Meaning For Pawn Shop

Meaning for pawn shop

Meaning for pawn shop. If the loan is repaid in the contractually agreed time frame the collateral may be repurchased at its initial price plus interest. Meaning pronunciation translations and examples. A shop where a pawnbroker operates their business 2. A pawnbroker is an individual or business pawnshop or pawn shop that offers secured loans to people with items of personal property used as collateral the items having been pawned to the broker are themselves called pledges or pawns or simply the collateral while many items can be pawned pawnshops typically accept jewelry musical instruments home audio equipment computers video game.

A store of various sizes sort of an every day garage sale that people goto in search of a small loan in place of an item as collateral. If the loan cannot be repaid on time the collateral may be liquidated by the pawn shop through a pawnbroker or. A store which offers loans in exchange for personal property as equivalent collateral. Most some places will hold the item for up to 90 days before putting it out on the shelves if in the matter that the loaner does not come to get it and whilst doing the pawn broker submits the information to the police as required by law so that.