You’ve seen them on shows like Pawn Stars and Hardcore Pawn, but how much do you really know about pawnbrokers and their businesses? Here are five things that you may not know about pawnshops and the people who work there:
- Pawnbroking is one of the world’s oldest businesses. Lending money on collateral began in ancient history and was widespread in many parts of the world, from ancient Greece to medieval China and medieval Europe.
- Most of today’s pawnshops are privately owned small businesses. Most pawnbrokers are men and women who live and work in communities just like yours.
- Collateral loans acquired at pawn shops do not require a credit check. They are non-recourse, meaning that there’s no impact on your credit if you fail to repay the loan.
- Pawn customers come from all walks of life. Many pawn customers are unbanked or underbanked, meaning that they aren’t served by a bank or similar financial institution. For them, pawn loans serve as a safety net in the case of an unexpected financial need.
- Pawnshops are an excellent resource for carbon-conscious consumers! Pawn shops sell quality items at deep discounts. There’s no better place for sustainable shopping than your local pawnshop!