Pawn Shop


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Pawn Shop

A shop where one may pawn an item or buy items other persons have pawned. When one pawns an item, one receives a loan and gives the pawnbroker (the pawn shop's owner) possession of the item. One may retrieve the item 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 the loan and it does not affect the borrower's creditworthiness.
References in periodicals archive ?
In the past, owners of highly precious jewelry would have thought in unthinkable to sell jewelry valued up to 6 figures to a pawn shop.
Thus, pawn shops are overflowing with used tools, guitars, stereos, watches, jewelry and electronics.
Theodore DeVries of Abe's Newhall Pawn Shop and Diamond Exchange is seeing the same thing.
Pawn shops lend money by taking items as collateral and charging an interest rate regulated by the state.
Irvine estimates that 80 percent of pawn shop customers are Las Vegas residents or transients, and that tourists ``who need to unload their watch to get back home'' after a disaster at the gaming tables account for only about 20 percent of the loan business.