Pawn shops are already a fun place for many people, but there are actually many fun facts about pawn shops that even the most dedicated pawn shop goers are unaware of! Here are a few fun facts about pawn shops to think about while you wait for your next pawn shop run (whether to buy or sell)!
1. Pawn Shop Customers Are Repaying Loans Well!
It has been noted that pawn shop customers are paying back their loans successfully at an 80% rate nationwide. This means that their collateral is returned to them, and they used the loan successfully!
2. Can You Guess The Average Age Of A Pawn Shop Customer?
The most pawn shop customers are at an average age of 36 years old! Although, it is important to note that anyone of any age can enjoy pawn shops, as there are many treasures to find!
3. What’s The Most Pawned Item?
Any guesses? You may be surprised to know that the most pawned item for pawn shops is jewelry! This may be because jewelry is sought after by many customers, and it can be stylish, antique, or designer. Jewelry is often a family heirloom, a gift, or even a memento, which is why it might be easy to pawn for many.
4. Where Did The Pawn Shop Originate?
The idea of pawn shops may have started over 3,000 years ago in China, when peasants who needed a bit of cash would speak to a “pawnbroker”. They would then be given credit that had to be paid back. Later on, this tradition spread to Europe, Greece, and Rome.
5. How Many Pawn Shops In The Country?
There are over 10,000 pawn shops in the United States, with approximately 35,000 employees between all of them!
6. It Runs In The Family
Surprising or not, a lot of pawn shops are family-owned. In Utah, there are about 150 pawn shops, with over 130 of these shops being family-run. You could say pawning runs in the family!
7. Pawn Shop Loans Don’t Hurt Your Credit
Though it seems that everything nowadays can affect your credit score in one way or the other, pawn shop loans don’t even touch it! During the application process for a loan, a pawnbroker will not check your credit score and a loan repayment failure will not affect your credit either.
Pawn shops have a rich history and continue to be a respectable place of business today! Many people enjoy going to pawn shops, whether they are looking to find collectibles or antiques, or they are looking to sell their own items for a great deal. Pawn shops have a variety of factors that contribute to their appeal, such as being able to negotiate when selling, fast loan payment and application process, and much more. If you are looking for a Colton pawn shop or Ontario pawn shop to sell items or get a loan, you’ve found it! Get started on your great pawn shop adventure now!