop owners must write down serial numbers and descriptions of all items and submit the information to law enforcement to be matched against a list of stolen properties.
Even with the economic downturn, the business is still going strong. And every now and then, Kelly and Jeff's 13-year-old daughter Maddie comes into work, a sign perhaps that the business might extend to a fourth generation.
Despite the industry's some times unsavory reputation, Mack says Lucky remains a family business that treats its customers with respect. "These people sit down to Thanksgiving dinner just like us," he said. "It's just they are going through a rough time right now."
