pawnbroker


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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.
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, 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 ?
The Collateral Loan Brokers Association of New York's (CLANY) mission is to contribute to the professional and personal development of member pawnbrokers and members associates through the enhancement of the images and perceptions of the industry; by advocating pawnbroker's rights, responsibilities, and issues in the courts as well as the various lawmaking bodies of the land; and by representing and speaking for the industry.
PAWNBROKERS and pay-day lenders offer better exchange rates than the big banks.
H&T group, which trades as H&T Pawnbrokers and was established in 1897, posted a 42.3% jump in pre-tax profits to PS3.7m for the first six months of the year as it saw the price of gold leap by almost 8%.
If you do not repay the loan or extended credit, the pawnbroker can sell your goods and use the money to pay off the debt.
The glamour queen of Twitter enjoyed a night out with Dan Hatfield, star of Channel 4's Posh Pawnbrokers.
Critique; Arguably a masterpiece of contemporary American literature, "The Pawnbroker" is very highly recommended for both community and academic library collections.
He owns the high-end Prestige Pawnbrokers, which has three stores in upmarket locations, where the elite exchange their luxuries for hard cash.
The group is the second largest pawnbroker in the UK, with 183 branches and almost 900 staff, serving 140,000 customers.
The pawnbroker put itself up for sale in early December after its trading was hit by a slump in gold prices and rising competition in a sector that has more than doubled in size over the past five years.
Furthermore, no secondhand article will be sold, encumbered by sales contract or otherwise disposed of, or altered in its appearance, within 30 days of purchase by a pawnbroker and 10 days of purchase by a secondhand or junk dealer unless permission is granted by the police chief.
Denvale is owned and ridden by pawnbroker Richard Hunnisett, but despite winning 12 points, a chase and three hunter chases, he is not the most successful horse to carry his owners' colours of green with three golden circles (representations of pawnbrokers' balls).