Tuesday, May 19, 2015

Gems N' Loans - Pawn Sop in Oceanside - Great Pawn Bargains!

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Recent reality TV shows like "Pawn Stars" have brought a lot attention to the pawn industry.  While the mainstream media attention may be new, the industry is not.  In fact, the history of pawn shops dates back more than 3,000 years.

According to the History Channel, the pawn shops of today operate as mini-banks for millions of unbanked Americans and they also serve places for people of all backgrounds to buy and sell items. America’s 12,000 or so pawn shops deal with a huge variety of items including musical instruments, jewelry, and electronics.
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“Pawning” means that you give the pawn shop an item in exchange for a cash loan. For example, you might give them your mountain bike as collateral for a $75 loan.  If you repay the loan by a certain date, typically 90 to 120 days after you pawn the item, you can retrieve your bike.  The loan repayment amount will include interest and fees that are regulated by the state.