History Of Pawn Shops. Throughout history people have found themselves in a position where they have needed some cash money. The have been moneylenders and others who have been willing to provide this service as long as there was some collateral. This evolved into the Pawnbroker business we are familiar with today.
Have you ever been to a pawnshop? For a lot of people, there seems to be something, well, shady about these places. But if you haven’t been to a pawnshop, you may be missing out on some great bargains. A pawnshop is a lot like a dozen garage sales and a flea market all rolled into one. A Pawn Shop is a business that will offer secured loans to people when they use personal items as collateral. The origin of the word Pawn is from the Latin word Pignus, which means Pledge. The items offered as collateral are called Pledges or Pawns.
“Students and parents will find impressive savings on Apple and Dell laptops, smartphones, iPods and lightly used bikes,” said P.J. Bellomo, CEO of the 10-year-old auction site. Pawn shops are another possibility, having gone a long way toward shedding their reputation as the seedy last refuge of the down and out, thanks in part to reality shows such as “Pawn Stars” on History Channel. The first pawn shops appeared over 3,000 years ago in ancient China. They were sometimes just individuals or stores that supplied the peasants with short term credit. Greece and Rome both had a thriving Pawn Shop businesses.
Items put up for pawn are held for an agreed period of time, during which the pawner may redeem the item after paying the agreed amount of interest. If not collected in the agreed upon time frame the Pawnbroker will then offer the item for sale. An experienced Pawn Broker will take into account how long an item will take to sell when deciding on the amount of money he will allow for collateral loan. Every state or province has different laws. The time period for the loan varies depending on state law. In some states, you also have the option to extend the loan or renew it. Please remember to bring a valid, current government issued photo identification
People defaulting on there Pawned items are not reported to any Credit Bureaus as the items Pawned will be sold at a profit by the Pawn Broker. Also because the loan is secured by items of value Pawn Brokers to not do Credit Checks prior to taking items in on Pawn.
No Credit Check Required. Fast, confidential secure loans! TV’s, DVD Players, DVD’s , Video Games, Tools, Sporting Goods, Minks and Leather Coats or Jackets, Musical Instruments, Studio Equipment, Stereo Equipment, and Digital Cameras are just a few of the items that a Pawn Shop will accept. Pawn Brokers have been subjected to some TV exposure with the advent of shows like “Pawn Stars”, “American Pickers” and “American Restoration”. Many people realize that Pawn Shops can carry old, antique and very unique items and are an interesting place to visit.
Visit Nic Frost, the author and owner of Mega Pawn, located at 471 Water Street, Summerside PEI. Nic has been involved with managing and running Pawn Shops since an early age when he managed one of Summersides’s first Pawn Shops for his mother. Nic offers the best rates, has a great selection of TV’s, Games, Jewellery, Tools, Recreation Equipment and offers Fast Cash for loans or un-wanted items.
Learn more about Summer Side Pawn – Buy and Sell. Got a new Construction Project? Visit Project Supervision and Oversight an Ontario company of specialists.
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