Pawnbrokers may be our oldest financial institutions with a history dating back to ancient Chinese, Greek and Roman civilizations. The word pawn is derived from a Latin word meaning pledge. Items are pawned to a Pawn Shop broker as collateral, or pledges, for a cash loan.
Items pawned for a loan are held for a contractual time period. The pawner can purchase an item back for the amount of the loan plus an agreed-upon interest amount. Both the amount of time and rate of interest are governed by law and a pawnbroker’s policies. However, if the loan is not paid within the agreed time, the item will be offered for sale to anyone. The defaulted loan is not treported since the pawnbroker has physical possession of the item and may recoup any loan value through an outright sale of the item. That default can become a treasured find for another customer.
Depending on local laws and business needs today’s Pawn Shop services include secured loans to individuals, fee-based check cashing, payday loans, vehicle title or house title loans, and currency exchange services. Known primarily for lending money, some pawnbrokers retail other valuable items including large collections of unusual, antique and estate jewelry. You might find anything in a Pawn Shop from art supplies all the way down to zebra saddles.
Congratulations to Dakota J for the FTF. A long-time friend making a career of getting there first.
Shame on those who ask the owner where to look. He did not sign up to play the game, you did.
Permission granted for this cache placement.