Any Idea how a pawnshop earn income and valuation of pawned item?

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  1. PaoloJpm profile image81
    PaoloJpmposted 5 years ago

    Any Idea how a pawnshop earn income and valuation of pawned item?

    My groupmates is currently working with a thesis about Pawnshop and I am wondering If my fellow hubbers can give idea's about it. smile

  2. Nell Rose profile image92
    Nell Roseposted 5 years ago

    When you take an item into a pawn shop, a gold watch for example, they will weigh the watch and know how much gold is worth by the gram or ounce. They will usually go by the scrap value, for example if you sold the watch privately you may get a thousand dollars, but with scrap value it will be a few hundred dollars. They then give you a percentage of this to borrow on your watch. They keep it until you can pay back the money.
    The catch is that the longer you take, the more the interest rate goes up. For example if you borrow 500 dollars and don't pay on time the amount will escalate, and you could possibly end up paying more than a thousand back if you become late with your payments the longer it takes the more you have to pay back., okay?

    1. PaoloJpm profile image81
      PaoloJpmposted 5 years agoin reply to this

      oh oh, thanks you. It help a lot. By the way, another thing if its ok? it the side of the pawn broker, how would they record the transaction? I mean, Is is the fair or scrap value? Original value? Or the value which is the value of proceeds?

    2. Nell Rose profile image92
      Nell Roseposted 5 years agoin reply to this

      Sorry Paolo, I missed your comment. There is always paperwork involved, and I believe its the scrap value. Thats what happened to me, but maybe each pawn shop is different.

    3. PaoloJpm profile image81
      PaoloJpmposted 5 years agoin reply to this

      It's ok, currently I had talked with the pawn owner and its accountant on sunday. So, I think I'll be just fine. Anyway, thank you so much for the help! :-) really,

 
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