2007-12-06 14:06:22 · 4 answers · asked by Dana, Jaquila B 1 in Politics & Government ➔ Civic Participation
Someone who swaps & sells (mostly) used items & loans money...
They sometimes are known for buying stolen goods...
Drug Addicts & people who need cash quickly tend to use these services...
2007-12-06 14:12:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The poor mans banker. He lends money to people who give him an item as security for the loan for which he charges a high rate of interest (the loans are high risk) If the pledged item is not redeemed by repayment of all charges the item may be sold to recover the loss. This is open to abuse and so the system is quite highly regulated in UK. It is said that only the poor and desperate can afford to use this system
2007-12-06 21:33:49 · answer #2 · answered by Scouse 7 · 0⤊ 0⤋
It is a person or shop you go to when you are broke, they take your stuff, appraise it and give you a certain amount of money. You then have a certain amount of time to go and bail it out. the bail out cost is more than the money they gave you, that is the other way they make money. If you don't bail your stuff out by the agreed on time, they can sell it for whatever they can get it for it.
2007-12-07 03:05:58 · answer #3 · answered by Robert D 4 · 0⤊ 0⤋
you give him something to hold for a cash advance...usually its for 10% of the value of the items and you give him back 20% or 100% interest per month...say a gun is worth 150 $ he will give you 15-20 for it and it will cost you 30-40 to get it back...
2007-12-06 15:25:29 · answer #4 · answered by Accutek & Co 5 · 0⤊ 0⤋