Groupon’s Helping Turn The Internet Into One Big Pawn Shop

The place you’d go to flog your ex-fiancée’s engagement ring is now online, thanks to the Groupon founders. Apparently they want to pull the shame out of pawning your belongings for a quick cash-loan, with their new investment, Pawngo.

Running since 2009, when Pawngo was then-known as Internet Pawn, the site actually gives you a valuation for your belongings within an hour before sending it in, so you don’t actually run the risk of receiving a lower price than expected, or even losing your items in the post. From there, they can hold your belongings for up to six months, with the money loaned out usually being between $US1500 and $US15,000. Naturally, interest from 3-6 per cent adds up quickly for every month the loan isn’t repaid.

The founders claim the business has seen 90 per cent of people repay their loans and collect their items, but in the future they actually plan on selling uncollected items in an online pawn shop. It’d probably be easier to just sell them on eBay, but as the Groupon guys are now involved, perhaps we can see daily flash deals in the manner of “act quickly! Enraged ex-fiancée’s sapphire-cut diamond ring now 90% off!” [Pawngo via All Things D]

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