What Is A Pawn Shop?
You see them in various parts of town and you have been wondering just exactly what is a pawnshop, how do they work and why are they becoming more common place? Pawnshops date back to ancient times and are one of the earliest recorded lending institutions. During the late Middle Ages the House of Lombard in Europe had a group of pawnshops. The sign of the House of Lombard was the three golden balls and this sign was associated for years with the pawn industry. The pawn industry came to America with the first settlers and in the early part of this century pawnbroking was regarded as the main source of consumer credit. With the rise of large consumer credit institutions, such as finance corporations, savings and loan associations, and credit unions, the pawnshops are no longer the major source of consumer credit. However, they still play a vital role in the area of providing consumer credit. The tremendous demand of relatively small borrowing unavailable from other sources is the main co
Most people have heard of pawn shops, but many have ideas and images that are, shall we say, less than accurate on just what a pawn shop is and what we offer. The short definition – we offer a short term loan based on the collateral that you pledge. No credit check, no wait for approval by the loan officer, just fast cash! When you have a loan to buy your home, you pledge the home as collateral in the event that you don’t, or can’t, pay back the loan. If you don’t pay your loan back, your home becomes the property of the bank. We operate in much the same fashion. You bring in an item to pledge for a loan, you leave the item with us, and we give you cash and a receipt to bring back. In Nevada, the term of the loan is 120 days. You can pay the interest at this time and we will give you a “new” loan, again good for another 120 days. Most people do pick up their collateral and repay the loan, but when they do not, we in turn sell the items to recover our investment. That, in the short defi
But you haven’t asked. Well, to answer your question, let’s look at the history of pawn shops. Pawn shops date back to ancient times and are one of the earliest recoded lending institutions. During the late middle ages the House of Lombard in Europe had a group of pawn shops. The sign of the House of Lombard was the three golden balls and this sign was associated for years with the pawn industry. The pawn industry came to America with the first settlers and in the early part of this century pawnbroking was regarded as the main source of consumer credit. With the rise of large consumer credit institutions, such as finance corporations, savings and loan associations, and credit unions, the pawn shop is no longer the major source of consumer credit. But the pawn shop still plays a vital role in the area of providing consumer credit. The general public needs to borrow small sums of money that other sources are not willing to provide and this resulted in the rise of popularity of pawn shops
You see them in the various parts of town and you have been wondering just exactly what is a pawn shop, how do they work, and why are they becoming more common place? But you haven’t asked. Well to answer your question, lets look at the history of pawn shops. Pawn shops date back to ancient times and are one of the earliest recorded lending institutions. During the late middle ages the House of Lombard in Europe had a group of pawn shops. The sign of the House of Lombard was the three golden balls, and this sign was associated for years with the pawn industry. The pawn industry came to America with the first settlers, and in the early parts of this century, pawnbroking was regarded as the main source of consumer credit. With the rise of large consumer credit institutions, such as finance corporations, savings and loan associations, and credit unions, the pawn shop is no longer the main source of consumer credit. But the pawn shop still plays a vital role in providing consumer credit. T
You see them in various parts of town and you have been wondering just exactly what is a pawnshop, how do they work and why are they becoming more commonplace? Well to answer your question, lets look at the history of pawnshops. Pawnshops date back to ancient times and are one of the earliest recorded lending institutions. During the late middle ages the House of Lombard in Europe had a group of pawnshops. The sign of the house of Lombard was the three golden balls and this sign was associated for years with the pawn industry. The pawn industry came to America with the first settlers and in the early part of this century pawn broking was regarded as the main source of consumer credit. With the rise of large consumer credit institutions, such as finance corporations, savings and loan associations, and credit unions, the pawnshop is no longer the major source of consumer credit. But the pawnshop still plays a vital role in the area of providing consumer credit. The general public needs t
