No other company was as stereotyped up to the pawn industry. They are generally identified in Hollywood films through their workplaces in seedy by-lanes and dealing in stolen merchandise. The truth however could not be further from these misconceptions. In reality, the offices of those pawn shop in Sandton are anything but gloomy and dirty. They are well lit and more frequently than not found in a posh area of the city.
The market has its wayward journey as a consequence of which the times of credit have practically ended. Money payable but asset rich middle and high income people are now increasingly relying upon auto agents for short-term loans. Virtually anything that’s deemed valuable could be pawned. You can pawn a family heirloom, or stone, antique items, paintings, memorabilia, luxury watches, etc.. In reality, the wealthy pawn their luxury automobiles, yacht, and nice wine.
A Normal clientele of a Normal pawn agent in a city such as New York would comprise;
A) Middle class households needing urgent money for schooling or as a stop gap arrangement for a property transaction.
B) Small and medium sellers or property developers who want money desperately to close a bargain.
C) Financers, manufacturers, musicians or individuals from the entertainment business who are needing urgent short-term money.
Unlike banks they don’t need borrowers to demonstrate evidence of income or aren’t debarred due to a low credit score. All these pawn shop owners want is a precious or some other asset that’s well worth the sum asked because credit. Such loans are often short term as there are regulations in a variety of states where it’s illegal to extend such loans beyond a specified period.
And when a situation arises in which the debtor is not able to redeem his surety, the fund firm would dismiss the precious that’s vowed after advising the borrower and about assuring he is given adequate time following such intimation.