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 ?
For more information about their luxury pawn shop and the gift assets they buy, visit them online at SanDiegoJewelryBuyers.
Pawn shops loan money by taking items as collateral and charging an interest rate regulated by the state.
Pawn shops lend money by taking items as collateral and charging an interest rate regulated by the state.