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.