How a pawn shop works4/7/2024 ![]() The pledgor must have his or her identification to pawn an item and to redeem a loan. The pledgor (owner) must produce a state issued picture identification. If an offer of a loan is made, and accepted by the owner of the property, a loan contract is then drafted. They can bring it to a pawnbroker, who will evaluate the item, and then decide if they can offer a loan on it. A person in need of money, who owns an item of value, can use that item to garner a temporary loan without having to sell their valuable. In the state of Ohio, pawnshops offer loans on gold jewelry, diamonds, firearms, watches, coins, electronics, computers, musical instruments, cameras and a whole host of other valuable items. While pawnbrokers sometimes make outright purchases of goods, “pawning” is actually borrowing and being able to get an item back. Many people have the misconception that “pawning” is selling an item. A pawnshop operates as a collateral lender on personal property.
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