Area residents in need of quick cash should soon have another option.
Red Deer Pawn Shop is expected to open at 4813A 48th Ave. late this month or early in November, said owner Elia Dominic.
“This is going to be a different pawn shop than the ones you know about,” he said, adding that Red Deer Pawn Shop will even accept vehicles as collateral for loans.
“If you have something that’s worth money, we’ll work with you.”
Customers will be able to borrow money for a 30-day term if they provide assets as security. Those items will be stored off-site until the term expires, at which time the borrower can redeem them by repaying the loan, with interest.
If they don’t, Red Deer Pawn Shop will be able to sell the goods.
Dominic said pawn shops provide an important service, pointing out that many people encounter financial problems that they need help with.
“It’s good to know a place where, if the banks say no, we can say yes.”
Red Deer Pawn Shop will cash government and business cheques, he said.
Dominic, who has already obtained a municipal occupancy permit for his business, said he previously worked in the loan industry. He also operated a fashion store — called Get Fresh Clothing — in downtown Red Deer, and prior to that owned a store with the same name in Calgary.