What Is A Pawn Shop?
Essentially, a pawn shop is a way to get money without the hassle of credit checks, approvals, and the like. A pawn is a buyer/seller agreement in which we agree to buy the items that you pledge as collateral for an agreed upon amount. At the end the time period, you then repurchase these items back from us for the original amount plus a small fee. It’s that easy. No credit checks, no hassles.
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. They even counted royalty, such as King Edward III of England, among their clientele during the 14th century. Queen Isabella of Spain pawned the crown jewels to finance Columbus’ voyage to America.
You see them in the 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? But…you havent asked. Well, to answer your questions, 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 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 pawnshop is no longer the major source of consumer credit.
A pawn shop is a store that offers money, usually a fraction of the value, for a variety of different items. Such stores have existed as far back as Ancient Greece, with differing rules for how they operate. Normally a person pawns an item at a pawn shop and then has a month or two to redeem the item by paying back the money owed. There is usually an additional charge or pawn shop fee that must be paid prior to getting the item back. What the pawn shop in modern times cannot do is sell the item before the specified date when a customer can still redeem it. If someone really wants to buy an item from the pawn shop, the owner may contact the customer who pawned the item and ask him or her if they can sell it. They more offer a bit more money to the customer if the item is in high demand. The pawn shop may also take some items on consignment. Instead of offering money to the client right away, they may offer money only if the item is sold. Usually the profits earned are split between the
