Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Pawn Shops vs Payday Loans in Richmond, KY
3 pawn shops in and around Richmond — 4.6 per 100,000 residents, compared with 5.4 across Kentucky. Call ahead to ask what they're buying and lending on today: inventory needs change weekly. Richmond ranks #7 of 10 Kentucky cities with pawn shops by shops per resident.
- Pawn shops
- 3
- Pawn shops per 100k
- 4.6
- Kentucky: 5.4
- Big-chain shops
- 0
- Payday & loan stores
- 4
- Population
- 65,030
Pawn shops in Richmond: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| Dan's Discount Jewelry & Pawn | 1101 Kim Kent Dr Richmond, KY 40475 | (859) 353-5747 | firstcash.com |
| Madison Gun And Pawn | 391 Big Hill Ave Richmond, KY 40475 | (859) 575-1067 | — |
| The Castle Jewelry and Pawn | 630 Big Hill Ave Richmond, KY 40475 | (859) 623-4535 | thecastlejewelry.com |
Pawn shops vs payday loan stores in Richmond
Richmond has 4 payday, installment and title loan stores but only 3 pawn shops.
Pawn shops
3
4.6 per 100k residents
Payday & loan stores
4
6.2 per 100k residents
4 store chains
Biggest loan store chains in Richmond: 1st Franklin Financial (1), Lendmark Financial Services (1), Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for one month: payday vs pawn vs credit union
| Option | How it works | Cost for one month |
|---|---|---|
| Payday loan (~391% APR) | $75.00 fee every 2 weeks, renewed once | $150.00 |
| Pawn loan (example: 20% a month) | You leave an item worth more than the loan; repay to get it back | $100.00 |
| Credit union PAL (28% APR + $20 fee) | Repaid in installments; membership required | $31.67 |
- Payday cost, share of monthly household income in Richmond
- 2.9%
- Pawn cost, share of monthly household income in Richmond
- 1.9%
- A $400 emergency equals
- 2.3 days of income
Payday: the KY maximum — $75 on a $500 loan for 2 weeks, paid twice for a one-month loan. Pawn: an example rate of 20% a month; pawn fees and interest are set by Kentucky law and vary by shop — ask for the total in writing. PAL: payday alternative loan from a federal credit union, capped at 28% APR plus an application fee of up to $20. Income: U.S. Census Bureau, American Community Survey.
Pawn loan vs payday loan: the key differences
| Pawn loan | Payday loan in KY | |
|---|---|---|
| What you need | An item of value (jewelry, gold, electronics, tools, firearms) and an ID | A bank account, proof of income and an ID |
| Credit check | None | Usually none |
| How much you get | A fraction of the item's resale value | Based on your income, up to the state limit |
| If you can't repay | The shop keeps the item; no collections and no credit damage | Fees pile up with renewals; the debt can go to collections |
| Bank account access | None | Lender can debit your account or cash your check |
| Rules in Kentucky | Pawnbrokers are licensed and regulated by Kentucky; fees, terms and holding periods are set by state law | Allowed, up to $500; typical APR ~391% |
Richmond at a glance
- Median household income
- $62,731
- Kentucky: $65,382
- Poverty rate
- 15.6%
- Kentucky: 16.2%
- Households under $25,000
- 18.4%
- Kentucky: 19.8%
- A $400 emergency equals
- 2.3 days of income
Payday and installment loan stores in Richmond
For comparison: storefront payday, installment and title lenders in Richmond with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 116 Meridian Way Ste 3 Richmond, KY 40475 | (859) 353-6400 | — | 4.8 |
| 118 Meridian Way Ste 3 Richmond, KY 40475 | (859) 661-4783 | — | 4.5 |
| 2073 Lantern Ridge Dr Ste 200 Richmond, KY 40475 | (859) 625-0770 | — | 4.9 |
| 843 Eastern Bypass B Richmond, KY 40475 | (859) 623-5924 | — | 3.7 |
Pawn shops near Richmond
More about Richmond
Pawn shop listings: © Overture Maps Foundation (CDLA-Permissive 2.0), including Foursquare OS Places and © OpenStreetMap contributors; filtered and de-duplicated by us. Population, income and poverty: U.S. Census Bureau, American Community Survey. Call ahead to confirm hours and what a shop buys or lends on.