Pawn broking is the oldest method of lending money; it dates back to early China 3,000 years ago. Pawn shops served as primary lenders to their communities and provided financial bases for some of the more important historical events of their times. According to the National Pawnbrokers Association, even Queen Isabella of Spain pawned her royal jewels to finance Christopher Columbus’ expedition to the New World.
The pawn industry came to America with the first settlers in the early parts of the 18th century. Pawn broking was regarded as the main source of consumer credit. With the rise of large consumer credit institutions, such as finance corporations, savings and loan associations, and credit unions, the pawn shop is no longer the main source of consumer credit but it plays a vital role in it.
Pawnbrokers loan money to people based on the value of the items they pledge as collateral. In recent years, many pawn shops became an easy way to get rid of unwanted goods. Pawn Smart is a pawn store that provides many services previously not offered by the industry. Pawn loans, auto loans, money orders, western union, purchases of unneeded items, and ability to pay out the most cash for gold due to our in house refining process.
The general public needs to borrow small sums of money that other financial sources are not willing to provide. What chance do you think you would have in securing a $300.00 or smaller loan from a financial institution for a 30 to 90 day period? The cost of the paper work alone prohibits them from making such loans on a regular basis. Pawn stores offer short term collateral loans ranging from ten to thousands of dollars.