Throughout history people have found themselves in a position where they have needed some cash money. They have been moneylenders and others who have been willing to provide this service as long as there was some collateral. This evolved into the Pawnbroker business we are familiar with today. Pawnshop loans were so essential to so many that there was one item in pawn for every man, woman and child living in New York City in the year 1828 alone.
The beginnings of Pawn Shops goes back over 3,000 years, to China where individuals and shops made short term loans to the local peasants. Rome and Greece both were popular places for Pawn Shops in the days of old. In the west, pawn broking existed in the ancient Greek and Roman Empires. Most contemporary Western law on the subject is derived from the Roman jurisprudence. As the empire spread its culture, pawn broking went with it. Likewise, in the East, the business model existed in China 3000 years ago no different than today, through the ages strictly regulated by Imperial or other authorities.
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 origin of the word Pawn is from the Latin word Pignus, which means Pledge. The items offered as collateral are called Pledges or Pawns. During the Middle Ages, certain usury laws imposed by the Church prohibited the charging of interest on loans, thus limiting pawnbroking to people who had religious beliefs outside of the Church. Out of economic necessity, and because of problems in the banking system, pawnshops made a resurgence in later years.
Items put up for pawn are held for an agreed period of time, during which the pawner may redeem the item after paying the agreed amount of interest. If not collected in the agreed upon time frame the Pawnbroker will then offer the item for sale. An experienced Pawn Broker will take into account how long an item will take to sell when deciding on the amount of money he will allow for collateral loan. Every state or province has different laws. The time period for the loan varies depending on state law. In some states, you also have the option to extend the loan or renew it.
Throughout history, pawnbrokers have been helping people. The Bible offers references to pawnbroking, and in Deuteronomy 24:6-13 it states: "No man shall take the nether or the upper millstone to pledge, for he taketh a man's life to pledge". What this means is: you should not take as a pledge anything a man needs to make a living. The same chapter also says: "Thou shalt not go into his house to fetch the pledge. Thou shalt stand abroad and the man to whom thou dost lend shall bring the pledge...unto thee." Interestingly, often the debtor's children could be used as a pledge (2 Kings,4:1-7). Also in Deuteronomy 23:21 the people were told not to take interest from their own countrymen - only from foreigners.
No credit check is required when pawning items for money. This is considered a short term loan which is secured by item pawned, thereby not requiring any past credit history, good or bad. It is a misconception that only poor people use pawn shops. Queen Isabella of Spain pawned some crown jewels to pay for Columbus's voyages. The word pawn comes from Latin - "patinum" meaning cloth or clothing - and French. In early centuries, all people had were the clothes they wore, and they borrowed money against them.
The beginnings of Pawn Shops goes back over 3,000 years, to China where individuals and shops made short term loans to the local peasants. Rome and Greece both were popular places for Pawn Shops in the days of old. In the west, pawn broking existed in the ancient Greek and Roman Empires. Most contemporary Western law on the subject is derived from the Roman jurisprudence. As the empire spread its culture, pawn broking went with it. Likewise, in the East, the business model existed in China 3000 years ago no different than today, through the ages strictly regulated by Imperial or other authorities.
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 origin of the word Pawn is from the Latin word Pignus, which means Pledge. The items offered as collateral are called Pledges or Pawns. During the Middle Ages, certain usury laws imposed by the Church prohibited the charging of interest on loans, thus limiting pawnbroking to people who had religious beliefs outside of the Church. Out of economic necessity, and because of problems in the banking system, pawnshops made a resurgence in later years.
Items put up for pawn are held for an agreed period of time, during which the pawner may redeem the item after paying the agreed amount of interest. If not collected in the agreed upon time frame the Pawnbroker will then offer the item for sale. An experienced Pawn Broker will take into account how long an item will take to sell when deciding on the amount of money he will allow for collateral loan. Every state or province has different laws. The time period for the loan varies depending on state law. In some states, you also have the option to extend the loan or renew it.
Throughout history, pawnbrokers have been helping people. The Bible offers references to pawnbroking, and in Deuteronomy 24:6-13 it states: "No man shall take the nether or the upper millstone to pledge, for he taketh a man's life to pledge". What this means is: you should not take as a pledge anything a man needs to make a living. The same chapter also says: "Thou shalt not go into his house to fetch the pledge. Thou shalt stand abroad and the man to whom thou dost lend shall bring the pledge...unto thee." Interestingly, often the debtor's children could be used as a pledge (2 Kings,4:1-7). Also in Deuteronomy 23:21 the people were told not to take interest from their own countrymen - only from foreigners.
No credit check is required when pawning items for money. This is considered a short term loan which is secured by item pawned, thereby not requiring any past credit history, good or bad. It is a misconception that only poor people use pawn shops. Queen Isabella of Spain pawned some crown jewels to pay for Columbus's voyages. The word pawn comes from Latin - "patinum" meaning cloth or clothing - and French. In early centuries, all people had were the clothes they wore, and they borrowed money against them.
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