Pawn Shops have been in existence since the time of the ancient Greeks, making loans on tangible goods. Almost since time immemorial these businesses have been working in there trade. Now what may sound surprising to you is that the 3 ball symbol for a Pawn Shop came from the Medici family of Italy. What they would use is a sign with 3 Gold coins hanging from it to advertise the business. In fact when Columbus went looking for the money for his ships it was Queen Isabella of Portugal who pawned her crown jewels to finance his journey to the New World.
The main objective of a Pawn Shop is to provide a service to the community in the form of granting loans on tangible goods for a short period of time or even making an outright purchase. When a loan is made it is to help the client usually make ends meet at that point. These are loans that are not available from other lending intuitions or loan companies, and they are made on the spot and in cash. That way the client can pay a bill or take care of something else that is pressing at that moment. The loans do come at a cost in the form of interest that must be paid in full along with the principle before the items can be retrieved. The loans can be extended by making interest payments. These loans are granted for a prescribed period as set by the local laws.
If the interest payments are not made and the items are not picked up by the end of the time period then ownership reverts to the Pawn Shop. I know that most folks think that Pawn Shops only deal with the lower rungs of society, but I am here to tell you we deal with folks from all walks of life, and there are those of us who take pride in our business and keep nice clean welcoming shops that no one would fell funny walking into. Our job is to welcome customers & be of service. We do not as some folks think prey upon anyone.
If we do our jobs correctly then we are able to satisfy our client’s needs and have them speak highly of us, and in return send new clients our way. We are businesses that depend on folks visiting us and taking advantage of our services and hopefully have a pleasant experience at the same time. We use our knowledge and today the internet to ascertain the value of goods to help us make a fair offer for what is presented to us. In this way we gain and in most cases keep clients returning.