Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for September
M T W T F S S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Pawn shop business is booming

Pawn shops in Austria have been booming since the financial crisis and while critics say they are taking advantage of the needy, the pawn shop owners say they provide a valuable service for people rejected by banks who need quick cash.

The Austrian Arbeiterkammer or Chamber of Labour that runs the Austrian equivalent of the Citizens' Advice Bureaus is warning cash strapped people that pawning cars or silver is not always the cheapest way to go to get to quick money - with for example hidden charges.

But pawn shop manager Renate Lessiak defended the profession and told the state broadcaster ORF that the people coming to their shops are usually people who need the money immediately.

She cited the case in December of a retired man that came to her shop to pawn a car to be able to buy a new heater. His bank had not helped him - but they did.

The pawn dealer has little red tape to deal with - they simply work out the value of the object put up as security - and the owner gets 50 to 60 per cent of the value in cash.

The owner of the object is allowed to keep it but has to pay a monthly interest rate. How high the interest rate is depends on the broker.

One jewellers shop working as a pawnshop in Villach for example revealed that they charge a 2.5 percent interest rate a month.

Even the Vienna based auction house the Dorotheum has the Dorotheum’s Financial Service - that provides support for those who do not wish to sell valuable objects at auction.

They provide a secured loan service and financing arrangements with the art or other valuables serving as collateral.

A spokesperson for the firm said: "Unlike some places we offer everything in a transparent form on our website"

But Herwig Höfferer from the Austrian Consumer Protection Board warned that not all were as transparent and that many pawn shops hide additional fees before making the deal.

If someone is not able to pay back the money plus interest, they are also risk loosing the object pawned - he warned.

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Tag cloud:
transparent  cash  shops  pawn  rsquo  secured  owners  jewellers  Dorotheum  Villach  Pawn  money  objects  value  booming  percent  financial  Austria  pawnshop  auction

Latest News

 

Pat On The Back From Manure Explosive
A traffic cop in Austria got more than he bargained for after a booby trap covered him head-to-toe in manure as he was trying to catch people speeding.

Viennese Jihad Girl May Have Been Killed
Austrian police say that one of the two attractive young teenage girls who fled the country to go to Syria to fight on the side of Islamic rebels may have been killed.

Perversion of a Medical Dream
The Decline and Fall of the Otto Wagner Hospital, Vienna.

Fat Can Be Used To Burn Off Weight After New Patent Unveiled
It is being hailed as a sensation after scientists at an Austrian university patented a method that transforms fat storing cells into mini factories capable of actually destroying fat by burning it off.

Three Family Members Dead In Well Tragedy
A mother has lost her husband, her pregnant daughter and her son-in-law after a tragic accident where one of them fell into a well and the other two died while trying to carry out a failed rescue.

Brit Soldier Rescued After Climbing Mountain In T Shirt
A British soldier who tackled the frozen Austrian Alps wearing just shorts and a T-shirt has been rapped by officials after he had to be rescued from the snowy peak.

Mum And Daughter Struck By Lightning In Pool
A mother and her daughter were hospitalised after they were struck by lightning in a swimming pool.

Police Nab Porn Star Who Filmed In Local Church
A woman accused of making a porn movie in a local church has been caught after an informant tipped off police that he recognised her by her breasts after an appeal for information.

Young Hip Hop Dancer Gets 18 Years For Drug Smuggling
A blonde hip hop dancer and charity worker promised an international career after she was spotted by a talent scout has been jailed for 18 years in Indonesia after her work offer turned out to have been part of an elaborate drugs con.

Teen Dying Of Cancer Killed At Charity Event After Ride In Porsche Goes Wrong
The family of a sick boy who was offered a trip in a high-performance Porsche because he was dying of cancer is suing the charity after the Porsche he was travelling in crashed head-on into oncoming traffic.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers