You may have seen pawnshops on reality shows, but 90% of consumers have never done business in one. Here are five things that you may not know about pawnshops:
1-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.
2-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.
3-Unlike bank loans and most other forms of credit, pawns are non-recourse, meaning the consumer is under no obligation to repay and there is no impact on their credit if they fail to repay the loan.
4-Pawn loans serve customers from all walks of life. Many have no access or limited access to a bank. Others have exhausted their regular credit facilities. Some have an immediate need and don’t have time to deal with lengthy application processes.
5-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 Dynasty Jewelry and Loan!