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


Events for November
M T W T F S S
27 28 29 30 31 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
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:
Austria  money  transparent  Dorotheum  jewellers  pawnshop  financial  secured  cash  Pawn  owners  shops  percent  Villach  auction  booming  objects  pawn  rsquo  value

Latest News

 

How An Austrian Park Every Year Becomes A Lake
Spectacular images that show how a park becomes a lake each spring complete with underwater trees have been captured by two divers.

Mad About Mammoths At Vienna Museum
A unique exhibition in the Austrian capital Vienna has proved a massive hit after bringing together for the first time some of the most famous frozen woolly mammoth remains.

Controversy Over Advert For Fucking Hell Beer
An Austrian political party has defended a decision to promote a local beer named after the village of Fucking.

Luigi Restaurant Cooks Up Delicious Delights For Winter Season
Brothers Luigi and Leo Doci who own the renowned Luigi restaurant chain will be cooking up a storm in Semmering this winter.

Church Porn Star In Court
A Polish-born woman who made a video of herself masturbating in church is facing six months in jail after a viewer called police when he recognised the woman.

Hugh Grant Cuddles Lamb On Animal Farm With Mrs Glock
Hugh Grant led a star-studded turnout at Austria's animal farm project which unveiled its Christmas market this week.

Cheating Wife Buries Hubby Alive For New Lover
A woman who married her sisterís fiance and then attacked him with a knife before burying him alive so she could be with her new lover is facing life in jail.

Spate of Crimes throughout Vienna and Lower Austria Solved
Four men have been arrested after committing 113 break-ins, 21 thefts and causing at least 260,000 Euros worth of damage.

Dad Punished Child, 2, With Boiling Hot Shower
A two-year-old girl is in an artificial coma and fighting for her life after her father threw her into a scalding hot shower leaving her with severe burns at the family home in the Austrian capital Vienna.

Police And Firemen Get Cold Turkey
Flipping the bird was given a new meaning in Austria this week when a truck filled with plucked turkeys overturned, closing a busy motorway in the process.

 


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