When federal workers stopped receiving their paychecks in January 2019 due to the U.S. government shutdown it was a financial disaster for many federal employees and contractors. Some of them were already living week-to-week earning $10 – $20 per hour while raising a family that needed food, clothing and shelter. Many had limited, if any, savings, and few places to turn for temporary relief.
New York City is one of the areas around the country that serves as home to large numbers of federal workers. Soon after the government shutdown many workers stopped getting paid and had trouble paying their bills and buying essentials like ford and clothing.
Access to credit for people who earn $10-$20/hour is limited and that’s what many of these workers were getting paid. Payday loans are expensive and credit card fees are high. In addition, many of these workers didn’t have credit cards. The lucky ones could draw from their savings, but the others needed a solution.
Jamaica Pawn helped take the pressure of the unpaid federal workers by offering to make a loan without a credit score or credit history. Pawn loans are guaranteed by collateral, items that the borrower owns and uses as a guarantee. These loans are regulated by The State of New York which puts a cap on the interest that can be charged. In general, pawn loans are not as expensive as payday loans or high interest credit cards.
You never know when times will get hard and your income will be disrupted. That’s why you should remember Jamaica Pawn is there for you in those hard times. If you need a pawn loan we are ready and happy to help. Jamaica Pawn is always there for you good times and bad.