Pawn Shop Market Is Gaining Robust Traction Due to Increasing Need for Quick Access to Money

 

Pawn Shop Market

Pawn shop is the traditional means of obtaining money in a short time. It is a unique place to buy and sell various products, such as electronics, guns, jewelry, tools, and other merchandises or getting cash loans at an installment cost fixed by both the parties. Pawn shops are considered as great option to retail old and unimportant products. The pawn shop market is gaining huge traction due to increasing need for quick access to money. Cash loans can be used to fulfill basic needs such as electricity bills, paying rents, or for fuelling the car. Approximately 4,000 people walk into the gold and silver pawn shop in Las Vegas, thus setting the world record for being the world's most successful pawn shop, according to the World Record Academy.

People from all over the world travel to Las Vegas to buy and sell oddities, antiques, treasures, and artifacts. Some of the objects that come through the door of that now-iconic institution are worth tens of thousands of dollars. This in turn is expected to augment the growth of the pawn shop market. Moreover, the easy and quick access to money at pawn shops is another major factor that is expected to accelerate the pawn shop market growth. The number of pawn shop is increasing steadily around the world, and thus, it is easy to access pawn shops for cash loans. Today, there are more than 11,000 pawn shops in the United States. An estimated 30 million Americans are using pawn shops every year, using their property as collateral to secure loans.

A pawnbroker is a person or company that provides secured loans for individuals, with pieces of property used as collateral in the transactions. The person looking to acquire a loan from a pawnbroker must provide him with information on any properties or other assets that they have. The pawnbroker then takes possession of the collateral and holds the rights to sell any goods or services on the property, at a profit to him. If the borrower does not pay the principal amount, the owner or money lender of the pawn shop can sell it again to other customers. Thus, pawn shop is the place where an individual can buy an item or can get money by giving collateral. This in turn is also expected to propel the growth of the pawn shop market.

However, stringent regulations such as Truth in Lending Act and USA Patriot Act, to prevent money laundering incidence and to ensure consumer protection, are restraining the pawn shop market growth.


Location: India

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