Sure, many business owners say Groupon is a terrible deal for them. But co-founder Eric Lefkofsky saved his worst deal for consumers. How does a 125 percent-interest loan sound?
That's the compounded, annualized interest rate that Lefkofsky and partner Brad Keywell charge some customers at their new venture, an internet pawn shop called Pawngo, which is already being put forward as perhaps the "next big thing in e-commerce." Of course, Pawngo prefers to say it charges 7 percent per month, since that sounds better. And some customers get away with paying a compounded annual rate of as little as 42 percent. What a bargain.
Pawngo appears to be most interested in jewels, precious metals, watches and high end cameras. But they'll give you a quote on pretty much anything. We suggest trying to pawn a Groupon. Those things have to be valuable, right?
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