If you have an urgent need for money in the short-term but a poor credit picture, a pawn shop is an option. In 2011, the pawn shop industry in the United States brought in approximately $14.5 billion, according to industry statistics.
Think pawn shops are a mom-and-pop business? Maybe independently, but add it all up and pawn shops in America combine to create a $7 billion industry annually.
According to Merriam-Webster, a pawnbroker is a person who lends money to people in exchange for personal property that can be sold if the money is not returned within a certain time frame.
The average customer has an income of $29,000 and is 36, according to the National Pawnbrokers Association 2010 Survey. Of those, 82% have a high school diploma. Only 33% of customers own their own home, while 77% rent. Although there has been a slight delay on paying loans, 85% of those who take out the loans still pay them back.
The wide range of items that can be found at your local pawn shop makes it the most eclectic and economical place to shop. You can find anything from surf boards to toys, electronics to musical instruments. This is accessible shopping.
If you’re looking for extra cash during a tough time, the answer may be just inside the jewelry box. Many other people have, considering that the common pawn shop cash-for-gold transactions have increased 35 percent since 2008.
Did you know that the amount of money loaned in pawn broker transactions can range from as few as $20 to as much as several thousand dollars? Because of this, pawn shops are great places to find high-quality merchandise, including DVD players and jewelry, typically for significantly less than their original price.
Do you have an antique or collectible item you’d like to sell to us? Remember, you’ll usually get a better price if you can provide us any sort of documentation about the authenticity or history of the item in question.
What are the most common items brought into pawn shops? Jewelry tops the list. If the jewelry contains gemstones, it is especially valuable. Gemstones can be extracted and sold even if the jewelry piece itself is broken.
Would you like to update the contents of your jewelry box for an affordable price? Bring in your old jewelry, and find out what types of discounts you can receive on gently used silver, gold and even platinum jewelry sets.
One of the biggest myths about pawn shops is that pawn shops have high finance charges. In fact, pawn shops have lower finance charges than many other types of lending institutions – and there are no hidden charges or fees on pawn shop loans.
When your band is just getting started, you won’t always be able to afford the high-priced instruments you’ll find in many music shops. If you’re looking for quality instruments at prices you can afford, be sure to check out your local pawn shop first.
Care to guess what types of household items are quick sellers at pawn shops across the country? If you guessed power tools, you're right. Most power tools have long useful lives and are great bargains when resold in gently used condition.
You will most likely find that it is very fun to shop in a pawnshop. Nowhere else can you find the value and variety offered on the shelves of a pawnshop. You would have to visit dozens of different retail stores to find all the different types of merchandise found in a single pawnshop.
Just how popular is the pawn shop industry? With more than 11,000 pawn shops operating nationwide, the industry as a whole brings in close to $20 billion in revenue each year.
Did you know that the idea of giving out a loan for movable property is an idea that dates back thousands of years? Today, there are an estimated 12,000 pawn shops in the United States, according to Marketdata Enterprises, Inc.
When you have a surprise expense pop up and you’re miles away from payday, you may wonder how you’ll make ends meet. Remember, there are a wide variety of valuables that you may be able to pawn or sell outright to us.
While Queen Isabella of Spain did not have to pawn her jewels to finance the voyage of Christopher Columbus – which is a popular legend among pawnbrokers – she did pawn the crown jewels at one time to raise money for supplies to fight the Moors of Granada.
When early settlers landed in America, they brought the idea of pawn shops with them. In fact, without an abundance of established banks, pawn shops were the main source of lending for many of the early years of our country.
When pawning an item for a loan, the pawnbroker will set a specified amount of time available to repay the loan. This agreed-upon period is binding. If the loan is repaid by the due date with any interest owed, the item will then be returned to its owner.
Have you been looking for ways to make your household budget stretch just a little further? By shopping for durable goods at a pawn shop, you can save money on items that are still in good condition.
Pawning is the only financial transaction that involves consumer credit and which mandates ongoing reporting to local law enforcement agencies, which requires detailed information concerning the borrowers and the items that have been pawned. The interest rate is subject to state guidelines.
