pawnbroker(redirected from pawnbroking)
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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
pawnbrokera 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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005