CFPB scrutinizes pawnshops as they offer more short-term loans

08/25/2013 | New York Times (tiered subscription model), The

Pawnshops are stepping up their financial services to offer smaller loans, text alerts and platinum cards. But some charge interest rates as high as 25% and don't have the same protections as banks, factors that are drawing the interest of the Consumer Financial Protection Bureau as it looks at nonbank lenders. Estimates from 2012 indicate there are about 10,000 pawnshops, compared with about 6,400 in 2007.

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New York Times (tiered subscription model), The

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