If you’ve finally got the time to devote to cleaning out your attic or garage, you may not want to continue storing everything until the next garage sale. Remember, we’re always available to purchase items of interest that are in good condition.
According to anthropologists, the practice of "pawning" merchandise began in China. Care to guess how long ago people began offering their personal belongings in exchange for short term loans? That would be almost 4,000 years ago.
It is believed the first pawn shops emerged in Ancient China more than 3,000 years ago. These early quick-cash shops served as a way to give peasants short-term credit loans.
Make sure to keep track of the due date for your pawn loan and make payment by that date. If you fail to do so, you may be able to re-purchase the item at full retail value, however this is not guaranteed.
The pawnshop symbol of the three gold balls is believed to have originated with the Medici Family of the Tuscany area of Italy. The Medici family crest, or coat of arms, was three gold balls. One story of the crest is that one of the Medici’s in the employ of Emperor Charles the Great fought a giant and slew him with three sacks of rocks.
Today, the most commonly pawned items are jewelry and electronics. However, in the early days of pawning, the most common item was clothing. This is because clothes tended to be the most valuable piece of property owned by early peasants.
Which areas of the country are pawn shops most popular? Of the nation's more than 11,000 pawn shops, the highest concentration of pawn shops are found in the Southwest and the Southeast.
It’s important to remember that an item’s value or retail price tag will have little to do with how much you receive when you sell an item. While it’s helpful if you know something about the value of what you’re trying to sell, it’s unlikely that you’ll be able to command retail prices on it.
Three things you should know about pawn shops are that, first, they store items cheaply. Second, they're the oldest form of credit, and third, they don't deal in stolen goods.
Gold objects come in a wide array of colors. Gold alloy takes on a rosy tone when extra copper is added, has a green hue if more silver is added, and turns silvery white if palladium is added.
Did you know that a collateral loan at a pawn shop is less risky that a loan from a check cashing or payday advance store? If you cannot pay back your loan at the pawn shop, your collateral can be sold to recoup the loan. Payday advance stores, however, will charge you extra for going into default and can send you to collections.
Unfortunately, most traditional lending institutions only recognize very specific types of collateral. If you have an item of value that you can’t find anyone to use as collateral for a loan, a visit to the pawn shop may help you get the cash you need.
Statistics show that among the nation's 11,000 pawn shops, each earns its revenue with nearly an even split between retail and lending. Pawn shops, on average, gross between $400,000 and $1.5 million annually.
More than 12,000 pawn shops operate in the United States today, each with its own unique story and past. Their shelves are filled with an array of items from ordinary to unbelievable. Some have been purchased, while others are left from customers who couldn't pay back their loans.
The common loan repayment time for a pawned item is 30 to 90 days. However, in some places (like China), pawn customers are permitted a full three years to pay back their loan.
Are you hesitant to propose to your sweetheart with a used ring? Remember, you can always get a great deal on the ring from us and then have the diamond placed into a new setting.
Are electrical appliances and gadgets taking up some much needed space in your home? Why not downsize and make some money at the same time? Bringing your items to the pawn shop will not only provide quick cash – but the process is quick and easy too.
Throughout history, Kings and Queens have actually used pawnbrokers just as freely as everyone else, simply because the shops which display the famous signs are very dependable. Since the 1980’s, pawnbrokers in America have increased in numbers, today being an accepted extension of the clearing bank system for customers requiring short-term loans.
Who is the average customer for a pawn shop? According to a 2010 survey by the National Pawnbrokers Associations, the average customer that year was 36 years old with an income of approximately $29,000.
In the US, 14k gold is the most widely used gold for jewelry and watches. The metal is 58% pure gold that has been mixed with other metals for added strength and durability.
We live in an age when electronics are hugely popular, but the marketplace changes quickly. Some pawn shops sell electronics, most only deal in the latest -- or at most last generation -- technology. Want a home for your outdated electronics? Try donating items to a local charity and taking the tax write off.
Did you know that the total number of pawnshops in America is estimated to be nearly 14,000? This means that there are more pawn shops financially helping people across the US than there are McDonalds restaurants.
During the Great Depression, pawn shops experienced a resurgence in America. This was due to the fact that they were one of the few institutions willing to hand out cash loans.
Did you know that, when you pawn one of your valuable items, you do not immediately lose ownership? You are able to redeem your item when you have repaid your loan and interest. You are also able to extend the repayment period on the borrowed amount if you are unable to pay your loan within the original time frame. This option is unique to the pawn business.