pawnbroker

(redirected from Pawn Brokers)
Also found in: Dictionary, Thesaurus, Legal, Financial.

pawnbroker,

one who makes loans on personal effects that are left as security. The practice of pawnbroking is ancient, as is recognition of the danger it involves of oppressing the poor. In fact, the Bible provides the poor with a number of safeguards against oppression from their creditors. According to Ex. 22.25–27 and Deut. 24, 6, 12, 13, 17, pawnbrokers may not practice usury, may not take necessities of life as security, and in general must not take as a pledge any article whose loss would severely injure the borrower. In the Middle Ages, Christians generally were forbidden by the church to lend money at interestinterest,
charge for the use of credit or money, usually figured as a percentage of the principal and computed annually. Simple interest is computed annually on the principal.
..... Click the link for more information.
, and pawnbroking was left largely to the Jews as one of the few means of a livelihood open to them. Lombards also engaged extensively in moneylending, however, and in London, the financial center is still called Lombard St. In some Latin American and European nations pawnshops are operated under religious, charitable, or municipal auspices. The most famous such pawnshop is Vienna's Dorotheum, founded (1707) by Emperor Joseph I and still run by the state to provide the poor with easy credit at low rates of interest. In Great Britain and in American states, pawnbroking is regulated by usury laws. Pawnshops are predominantly found in low-income areas, where residents are often unable to establish other types of credit.

pawnbroker

a dealer licensed to lend money at a specified rate of interest on the security of movable personal property, which can be sold if the loan is not repaid within a specified period
References in periodicals archive ?
Bridget POSH PAWN, C4, 9pm IN RECENT years, an increasing number of people are turning to pawn brokers to get instant credit.
Down the road was Greenwoods the pawn brokers and across the street was Reeds clothes shop and the Zetland Club.
The response from the community was positive and officers also visited pawn brokers to liaise with them about stolen property.
Coventry Crown Court heard that in one case the 28-year-old went to a pawn brokers in the city centre with items which had been taken from a home less than an hour earlier.
To get into the rummage sale at Fairfield Church Hall,L7, cost 2pand a diamond eternity ring from Miltons pawn brokers cost around pounds 20.
SuperPawn has always tried to raise the bar of expectations for pawn brokers.