Pawnshop: People's hope in times of financial paucity, but....
By mobhomeir
@mobhomeir (7558)
Philippines
April 16, 2012 7:33pm CST
Hello guys, I am not sure if Pawnshop business is one of global business already. What I knew was this kind of business never in European Countries. In out country this is a good business. This is the last recourse of my countrymen where to run in times of paucity - if you have something acceptable to be pawned.
Honestly this is my savior in times of my needs and emergency. The system is; if you have pawn-able jewelries, households and gadgets and anything pawn-able, your money problem is solve - based on the corresponding amount of the items being pawned less the interest.
Two months are the longest period as a sort of grace period, this is also the longest time you have to find money to redeem your pawn items plus the interest. This is one of the most profitable businesses here in my country. If you have something like this in your place what do you call it? Is it still a Pawnshop?
I am curious to know...
Mobhomeir here
041712
1 person likes this
4 responses
@JenInTN (27514)
• United States
30 Apr 12
Oh yes..there are a bunch of pawn shops here. That is what we call them too. There is most everything in them too. They do loans on everything from jewelry to cars. I have pawned things when I was younger but it's better to sell your stuff if you don't plan on getting it back. I have got some wonderful deals on things in a pawn shop before too. I actually have one really close to me that specializes in musical instruments and jewelry that I like to go browse for deals sometimes.
1 person likes this
@mobhomeir (7558)
• Philippines
1 May 12
Hi Jenin, you're right - it is really advisable to sell than pawn it. But, it takes sometimes to close a deal rather than go the pawn, sign some papers and money will be at your hand right away.Most likely we decided to pawn something as the last idea to generate money like some emergency cases.
Thanks for responding jenin ...and have a nice day ahead..
Mobhomeir here
050212 0501
@megamatt (14290)
• United States
18 Apr 12
We have a few pawn shops around where I live and yes they are rather called that. Actually it is a good place to find some items for a bit cheaper. They might be rather used slightly, but if you know what to look for, you can find some other deals. I never had to really had to use the pawn shop for selling items, but I have found a few good discounts of the items that they had.
It does seem to be a rather profitable venture, especially in these times where people need money, because they have fallen on absolutely misfortune and misery. Therefore they might be able to part with something for maybe a fraction of what it is worth and they are rather desperate to do so. They seem to be doing well for themselves, the pawn shops, as some of been around for years and years.
1 person likes this
@mobhomeir (7558)
• Philippines
18 Apr 12
Yes, but the only problem is when it is about time to redeem of renew the items you had pawned and you don't have money yet to be used. Most likely, if you can't borrow from friends you might as well pawn another items to generate money to redeem or renew the first item you had pawned...same thing...
Thanks for responding my friend..
Mobhomeir here
041912
@rogue13xmen13 (14402)
• United States
17 Apr 12
I think that pawn shops are great to go to if you really need to go to them to get money fast, but the thing is, if you sell it, then it might be hard to ever get it back once you have sold it.
@mobhomeir (7558)
• Philippines
17 Apr 12
Yes..that's the "but" there that I forgot to elaborate
Actually, after your items being pawned approved, you have only two months as grace period to redeem back your items. You have to pay the principal amount you got plus the corresponding percentage interests. Or, if you don't have still the right amount after the grace period given, you can just renew it for another extension plus the interest that you have to be paid again..a good business right?
thanks again for responding.
Mobhomeir here
041712
Actually, after your items being pawned approved, you have only two months as grace period to redeem back your items. You have to pay the principal amount you got plus the corresponding percentage interests. Or, if you don't have still the right amount after the grace period given, you can just renew it for another extension plus the interest that you have to be paid again..a good business right?
thanks again for responding.
Mobhomeir here
041712
@almond24 (1248)
• Hungary
17 Apr 12
There are pawn shops in my country, too. It's quite an old business actually, they are called pawn shops or pawn houses. They keep the items for two weeks to three months, with increasing interest. I agree that it can be a good business, but I never tried it as I don't really have anything that they accept.
1 person likes this
@mobhomeir (7558)
• Philippines
17 Apr 12
Yeah it's funny sometimes because I had some jewelries I thought it is worth pawn-able but it isn't why? because it is really pure to see it has carats but when it will be analyzed it is only fancy...what a shame man!!!!
Thanks for responding my friend.
Mobhomeir here
041712