Money makes the world go around, and a fact of life remains that you need money in order to make a living, feed the family, pay the bills, and do the things you want to do in this world. Since time began, humans have tinkered with different ways to trade goods and services, until finally the idea of coins took root. Pawn shops followed right along, being one of the first money lending institutions, and one of the longest-lasting.
Loan USA is a local pawn shop serving the communities of Worcester, Lawrence, and Springfield in Massachusetts. As a family-owned business, our local pawn shop has been helping customers receive the cash they need since 1993. From gold jewelry and bars to computer gaming systems and work tools, we can take almost any item that can be valued for a pawn loan. Below, we'll continue our look at the history of pawn shops with the modern era. Contact our pawn shop today!
MORE HISTORY OF PAWN SHOPS
The word "pawn" comes from the Latin word "patinum" meaning clothing. The practice of pawning clothing for food was commonplace in Europe during the 19th century so that people could afford food. As the Industrial Revolution continued, allowing many more people the opportunity to enter the middle class, concern began to grow over those businesses taking advantage of the poor. In England, the Pawnbrokers Act of 1872 set firm guidelines in place to regulate the industry.
PAWNING IN AMERICA
It can be said that pawnbrokers kept many Americans alive during the Great Depression, being one of a handful of institutions where people could obtain cash. As America emerged from the Great Depression and the economy took off, many banks recovered. However, they did not want to lend small sums of money for short periods of time. The overhead cost was too great. However, with collateral loans, pawn shops could easily make pawn loans at low amounts. In reality, this small amount is frequently what many people need to get them to their next paycheck.
Pawning in America and in most places around the world is highly regulated in order to protect the consumers from exorbitant interest rates. This is also to ensure stolen goods are not pawned as well. Many pawnbrokers have to submit lists of the items they pawned every day.
The number of pawn shops in the US continues to climb as they are being more recognized for the value they bring to a community. Pawn shops help those who do not have bank accounts get the cash they need. They are also an easy place to get cash for eclectic, antique, and unique items that can be hard to sell otherwise. From electronics to clothing and handbags, it's safe to say that pawn shops are here to stay.
CHOOSE LOAN USA FOR ALL YOUR PAWN LOANS TODAY
Loan USA is proud of our heritage of providing much-needed services to our communities in Lawrence, Worcester, and Springfield. We offer a simple and easy pawn loan process that offers you quick cash when you need it. Stop by our local pawn shop to get started today!