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Why would an individual use a pawnshop to obtain a loan?

Pawnshops offer the consumer a quick, convenient, and confidential way to borrow money. There is no credit history check before we give you a loan — your merchandise alone determines your credit. A customer receives a percentage of the value the pawnbroker believes the collateral would bring if sold.

Although the loan to collateral ratio varies over time and across pawnshops, a loan of about 25% of the resale value of the collateral is typical. However, depending on the collateral as much as 50% of the resale value may be loaned.