This Business Is Not BBB Accredited

Broadway Pawn & Jewelry, Inc.

Broadway Pawn & Jewelry, Inc.

(505) 327-6741

Broadway Pawn & Jewelry, Inc.

37 years in business

615 W Broadway St
Farmington, NM 87401

BBB File Opened: 3/07/2003
Business Started: 1/01/1979
Business Started Locally: 1/01/1979
Type of Entity
Business Management
  • Mr. Brian Dowty, Manager
Contact Information
  • Customer: Mr. Brian Dowty, Manager
Business Category
  • Loans
  • Pawnbrokers
  • Tax Return Preparation

Additional Information
  • Payday loans can be tempting. Advertisements promising money to "tide you over until your next paycheck" appear at check cashing outlets, in pawn shops, within the classified ads and increasingly, online. While "cash until payday" services sound helpful, consumers need to know the risks. Cash-strapped consumers often find themselves in an endless cycle of repeated borrowing at extremely high costs. Small, short-term, high-rate loans are marketed under a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans. To obtain the payday loan, a consumer writes a check payable for the amount he or she wishes to borrow plus a fee. The lender gives the borrower the amount of the check, minus the fee. The lender then holds the borrower's check until his or her next payday, when the borrower can do one of three things: allow the check to be cashed, redeem it by paying cash to recover the loan plus a fee, or roll it over by paying the fee to extend the loans for two or more weeks. While borrowers must have a bank account in relatively good standing and a source of income or benefits to qualify for payday loans, the lenders typically do not perform conventional credit checks. Some borrowers complain to the Better Business Bureau that the lenders encouraged them to write checks without funds for deposit and then used those checks to coerce them to extend their loan. Called "loan flipping" this practice can trap vulnerable consumers in debt. Under the Truth in Lending Act, the cost of the payday loans - like other types of credit - must be disclosed. Among other information, a consumer must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis). Finance charges can range from $15 to $30 per $100 borrowed. This may not seem like a lot of money until you look at the APR for the loan.



Pawn Shop

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Broadway Pawn & Jewelry, Inc.


Broadway Pawn & Jewelry, Inc.