PAWN SHOPS COULD SOON CHARGE HIGHER INTEREST RATES IN NJ

If you ever needed a loan and took an item to a pawn shop to get it, you may soon be paying higher interest rates the next time you do it.  The New Jersey Assembly approved a new bill that would allow pawn shops to charge higher interest rates on the money they loan you.  Currently by law pawn shops in the Garden State are allowed to charge a 3.7 percent interest rate; that rate could climb to 4.5 percent pending a signature by Governor Chris Christie.