pawnbroker

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Pawnbroker

The owner of a pawn shop, which is a place 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.

pawnbroker

a person or firm that makes LOANS, taking temporary possession of borrowers’ personal ASSETS as security for the loan. Borrowers can reclaim their assets by repaying the loan and interest charges in full, although if they default the pawnbroker is entitled to sell their assets.
References in periodicals archive ?
In the event that the customer fails to fulfill his financial obligation after the maturity date, the Islamic pawnbroking institution may auction off the gold.
Despite the difficulties faced by the North-east firm, directors said it was well placed to capitalise on opportunities arising from the rationalisation of the pawnbroking market.
But H&T faces competition from other potential bidders, including Albemarle's biggest shareholder EZ Corp, the US pawnbroking giant, as well as New York vulture fund Apollo Global Management, according to The Sunday Times.
The family-owned pawnbroking business will use a "substantial multi-million pound" funding facility secured from HSBC Corporate Banking to support its growth.
They have 111 core pawnbroking branches in the UK in addition to the "gold bars".
The company, which offers payday loans and gold-buying as well as traditional pawnbroking, said that it expected its profits for this year to be "above the top end of current market expectations" of around pounds 20million.
Profits for 2010 should exceed the upper end of market expectations of pounds 26m after consumers increasingly turned to its H&T pawnbroking and Gold Bar jewellery-buying outlets.
It also offers a range of financial services, including pawnbroking and cheque cashing.
The interest I had in pawnbroking actually came in 1991, when I read a story in the Evening Gazette.
Chairman Charles Nicolson said: "We have seen an increase in the number of customers across our core pawnbroking business, driven in part by the tighter lending criteria required by mainstream lenders.
PAWNBROKING firm Ramsdens Financial says it has secured a substantial multimillion-pound funding facility from HSBC Corporate Banking which will enable it to grow turnover to pounds 50m, create 130 jobs and open its 100th store by the end of 2012.