What are pawn shops?
Pawn shops have been around for years. It can be traced in China 300 years back. It is the fastest way to get a quick loan. You bring in collateral and we estimate how much we can lend you. Once you agree to the loan, you go into a contract that explains that you a loan for 30 days with a 30 day grace period. You are to pay back the loan in the 30 days with interest (depends on the loan amount). Once that is paid we give you your collateral and the contract ends. If you do not have the total amount, there is an option of paying just the interest in which case a new contract is form with the same rules applied. If you decide that you do not want the items, at the end of the grace period the items become property of the pawn shop. The pawn shop then have the right to sell the items.