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 addition to pawnbroking and gold buying, the company sells high-quality new and pre-owned gold and silver jewellery in its stores, as well as offering a range of other financial services including pay day advances and Speedloans.
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.
Five years later it acquired the Ramsdens business from its franchisor, quickly beginning a rapid expansion into the pawnbroking industry across Teesside.
H&T said profits for 2010 should exceed the upper end of market expectations of pounds 26m after consumers increasingly turned to its pawnbroking and Gold Bar jewellery buying outlets.
'Pawnbroking suffers from an old image,' said John Nichols, managing director of Harvey and Thompson, a national chain with branches in Birmingham, Walsall, Dudley and Coventry.
The other 11 continue to operate in areas such as pawnbroking or debt collection.
PAWNBROKING businesses have expanded in the wake of bank branch closures across Yorkshire, according to a report.
Gold prices have surged above pounds 600 an ounce this year, boosting scrap prices and leading to a 30 per cent jump in revenues from the main pawnbroking business.
"I think, by and large, the stigma has disappeared," says Celia Flavell, manager of the Northfield branch of Albemarle & Bond, a national pawnbroking chain.
MIDDLESBROUGH pawnbroking firm Ramsdens has has become the first tenant of a new office redevelopment in central Middlesbrough.
The business has grown from a modest cheque-cashing business in 1950 into the UK's biggest independent pawnbroking firm.
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.