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This entry is particularly special because it was sent to us by students Emma and Jo on behalf of Family Pawn in Utah. Check it out:
Pawnshops are the best options for buying and selling products. Whether that be valuables you want to sell or deals on items you want to purchase. If you are looking for a little extra cash to get by pawn shops have you covered! You may have visited, heard of, or purchased from a pawn shop before. Here are Five interesting facts about pawn shops you did not know.
Pawn Shop History
It all started 3,000 years ago in Ancient China. Peasants who would need a little cash to get by would speak with to a “Pawnbroker”. They would then be given a small credit that they would eventually have to pay back. This tradition led to parts of Europe in Rome and Greece. Which has now brought us to what we recognize pawn shops as today.
U.S. Pawn Shop Stats
Another interesting fact is that there are over 10,000 Pawn Shops in the U.S. Approximately 35,000 employees (around twice the seating capacity of Madison Square Garden) work for them. A wide variety of these pawn shops are family-owned. In fact, the state of Utah has 150 pawn shops and 130 of them are family-run.
Global Pawn Shop Stats
The U.S. is not the only country that loves the pawnshop industry. There are around 40 other countries that also have companies in the pawn shop industry. While some like countries like New Zealand only have 41 total pawn shops, other countries like the Philippines have over 16,000 Pawn Shops. The entire globe loves their Pawn shops!
Loans that will not hurt your credit
If you are looking for a quick and easy loan Pawn Shops may be the greatest help. Traditional loans typically take longer to develop a pawn shop loan and banks won’t always approve a loan. That means Pawn shops are easier and faster when it comes to loans. Checking credit is not typically required for collateralized loans. The best part is that most pawn shops with this kind of loan never hurt your credit score. With the troubling times that the economy faces pawn shops are the best choice of action when it comes to loans.
5. Economic boom
During the COVID-19 pandemic many companies were negatively affected. However, pawn shops started to see an inverse effect on their business. Many people rushed into pawn stores to get items cheaper. This sometimes led to pawn shops having low inventory. Though it meant more sales, it also meant less backstock. Luckily as the pandemic starts to wear off, pawn shops and other companies are finding new ways to grow.
Sources:
https://www.nationalpawnbrokers.org/2017/06/19/pawnbroking-around-the-world/
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