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What exactly is a pawnshop?

April 26, 2017pawnshop

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What exactly is a pawnshop?

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A pawnshop is a licensed lending institution within the State of Texas. Pawnbrokers lend money on merchandise that is left as collateral. The interest rates are set by the Texas State Legislature. Pawnbrokers in Texas must pass extensive background checks and all employees are required to apply for a pawn license. Pawnshops also purchase items from the public and other dealers for resale.