2006-09-05 04:53:41 · 7 answers · asked by ryan 2 in Business & Finance ➔ Corporations
Here in Texas, a pawn shop is a place where people either take things in to sell them (usually for a lot less than they'd get elsewhere), OR they have the option of getting their possessions back by taking out a loan on them instead...
The amount of interest (your cost for the loan) decreases the more money you both agree upon to be loaned... They expect you to ask too much and they need to make a profit to stay in business, so discussing back and forth on the loan amount is OK... The length of time you can leave the stuff in varies from shop to shop... Most are 2 or 3 months... They explain to you your loan after it gets printed up... You get your money and go on your way... After the 1st month's expired, you'll be charged a fraction of the monthly interest daily...
When you're ready to redeem your stuff (pay off the loan and interest), call in to get the amount currently owed... If you have any problems, call and they'll explain it to you... This will eliminate any confusion... After all, they want more of your business...
2006-09-05 05:15:58 · answer #1 · answered by KnowhereMan 6 · 0⤊ 0⤋
A pawn shop is a place where you can borrow money by leaving something of value as security. Typically, a pawn shop will loan you somewhere between 5% and 10% of the retail value of whatever you leave them. More for some things, less for others. When you leave your item with them, they give you the money and a pawn ticket, and they hold your item for 30 days. If you come back within 30 days. Maybe more or less in some places. After that time, you can redeem your item (get it back) if you pay them back the amount that they loaned you, plus a fee to give them a good profit. If you don't redeem your item, then after the 30 days (or whatever time), they put it up for sale, and anybody can buy it. Typically they will sell it for about half if its retail value.
2006-09-05 12:03:08 · answer #2 · answered by yahoohoo 6 · 0⤊ 0⤋
A Pawn shop is a shop that will let you borrow money on an item, for 10 days, and then you will have to pay interest.
example: your watch is worth 1000.00 they will probably lend you 300.00 you give your watch as security. Then when you can get your watch back but it will probably cost you 350.00. If you don't pay with in 30 days then they legally have the right to keep the watch.
2006-09-05 11:58:37 · answer #3 · answered by twentyeight7 6 · 1⤊ 0⤋
muddin205 had it almost correct but, you can also borrow money against personal items such as personal computers, gold, diamonds, stereo systems, and guns. You are usually charged $1 for every $5 of the loan amount to redeem your pawn ticket for the items return.
2006-09-05 12:00:34 · answer #4 · answered by Diana C 4 · 0⤊ 0⤋
a pawn shop is a place were you can buy sell or trade or where you can get money from some thing like an old guitar
2006-09-05 11:55:51 · answer #5 · answered by Anonymous · 1⤊ 0⤋
a PAWN shop is a shop to sell stuff for low prices. You don't make much money.
2006-09-05 11:58:27 · answer #6 · answered by horselover 2 · 0⤊ 0⤋
Its where you get pwned n00b!
/is teh 1337
2006-09-05 11:58:57 · answer #7 · answered by haha 4 · 0⤊ 1⤋