The idea behind pawn has always been raising money for short term needs, without having to sell items that are important to the client. Pawnbrokers are collateral loan brokers. The amount loaned is based on the actual resale value of the items, should the pawnbroker come to own them. People have been using pawnbrokers as a source of finance for hundreds, if not thousands of years.
Evidence of pawn broking has been found in the histories of ancient China, Greece, and Rome. It was not uncommon during the middle age for European royalty to finance the operation of their kingdoms by using a pawnbroker. It is famously rumored that Queen Isabella of Spain, either did, or was ready to, pawn the crown jewels in order to finance the voyages of Columbus. So if you ever decide to pawn your valuables, you will be in good company.
The process couldn’t be simpler: Visit Manchester Pawn, together we will establish a fair value for the items you wish to pledge as collateral. Minutes later you’re out the door cash in hand. No credit checks, no hassles.
- Industry wide nearly 90% of loans are redeemed .
- There are nearly 7000 pawn shops in operation.
- Pawn shops are highly regulated by state and local authorities. Each transaction must be recorded, complete with detailed descriptions of items sold or offered in pawn. Clients are required to provide a valid photo I.D. Customers must meet age requirements. In some areas pictures of the customer and/or their merchandise also must be obtained. All of this information is forwarded to local law enforcement usually within twenty four hours.