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A Pawnshop is a financial institution that offers money in exchange for a variety of different items of value, usually at a fraction of the retail value. The pawnbroker holds the items for a given amount of time, at which point the customer can return to pickup his / her merchandise.
The pawnbroker (company lending money) examines an item of value from a customer and both the customer and pawnbroker agree on an amount to lend the customer (pledgor). Each State determines the amount of time the pawned goods are to be held by the pawnbroker. On or before the due date of the loan, the pledgor may return to pick up his / her merchandise. The pledgor must repay the loan amount in full plus interest (interest amounts are determined by the state).
At the due date of the loan, if you cannot repay the loan in full, you may pay to the pawnbroker the interest amount due without paying the full amount. This will extend your loan an additional time unit (as determined by the state). If you cannot make any payments on your loan, the pawnbroker has legal rights to forclose on the merchandise and sell it as his / her own.
Pawnshops can offer huge discounts on all items sold. Each pawnbroker may offer different discounts, so shopping around at different pawnshops is common for many people. In every pawnshop you will find neat and interesting items that you would seldom see at any other retail store.
Factually speaking, less than half of one percent of items that come into the pawnshop are stolen. Most of these items are infact returned to their original owner thanks to the work of the Local Police Departments. Pawnshops work closley with local Police to ensure stolen property is found. By the time an item goes out for sale, police have checked over our records, and all items are good for re-sale.