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What is a pawnshop?

A pawnshop is a business entity that lends money to individuals without any credit check. What sets it apart from payday loans is that pawn loans are secured. To take a loan from a pawn shop you need to keep a valuable as collateral. The collateral could be a watch, coin, diamond, platinum or gold jewellery and electronic goods such as laptop, television etc. The collateral should be something valuable that has a market demand. According to National Pawnbroker's Association at a pawn shop - "Customers pledge property as collateral, and in return, pawnbrokers lend them money.

How does a pawn shop operate?

A borrower in need of pawn loanshave to decide upon an item that is of some value and can be disposedof for some cash. However the itemshould not be cheaply made. The pawn broker appraises its resale value using value books and the Internet. The purity of gold is checked whereas clarity is inspected in case of diamonds. As for electronic goods, weapons, valuable tools their age and condition is looked into. On an average size of loan offeredby pawn shop ranges between $70 and $100. There are two options for a borrowerin a pawn shop. He can either sell his property or keep it as collateral. Most pawnbrokers will prefer the latter as it brings them moreprofit.

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Once the pawnbrokerand the borrower agree upon an amount, the borrower is given a receipt which is also called a pawn ticket. This contains the details of the loan - the stuffthat is kept as a collateral, period of the loan, its amount etc. The cash is given to the borrower immediately.

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