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 Watertown, NY
2 pawn shops in and around Watertown — 3.9 per 100,000 residents, compared with 1.6 across New York. Call ahead to ask what they're buying and lending on today: inventory needs change weekly. Watertown ranks #8 of 36 New York cities with pawn shops by shops per resident.
- Pawn shops
- 2
- Pawn shops per 100k
- 3.9
- New York: 1.6
- Big-chain shops
- 0
- Payday & loan stores
- 1
- Population
- 51,382
Pawn shops in Watertown: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| CASH FOR GOLD in the Mall | 21182 Salmon Run Mall Loop W Watertown, NY 13601 | (315) 586-2211 | cash4goldalbany.blogspot.com |
| Downtown Cash 4 Gold | 132 Court St Watertown, NY 13601 | (315) 405-8271 | downtowncash4gold.com |
Pawn shops vs payday loan stores in Watertown
Watertown has 2 pawn shops and 1 payday, installment and title loan stores.
Pawn shops
2
3.9 per 100k residents
Payday & loan stores
1
1.9 per 100k residents
1 store chain
Biggest loan store chains in Watertown: OneMain Financial (1).
Borrowing $500 for one month: payday vs pawn vs credit union
| Option | How it works | Cost for one month |
|---|---|---|
| Payday loan (not legal in New York) | $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 Watertown
- 3.0%
- Pawn cost, share of monthly household income in Watertown
- 2.0%
- A $400 emergency equals
- 2.5 days of income
Payday: a typical fee of $75 on a $500 loan for 2 weeks, paid twice for a one-month loan (New York payday rules are not set in dollars or payday loans are not allowed). Pawn: an example rate of 20% a month; pawn fees and interest are set by New York 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.
Pawn loan vs payday loan: the key differences
| Pawn loan | Payday loan in NY | |
|---|---|---|
| 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 New York | Pawnbrokers are licensed and regulated by New York; fees, terms and holding periods are set by state law | Storefront payday loans are not allowed in New York |
Watertown at a glance
- Median household income
- $59,277
- New York: $93,193
- Poverty rate
- 15.1%
- New York: 13.8%
- Households under $25,000
- 16.9%
- New York: 16.1%
- A $400 emergency equals
- 2.5 days of income
Payday and installment loan stores in Watertown
For comparison: storefront payday, installment and title lenders in Watertown with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 1063B Arsenal St Watertown, NY 13601 | (315) 785-9217 | — | 3.9 |
Pawn shops near Watertown
More about Watertown
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.