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Economy Makes Cash King; Metro Detroit Entrepreneur Opens State of the Art, Upscale Jewelry and Loan Shop in Pontiac, Premier Jewelry & Loan

PONTIAC, Mich.--(BUSINESS WIRE)--Detroit area entrepreneur Phil Locke is taking the stereotypical pawn shop out of the dark ages and into the modern world, by opening his upscale Premier Jewelry & Loan Store, 29 S. Telegraph (at corner of Huron and M-59 in the Rite Aid Plaza), Pontiac, just north of Detroit.

According to Locke, “cash is king” with the current economic downturn and many folks are interested in turning material goods such as jewelry into cash.

Locke is overturning those perceptions with his Premier Jewelry & Loan with a facility that is well lit, carpeted, offering customers private rooms to do business, free brand name coffee and affordable loan rates.

“Much of the public does not realize that a licensed pawnbroker can only charge three percent per month on goods, and $1 per month storage fee,” Locke said. “There are operations, claiming to be pawn shops that are charging outrageous fees of 20-30 percent per month.”

Premier Jewelry & Loan is a licensed Pawnbroker and precious metal and gems dealer and member of the National Pawnbrokers Assn.

Locke, a native of Flint, has run a variety of successful businesses including a tavern in Flint and a chain of payday loan shops.

“We spend time with customers educating them on the benefits and perimeters of turning their possessions into cash to pay off pressing bills or financial obligations.”

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