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founder:
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FOP_Cacher
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date created:
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07/10/2020
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no. of members:
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11
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description/mission statement:
The universal symbol for pawn shops is three balls suspended from a curved bar. The "three balls" were originally part of the coat of arms of the Medici family, who established the Medici trading and banking empire in Florence, Italy.***********************
This group has been formed to categorize and Waymark brick and mortar pawnbrokers and pawn shop business locations around the globe.
A pawnbroker is an individual or business (pawnshop or pawn shop) that offers secured loans to people, with items of personal property used as collateral. The items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral. While many items can be pawned, pawnshops typically accept jewelry, musical instruments, home audio equipment, computers, video game systems, coins, gold, silver, televisions, cameras, power tools, firearms, and other relatively valuable items as collateral.
A London shop displays the traditional pawnbroker's sign.
If an item is pawned for a loan (colloquially "hocked" or "popped", within a certain contractual period of time the pawner may redeem it for the amount of the loan plus some agreed-upon amount for interest. The amount of time, and rate of interest, is governed by law and by the pawnbroker's policies. If the loan is not paid (or extended, if applicable) within the time period, the pawned item will be offered for sale to other customers by the pawnbroker. Unlike other lenders, the pawnbroker does not report the defaulted loan on the customer's credit report, since the pawnbroker has physical possession of the item and may recoup the loan value through outright sale of the item. The pawnbroker also sells items that have been sold outright to them by customers. Some pawnshops are willing to trade items in their shop for items brought to them by customers.
https://en.wikipedia.org/wiki/Pawnbroker
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open enrollment: ON
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Category Status: The Pawn Shops and Pawnbrokers category has been created (with variables).
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