As mankind’s oldest financial institution, pawn brokering carries on a tradition with a rich history. Pawn broking can be traced back at least 3,000 years to ancient China, and has been found in the earliest written histories of Greek and Roman civilizations. Queen Isabella of Spain pawned the crown jewels to finance Columbus’ voyage to America.
The pawn customer borrows money for a short term to meet their daily financial needs. The average loan is usually $50.00 to $80.00. They are generally working people that have an emergency come up, and are not able to solve their need for temporary cash with credit cards, their bank, credit union or friends and relatives. They are almost equally working men and women between the ages of 18 to 50 and many have small children.
MOST OF THE REASONS FOR SHORT TERM CASH NEEDS RANGE FROM, BUT ARE NOT LIMITED TO:
- Auto Repairs
- Household Expenses
- School Expenses
- Childcare Expenses
- Medical Expenses
- Gas Prices
- Payroll Delays
- Temporary Unemployment
- Holiday Expenses
- Unexpected Expenses
In today’s society pawn shops are one of the most regulated businesses. Every item that comes in to a pawn shop is checked by the police department. The pawn customer has to be over 18 years old, and have a valid, state issued picture ID. The national average of stolen items taken in by pawnshops is less than two-tenths of one percent. Today, most pawn shops are out to change the public perception of pawn shops, so in most cases you will find a bright, clean and well merchandised store that is similar to other major retail stores.