That's a lot of interest to pay and if you do not generate enough income on a monthly basis, you will end up paying only the interest every month. Heaven knows when you would be able to pay the principal amount.
The best advice I got from our employer is to start business with clean hands, that is no existing loans. Borrowing money should only be resorted to when the consequence is least expected like a calamity. But in normal times, the business you opened should be standing on the capital you have allocated. So that means if the capital is not enough then you should not have started the business in the first place. Operating a business on a loan is a bad idea for the profits will only go to the interest payments.
While in an ideal world you can start a business solely on the money you already have in the bank and not need any fuvding, but especially these days that's very hard to achieve. I'd say that 10/10 businesses will have some sort of loan that needs paying back, but that's not necessarily a bad thing, as long as your profits cover your bills and leave you in the black then a business loan is just like a mortgage on a home.
A pawn shop business is a lucrative venture in the short term and near medium term. I have observed that most tend to run into legal and economic headwinds due to challenges associated with static asset disposal though it is after making a fortune. There pawn businesses mostly benefit the low income earners or people who want a less bureaucratic process of loan acquisition. The problem is that they have outrageous interests and are best suited for ventures with high returns and guarantees for example orders especilly if view are backed by a local purchase order (LPO)