pawnshop

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pawnshop

the premises of a pawnbroker

Pawnshop

 

(Russian, lombard), a money-lending institution dealing in pledges. It lends money on the security of pawned personal property. The first pawnshop was established in France during the rule of Louis XI (1461-83) by moneylenders who were immigrants from Lombardy (Italy). In the 15th century pawnshops appeared in Italy, Germany, and other countries. In the 19th century pawnshops existed in all capitalist countries; the majority of them were in the hands of big capitalists. In the 20th century the pawnshop business has been dominated by the monopolies, which levy high interest rates and receive big profits mainly from the poor.

In Russia in 1733, some pawnshop operations were started by the Monetary Office on the security of gold and silver objects. In 1772 in St. Petersburg and Moscow, government pawnshops were opened. The development of a network of pawnshops financed on the shareholding principle dates from the late 19th and early 20th centuries. In 1917, in addition to the joint-stock pawnshops, there were 109 municipal (city) pawnshops. When in 1918 the prerevolutionary lending institutions were liquidated, the old pawnshop system was also abolished. In 1922-23 in the USSR, state pawnshops were established on a self-supporting basis under the management of the local Soviets within the system of public service institutions. Their goals are to safeguard for a small fee objects of personal and household use and also to lend money on the pledge of these objects as security. The accepted property is insured at the expense of the pledger. The amount of the loan can reach 75 percent of the value of the pledged objects; for precious metals and stones, pearls, and gold watches it can go as high as 90 percent.

The maximum amount of the loan that may be given in a single transaction, the rate of interest on loans, and the term of the loan are fixed. The volume of credit issued to Soviet people in 1972 amounted to approximately 40 million rubles. The pawnshops have the right to use bank credit for the expansion of their operations.

A. K. BIRKIN

References in periodicals archive ?
The stolen goods were sold by various people (including shoplifters and thieves) to these two fake pawnshops. The pawnshops then had the items shipped to Amazon fulfillment centers where they were stored until sold online.
'We want to equip our pawnshops with the right technology and relevant solutions so that they can keep pace with constant digital transformation as well as thrive in this competitive market.
"The amendments primarily aim to simplify the documentary or registration requirements for both money service businesses and pawnshops operators," she said.
Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier, however, said that their focus is to maximize the strength of its 2,500 pawnshops and remittance centers across the country to achieve real financial inclusion to the 70-million unbanked sector.
His company, EZ Pawn Corp., has 15 pawnshop locations all over New York City and has been in business since 1996.
The WorldBridge Group-owned Cash-U-Up Pawnshop Company on Monday announced the sale of its first franchise as mortgage service trends in Cambodia are showing an increase, according to the company.
The issue, along with other amendments to laws regulating the operations of pawnshops, microfinance organisations, consumer credit cooperatives, agricultural cooperatives, and respective SROs, was discussed by market participants at the expert board meeting held in the Bank of Russia on 20 March 2018.
Contrary to misconceptions though, local pawnshops are highly professional organizations that follow strict code of operations as based on the Bangko Sentral ng Pilipinas (BSP) guidelines which likewise complies with the Securities and Exchange Commission's strictest requirements on corporate governance.
The deal includes RD Pawnshops legacy email system to G Suite, allowing RD Pawnshop employees to use intuitive consumer technology like Gmail and Google+ Hangouts at work.
(2005), "A framework for regulating pawnshops: Why do, what area and Syariah view", Proceedings of Malaysian Finance Association (MFA)'s 7th Annual Conference, 9-10 May, Kuala Terengganu, Terengganu.
Compared with traditional bank loans, credit unions, and credit card providers, both payday loans and pawnshops have high interest rates, with some charging up to 25% per loan (equivalent to an annual percentage rate (APR) of 650% if the interest was rolled over every two weeks [25% x 26%]).
Pawn Stars shows how pawnshops earn their profits by providing a valuable service that people choose to take advantage of.