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Pawn brokers lend money on marketable assets such as gold, jewellery and household goods. Borrowers in need of money can pawn' an article as security...
Continued Below Added: 6th Apr 2006 by Diane Earl
Unique Id: 61623 |
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Continued from above
or a pledge and receive a loan, usually 40-50% lower than the value of the item. A pawn ticket' is issued to the borrower. To retrieve the article the loan must be repaid plus interest at an agreed rate, within a specified time period. If the payment is made the article is returned to the borrower, if not, it becomes the property of the Pawn Broker. Pawn broking has been around since ancient times. Although the loan on the article is below its market value and the article is lost if the loan is not repaid, unlike other forms of loan or money lending, no further debt exists. Picture taken Glasgow April 2006.
Subjects: History, Geography, Citizenship
Key Stages: Foundation, KS1, KS2, KS3, KS4, KS4+ Learning Groups: Teachers, Parents, Pupils, Others |
