If you don't, they sell the item to get their money back. You then have a specified amount of time to come back with the money plus interest and recover your item. So you bring them your old guitar or camera or jewelry or whatever and they give you cash. When enough people who want one service would also want another, and it is convenient to provide it, businesses adapt.īasically ditto MrTheWalrus, but let me say it in a different way that might be more clear.Īs MrTheWalrus said, a pawn shop is a business that, in principle, loans money in exchange for some tangible item offered as security for the loan. Most pharmacies sell a variety of general household goods in addition to filling medical prescriptions. For instance, gas stations almost always have a machine for re-inflating tires. Many businesses are generally understood to offer services that are not, strictly speaking, part of their formal definition. Some of those items are more valuable than their owners (or even the pawnbroker) will realize, and so antiques dealers and other experts in obscure goods visit them, hoping to spot a valuable item available for cheap.Īs a result of this, the pawnbroker will often be willing to straight-up purchase items, in hopes of making a profit selling them to those traveling dealers, and so people will come to them not only when they need a loan, but when they just want to sell something. Pawn shops, as a result, become a place where a wide variety of items are available for purchase. However, frequently, people who pawn items are unable to come up with the money during that time, at which point the pawnbroker will offer the item for sale to recover the lent funds. For a specified span of time, they can bring back the money (plus interest) and get the item back. When someone pawns an item, they are borrowing money using the item as security (exactly as the definition says). To understand how this situation would arise, think about how pawnshops work: This doesn't mean that the definition of 'pawn' is incomplete, though. The short version is yes, people often go to a pawnshop intending to sell, rather than pawn, an item.
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