History of Pawn Shop

HISTORY OF PAWN SHOPS

People have been utilizing pawn shops for over 3500 years for getting rid of old belongings or for obtaining personal loans (known as pawn shop loans) in exchange for leaving their items at the store.

It may be hard to believe that pawn shops are older than Christianity...but its true. When the Roman Empire was a mere glimmer in the times of history, pawn shops had already been a flourishing business for a very long time.

The pawn shop business began in ancient China. In fact, a pawn shop museum that chronicles the entire business from top to bottom is located in Macau.

In America, pawn shops were doing significant business in the major cities up until era of the Great Depression. During the the dreadful time of the Depression and for years after, the pawn shop industry declined. There was just no money to lend. Even money launderers and loan sharks were non-existent up until the conclusion of the second World War.

The pawn shop industry re-established itself in the United States during the '70s. During these times, the country was going through a recession and as a result, people were attempting to find alternate means for obtaining money to pay for life's necessities.

Nowadays, there are over 13,000 pawn shops in the United States. There are several pawn brokers that have shops in almost every state. Two of the more popular pawn brokers are Cash America and EZ Pawn.

These days, many pawn shops have eliminated the practice of providing personal loans in exchange for collateral. Instead, they are working directly with payday loan lenders. Payday loans are designed to help satisfy short-term emergencies. Borrowers can apply for up to $1,500. Interest rates are typically very high for these types of loans. However, no credit check is performed, so even those with horrible credit can achieve approval. We offer payday loans that will allow you to get the cash you need via an online application, without ever leaving the comfort of your home.

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