Never been to a pawnshop? Thinking about making your first visit? You’re not alone. The poor economy has many people considering pawning items to provide short-term solutions. “We’re seeing more and more people who’ve never seen the inside of a pawn shop walk through our door,” says Diane Taylor, owner of Traders Loan and Jewelry in Reseda, CA. “They’re looking for short-term solutions without having the sell everything they own,” Taylor
Since the financial crisis, it’s still difficult to get a small business loan from a bank. This, in part, prevents the economy from growing and keeps us in a slow recovery. Many small business owners rely on credit cards to finance their business, which is an unsafe strategy. More and more small businesses are looking to pawn shops as a way to bridge an immediate cash shortage because it’s fast,
There is more than one legend of how pawnshops’ trademark symbol of the three balls came about. The first is probably the most popular. The trademark symbol of pawnshops’ three balls was established in the second decade of the 19th century by the Medici families in Italy and the Lombards in England. Both of these families were moneylenders in Europe. According to legend; one of the Medicis, who was employed
Did you know that about 30% (source: NPA) of households in the United States [or millions of households] don’t have a bank account? That number is on the rise as more people look for alternative ways to get cash. A couple of reasons people don’t have bank accounts are: They don’t have enough money to open and fund one. Free checking is unavailable. Fees, like overdraft, are too high. Bad or
Ask many different people about the origination of pawning and you’ll probably get many different answers; each with a variation of truth. Most will agree that they really don’t know for sure how pawn shops got started but the act of lending money by collateralizing personal possessions can be traced back to ancient China over 3,000 years ago. It is also known to have existed during early ancient Roman and
In the United States, the number of pawn shops grew exponentially because of the vast growth of the domestic manufacturing sector, which mostly paid their workforce low wages. Pawn shops because essential for those workers because they helped form a crucial bridge between paydays and loaning cash for basic necessities like food and shelter on the security of their personal possessions. Loans like this also assisted business owners to meet
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