01 Feb Now , what is a Pawnshop?
Hello there, thanks for visiting www.cashdown.com.ng, and now we’re about to let you know what a pawnshop is.
What’s the Deal?
Pawnshops and pawnbroking have been around for thousands of years.The earliest recorded were in china around 3000BC.The basic idea behind any pawnshop is to loan people money especially little sums. For instance, do you know the amount of paperwork it would take to get a loan of N20,000? That’s if you get a loan for that small amount. Pawnshops basically give loans based on straight value.
It goes like this:
You bring in something you own and give it to the pawnbroker as collateral for a loan (this act is called pawning).
The pawnbroker loans you money against that collateral.
When you repay the loan plus the interest, you get your collateral back.
If you don’t repay the loan after the period agreed, the pawnbroker keeps the collateral.(Of course, that’s not the aim)
In some other cases, you might want to sell an item or some valuable and need to do that without the hassle of going through a friend or perhaps online with all the waiting and haggling you might get to sell that item within a week, month or perhaps longer. Pawnshops get you the cash now as they assess the value of the property and base it against the time value of money. The pawnbroker then takes the risk on your item including the stress and hassles listed above.
Simple right? not some long boring article for you all. It’s simple: Sell, Pawn and get your money anyways.
More info can be found at www.cashdown.com.ng/faq
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