How does a pawnshop work?
Pawnbrokers lend money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, household items, etc.. These items maintain their value over a reasonable period of time and are easy to store, especially jewelry. all customers provide collateral, eliminating the need to distinguish high risk from low risk borrowers. Typically, loans are small averaging between $70 and $100, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral.The process is much the same as any other lending institution, with the primary difference being the size of the loan, the collateral and the holding of the merchandise until the interest or the loan has been repaid.
Response: Pawnbrokers lend money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, household items, etc. These items maintain their value over a reasonable period of time and are easy to store, especially jewelry. All customers provide collateral, eliminating the need to distinguish high risk from low risk borrowers. Typically, loans are small averaging between $70 and $100, although they can be as small as $5 or as high as several thousand dollars depending on the value of the collateral. Contracts vary from state to state, but the average loan period is 60 days. Generally, interest rates will vary with the amount of the loan. The process is much the same as any other lending institution, with the primary difference being the size of the loan, the collateral and the holding of the merchandise until the interest or the loan has been repaid.
Response: Pawnbrokers lend money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, household items, and more!. These items maintain their value over a reasonable period of time and are easy to store, especially jewelry. All customers provide collateral, eliminating the need to distinguish high risk from low risk borrowers. Typically, loans are small averaging between $70 and $100, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral. Contracts vary from state to state, but the average loan period is 30 days. Generally, interest rates will vary with the amount of the loan. The process is much the same as any other lending institution, with the primary difference being the size of the loan, the collateral and the holding of the merchandise until the interest or the loan has been repaid or the loan period expires.
Response: Pawnbrokers lend money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, household items, etc.. These items maintain their value over a reasonable period of time and are easy to store, especially jewelry. all customers provide collateral, eliminating the need to distinguish high risk from low risk borrowers. Typically, loans are small averaging between $70 and $100, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral. Contracts vary from pawnshop to pawnshop, at KeyLargo the consumer picks his own loan time frame with the maximum loan period of 2 months. Generally, interest rates will vary from pawnshop to pawnshop. The process is much the same as any other lending institution, with the primary difference being the size of the loan, the collateral and the holding of the merchandise until the interest or the loan has been repaid.
The pawnbroker loans money on personal property that his customers bring to him. The pawnbroker and the customer reach an agreement on the amount of he loan. The pawnbroker will then issue a customer a pawn ticket which is a contract that states the amount of the loan, the pawn service charge, and the specified time that the pawnbroker will hold the customers personal property, The pawnbroker must live up to everything this contract; he has to hold the property the specified time and he must take proper care of the property as specified by the ticket. The customer knows just exactly what to expect; there are no hidden charges, and he can be assured his property will be safe and well taken care of The pawnbroker is bound by law to protect his customers rights as spelled out by the ticket. The customer is not obligated in any way to come back and pick up his property if he doesnt want to, although most do.
