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A vote now as Detroit -- financially -- -- an industry that's.
Was gold is the star of the reality show pol -- Paul and Iran the porn -- in the heart of Detroit so here's the question.
Is this bad financial news good for his business as gold is -- has -- a white got a new book.
-- -- -- was flashy -- right then let's welcome the program thanks for having me bonds the question is bad news financial bad news for Detroit is that good news for you in the porn industry.
It doesn't trickle down to business is bad for the city no question.
But the economy in Detroit is actually getting better people are working.
Our -- industry if you come to the store part mine that was out the door two years ago has shortened so it's bad for the city this didn't just happen overnight.
But the -- -- is getting shorter.
Redemptions retail is getting better so the economy actually is getting a little bit better in Detroit.
That's fascinating it's fascinating right I Wear it Wear a perfect economic -- we can tell you part of it because those lines.
That's an interesting I didn't I didn't really I thought -- the terrible news for the city is probably very very good news for you but that that's not the case.
Right I come to you and you give me -- Point of an object we view and you give me alone for a hundred dollars us.
What interest rate we charge state of Michigan is regulated with -- charge of 3% a month and a dollar a month storage a couple of second.
Sort of literature on a Eurostar television but I mean dropping his son about that a guy.
I give you give me a hundred bucks for one month and I owe you a 104 dollars of the end of the month correct.
Three dollars interest -- in a dollar -- storage state law allows us to charge a dollar per month.
And for each item that you using that close to 40% on a year.
We yeah but -- -- its regular you know there's other states with the lowest interest rate in the United States if you go to.
Florida -- point 5% month if you go to Arkansas it's 30% a month on month so if you went to Florida brought that how to box it's a hundred point five arkansas' on the third facet.
It still seems like I mean three cent a month seems like a good rate of return on books.
What's a good way to return so -- people -- -- large television set and I -- -- employ this to put it away we have distorted our facility for a month it's not that.
To run a 50000 square foot facility with over fifty.
It clicked on what's -- redemption rate when it went -- and redemption mean getting back K we have in 90% redemption rates a lot of hundred loans ninety people get it back where their financial institution.
That's across the United States the NPA the national power brokers association of all the -- shot.
Have a reduction average between eighty and 90% most people that frequent the -- up and use us get the merchandise back.
I didn't know that.
I knew I didn't did not know I knew you didn't and most people -- so basically you you offer short -- loans with what is by any stands at a high level of interest but you've got Ohio we had to do that so that's.
So if -- -- -- you're a bank essentially.
We are we are most.
People we know we're upon Brooke as pawn brokers where most people's financial institution we either -- -- -- -- credit -- Bank account.
There -- have a debit card we don't think you view is legit you said pullen broke.
Right Brooke but in fact you want to put a new face -- you want to be that yet.
-- what do we accepted and we've always been legit but right now because -- popularity of hard core part because of my book for what it's worth.
We've brought pawnshops mainstream now it's cool to come to the -- up.
It's not a dark -- business it's a well lit well run professionally.
Facility you need to come to Detroit and see what it's actually -- not careful I might just pick me up -- look at let's gold everybody.
Good stuff and thanks for joining us think.
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