Downtown Loan under new ownership

MOSES LAKE - Downtown Loan Company may have undergone a slight name change, but the services it offers to customers remains the same.

Reffett Downtown Loan Company still provides loan solutions for the Moses Lake community.

New owner Jordan Reffett took over the business in August, but Downtown Loan has been serving the Moses Lake area since 1994.

Reffett heard the previous owner was ready to retire and wanted the chance to break into the local business scene. He said deciding to run a pawn shop seemed like the perfect business venture for him.

"It's a pretty unique business," he said. "And it's a lot of fun."

Reffett said he comes across everyday items like musical instruments and power tools as well as high-end items like boats, RV's, cars and guns.

Reffet said the company provides loans for people who don't want to go to a bank, or take out a payday loan.

"We can help someone who is living paycheck to paycheck, someone who spent too much money on vacation, or someone that just needs cash in a day," he said.

Reffett said Downtown Loan offers a 90-day loan, usually for one-third of the value on whatever item a customer brings in. There is also a small storage fee and the company charges a monthly three-percent interest.

He said that compared to the interest fees of a traditional bank or payday loan, customers are getting a better deal with a loan from his shop.

"You're going to end up paying more with other loans, sometimes double or triple what you would with a loan from us," said Reffett.

He added that the process of getting a loan at the bank is lengthy, sometimes taking up to three weeks. Customers who go through Downtown Loan can usually get their money within a day.

Reffett said he is working hard to change the image that some people might have of pawn shops. He said there is still the idea that pawn shops are shady and take in stolen items.

He said the opposite is true.

"We hold every item for 30 days to make sure it's not stolen," he said. "We work hand in hand with law enforcement because we don't want stolen items in our store."

He added the police department has access to every transaction at the store.

Reffett said he is thankful for popular television shows like Pawn Stars, because it's taking the pawn shop industry mainstream.

People are beginning to see pawn shops as legitimate and trustworthy businesses, he said.

Reffett said he is excited to be doing business in downtown Moses Lake.

"I've always been prideful of the Moses Lake community, and of downtown," he said. "I love being downtown and having another way for people to keep their dollars local."

Reffett said that he hopes to expand the shop over the next few months to include electronics, sporting goods and other basic items.

He said he wants Downtown Loan to serve as an ultimate trading post for customers to get quality items as well as cash solutions.

"It's about creating a customer base that can depend on you," he said. "And we offer a service that isn't offered anywhere else."

Downtown Loan is located at 110 W. Third Ave.