Pawn


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Related to Pawn: Pawn shop

Pawn

1. To give at item to a pawnbroker in exchange for a loan. When one pawns an item, one receives the loan and gives the pawnbroker possession of the item. One may receive the item back within a certain period of time if one repays the loan with interest. If the loan is not repaid, the pawnbroker may sell the item in his/her shop. Because the pawnbroker already has possession of the item, he/she does not report non-payment of a loan and it does not affect the borrower's creditworthiness.

2. A fairly uncommon term for collateral.
References in periodicals archive ?
DGSE's growing consumer loan activities are represented by Pawn Shop activities under the name National Pawn and Pay Day loan activities under the name American Pay Day Centers.
SuperPawn is the largest privately-owned pawn operation in the United States with pawn lending locations in Nevada, Arizona, Washington and California.
In addition, Cash America, which owns and operates 469 pawn stores in the United States, the United Kingdom and Sweden, has converted all of its domestic stores onto the l.