Business owners must pay their rent eventually if they plan to stay open after the pandemic and West Miami Pawn shop can help
COVID-19 has caused financial issues for many locals due to the stay-at-home order. At West Miami Pawn shop, owned by Jaime Egana, is helping struggling residents. The shop is located at 6448 SW 8th Street and is open 10-5 on weekdays and weekends by appointments.
Clients usually give pawn shops jewelry or small electronics in exchange for funds. According to Egana, most pawn shops charge 25 percent a month in interest, but he only charges five percent. West Miami Pawn shop aims to offer a monetary value as close as possible to the actual value of the item.
Egana explains that business owners must pay their rent if they plan to stay open after the pandemic. The fact that rent is being deferred does not mean that you will never have to pay and letting that rent accumulate is not a good idea if you can actually do something about it. Additionally, households need essential items, and people must still pay phone or credit card bills.
Residents could take out Payday loans, but these only allow up to 500 dollars. Residents also need direct deposit and must pay off one loan before getting another. The West Miami Pawn shop does not do that.
“If you have collateral that’s worth 5,000 dollars, we will give you that,” said Egana. “We pride ourselves on working with the community.”
Egana continues by urging the community not to be frivolous with their money. Residents should get only what they absolutely need from West Miami Pawn. The shop plans to work with their clientele however they can.
“We don’t care about credit. We don’t judge anyone. We will continue to provide the service whether you pick your item up or not,” said Egana.
West Miami Pawn shop is taking proper precautions during this time, allowing only one customer in at a time and sanitizing all money before any customer receives it.
For more information, visit their website. Residents may text 305-200-5994 with pictures of an item in order to receive a ballpark figure.