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 pawnbroking institution returns the gold to the customer.
She added: "We started the pawnbroking side of the business in the late 1990s.
But times have changed and now one of London's oldest and most respected pawnbroking businesses has opened in Birmingham.
Gross profits in pawnbroking, which accounts for three-quarters of gross profit, rose from pounds 20.
This is especially true in London where more and more of the leading names in jewellery are opening up prominent high street locations, resulting in pawnbroking becoming the UK's fastest growing business.
H&T said it expects to open 12 new pawnbroking stores in the second half, taking its total to 122 by the end of the year.
Pawnbroking, which has been around in some form for many centuries, is now moving into the high-tech 21st century.
s largest pawnbroking businesses with over 170 full-line stores offering pawnbroking, jewelry retailing, gold buying and financial services; and in Cash Converters International Limited (CCV.
This has had a significant impact on the trading results, particularly as 50% of the store estate is immature and therefore is building its pawnbroking loan books that underpin core trading.
The firm said: "We are going to concentrate on our significant foreign currency business, new and existing longer-term loan products, as well as traditional pawnbroking services.
Restructuring specialist Stephen Plowman has been named as new chief executive of the business, which will "refocus back to its core business lines of pawnbroking and jewellery retailing and return it to protability".
Reading-based group Albemarle, which includes Herbert Brown jewellery and pawnbroking stores, recently admitted it had resorted to melting down gold jewellery stocks to raise cash.