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It is the oldest profession in the world. Well, maybe not the oldest, but pawn shops are surely right up there. For some people, pawn shops are those shops that they drive by and think they would never be caught dead in. For other people, pawn shops can be their life blood for getting the bills paid until the next paycheck, but how do they work?
For someone who has never pawned an item, a pawnshop can seem like an awesome yard sell. Pawnshops can be filled with a veritable smorgasbord of goodies hidden away looking for just the right person to find them. Pawnshops can be a great place to find affordable electronics, tools, jewelry, and other items. For the person who pawns an item, a pawnshop can be a necessary way to get money for something they intend to return and get back, or, perhaps a way to sell something outright in order to add to their own bank account.
Pawnshops are not a way for a person to receive a large loan. Although every pawnshop is different, generally, they will not loan more than 20% of what they believe the item will bring them if they have to resale it. A pawnshop doesn't care if a person spent $1000 on that awesome guitar. If they think they can sell it for $500, then they will pawn it for about $100. In most cases the person who pawned an item will have 30 days to return and pay back the $100 plus an interest rate of say 2% for the month, plus a handling fee which could be $20. If they pay that, they can take their item home. Or the person could come back and pay the interest and leave it in pawn. Or the person could keep the $100 and the pawnshop can sell the guitar.
Every state has their own rules for pawnshops, including the amount of interest that can be charged, and some guidelines for the other charges in pawnshops. One thing that is pretty consistent, some good and affordable finds can be located in a pawnshop, and as long as the economy struggles, pawnshops will be popular places for people to receive loans.
http://money.howstuffworks.com/pawnshop7.htm
What else can I help you with?
Are there any pawnshops that pay at least 5 dollars for ps2 games?
No but there are pawnshops that sell many of the different titles for $5
Will pawnshops buy 14kgp?
Yes
Are pawnshops profitable?
There have been pawnshops for hundreds of years, so some of them must have made a go of it. Some that didn't may have gone out of business.
Where can you find SvR 2010?
walmart,pawnshops
When were pawnshops invented?
Pawnshops have a long history, with evidence of their existence dating back to ancient civilizations. The earliest recorded pawnshops are believed to have emerged in China around 3000 BC, while similar practices were also noted in ancient Greece and Rome. In medieval Europe, the establishment of formal pawnshops became more common, particularly in Italy during the 14th century. These establishments provided individuals with access to credit by allowing them to secure loans against personal items.
Is there pawnshops open 24 hours a day in Detroit MI?
Yes
Do pawnshops offer loans to people who are starting businesses?
they only offer loans for things that you bring in. no loans for businesses unless you bring in hard goods as equity. if you are looking for loans from pawnshops as a last resort, don't start your business.
What stores carry long boards?
surfshops and also pawnshops if u live by the ocean
What are the examples of non banking institutions in the Philippines?
Pawnshops, Investment house, Financing companies etc.
What makes KKK popular?
The KKK is not popular.
What are pawnshops?
A business in which a person is licensed to lend money in exchange for goods, which may be redeemed if the loan is repaid
Do they still sell DBZ Budokai 2 not Tenkaichi and 4 gamecube?
Yes they do just check pawnshops :)
