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Pawngo CEO Todd Hills on the online pawn shop offering interest-free loans to Olympic athletes.
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Olympic athletes might be rolling in the gold but a lot of them are still strapped for cash.
And -- Michael Phelps endorsements probably won't be pay your bills.
-- hills this is CEO of -- and go and he wants to help them with their expenses -- explain which are doing.
How you doing today Tom.
Upon -- is not the first online pawnshop in the United States and -- what are my team members brought an idea to us sop.
About six weeks ago that these Olympic athletes are having a difficult time with their expenses and as you've mentioned earlier.
In this segment.
And not all of them are getting sponsorships so they're kind of on their own nickel out there.
-- so we had the idea that.
We would -- offer free interest loans to India the Olympic athletes.
To kind of help them.
Cover some expenses and you know complete what they need to complete.
-- aren't aren't these people who.
Doesn't the US Olympic Committee I mean I know it's privately funded but don't they pay all those -- to travel and everything else let me -- why did they need to upon their.
There -- metals bush bush sure they pay their their bills why -- at the Olympics but.
You know first of all they don't pay the bills for their family and they don't really pay the bills.
Why they're in trading.
You know Gabby douglas' mother that was -- a well known story that.
She had -- -- -- jewelry just stick to keep.
You know.
Cash available to you know keeper Goddard -- so.
You know they may pay the bills during the Olympics but before and after they're not.
I just so I -- you're not gonna make a loan for free and we are just not gonna go in there and give the money for free.
If they don't come back do they don't have the money don't come back what do you do with the metals.
So that that that is the offer is a free interest loan for three to six months.
And you know these metals they have up huge amount of emotional attachment to these -- so you know.
Were willing to do whatever we -- to help them get these metals back if if if they need more time in six months them then we're definitely well on the given more time in six months.
I mean that there's not a lot of value to these metals.
Other than -- said the emotional attachment to the athlete.
That may get getting the term wrong but I but isn't numerous -- has a lot more to do than just the value of the metal itself and have to do with.
Well you know the rarity or wherever -- -- I mean these are.
I guess in the same category as you see some time some old time Hollywood actors selling their.
There -- Oscars consider getting up and -- they don't have the money.
Yeah exactly exactly that that -- metal they were also what are they worth.
You know all probably job market value on these metals this Friday anywhere from you know thousand to 15100 dollars.
-- -- it.
Well that's that's the other offer you know our our our offer was.
To loan above and beyond what the metal was worth.
Bomb once again we're just trying that we're just trying to make offer so that they can get the cash to.
You know get to the Olympics get their families today Olympics.
Cover some expenses.
So were actually won't alone more than the metals were actually.
Market value of of what their work.
Soul you're doing this because was mean again.
Todd you're in the business here in the loan business you don't make loans for for exactly.
Exactly I mean it's just a short term deal you know we help a lot athletes we've we've -- a lot of loans to a lot of athletes on you know Super Bowl rings and championship rings.
And you know once again these these -- and these metals are are priceless of these athletes so.
You know first -- period of time and we're trying to do what we can help tonight commitments they have like that Super Bowl ring the got in the -- -- We have never had to sell any of those types of assets so all those assets have been returned back to the rightful owner and you know desolate should be.
All right thought he'll respond go.
Founder I appreciate your time thank you --
