A business that lends money with interest rate in exchange for collateral such as Jewelry or anything else that is judged to have a resale value. Pawnshops play an important role in many communities by providing people with an easy, fast way to borrow small amounts of money.
Pawnbroker is an individual or business (Pawnshop) that offers secured loans to people, with items of personal property used as collateral. The word pawn is derived from the Latin pignus, for pledge, and the items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral.
If an item is pawned for a loan, within a certain period of time the pawner may purchase it back for the amount of the loan plus some agreed amount for interest. The amount of time, and rate of interest, is governed by law or by the pawnbroker's policies. If the loan is not paid within the time period, the pawned item will be offered for sale by the pawnbroker/secondhand dealer. The pawnbroker/secondhand dealer also sells items that have been sold outright by customers to the pawnbroker or secondhand dealer.
Pawnbroker - Any person engaged in the business of lending money on the security of pledged goods and who may also purchase for resale from dealers.
Pawnshop - The location at which, or premises in which, a pawnbroker regularly conducts business
Pawnshop - The location at which, or premises in which, a pawnbroker regularly conducts business
Pawn or Pawn transaction - A written contract/receipt of personal property as security for a loan or security of payment for the money borrowed
No comments:
Post a Comment