It was founded 200 years ago by Napoleon but its objective is still topical: meet the need for liquidity of the most modest. Pawnbrokers acquired its notoriety thanks to the pawnshop. We leave an object on deposit and we get a sum of money available immediately. This amount must be repaid at a moderate interest rate. The formula has not changed since the beginning.
If clothes, household linen, or household tools were once fashionable, gold jewellery, watches, art objects, or silverware are the most regularly deposited. They do not accept smart phones, computers or cameras. It depreciates too quickly and it would be difficult to resell them. These are also among the most exposed to the risks of stolen goods and the pawnbroker will not take that risk. When an object is not recovered, it is auctioned. And if the sale exceeds the amounts owed by the borrower, the pawnbroker returns the difference.
Much over-indebtedness
For 200 years, the pawn system has always had "more success in times of crisis". Its attendance has been increasing steadily since 2009. The average loan is now £700. The average age of its 7,000 clients is 43 years. There are a lot of people of foreign origin because the reflex to drop their family jewels when needed is more widespread among this group. More generally, the pawn shop in London receives many customers over-indebted. Some are refused to avoid aggravating their indebtedness. The temptation of revolving credit sometimes creates terrible situations. It is better to pledge the objects to which one holds rather than to enter into a much more expensive spiral.
If clothes, household linen, or household tools were once fashionable, gold jewellery, watches, art objects, or silverware are the most regularly deposited. They do not accept smart phones, computers or cameras. It depreciates too quickly and it would be difficult to resell them. These are also among the most exposed to the risks of stolen goods and the pawnbroker will not take that risk. When an object is not recovered, it is auctioned. And if the sale exceeds the amounts owed by the borrower, the pawnbroker returns the difference.
Much over-indebtedness
For 200 years, the pawn system has always had "more success in times of crisis". Its attendance has been increasing steadily since 2009. The average loan is now £700. The average age of its 7,000 clients is 43 years. There are a lot of people of foreign origin because the reflex to drop their family jewels when needed is more widespread among this group. More generally, the pawn shop in London receives many customers over-indebted. Some are refused to avoid aggravating their indebtedness. The temptation of revolving credit sometimes creates terrible situations. It is better to pledge the objects to which one holds rather than to enter into a much more expensive spiral.
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