Pawnshop

usgb/ˈpɔːnʃɑːp/
noun

A shop where people can leave their personal items like jewelleries, electronic items etc. as security for a loan.

When he needed money urgently, Alex decided to pawn his guitar at the local pawnshop.
Visual representation of "pawnshop" - A shop where people can leave their personal items like jewelleries, electronic items etc. as security for a loan.

Often appears as...

  • local pawnshop
  • gold pawnshop
Definition 1 of 1
Visual representation of "pawnshop"
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Loan Collateral

A pawnshop holds your items as security, called collateral, until you repay the loan.

Illustration for Loan Collateral
She used her vintage watch as collateral at the pawnshop.
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Repayment Period

You have a set time to repay the loan to the pawnshop or they can sell your item.

Illustration for Repayment Period
John had two months to repay the pawnshop before they sold his laptop.
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Interest Rates

Pawnshops often have high interest rates on loans they give for pawned items.

Illustration for Interest Rates
The interest rate at the pawnshop was 20% per month.
Visual representation of the word "Pawnshop"

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