History of pawnbroking

Pawnbroking is a way of borrowing money with your things. It has been around for hundreds of years! In the past, when people needed money quickly, they would take something valuable like jewelry and take it to a pawnbroker. The pawnbroker would buy their item and give them money in return. They would then keep the item until the person brought back the money they owed plus additional fees. If the person did not bring back the money, the item would become the property of the pawnbroker. Today, pawnshops still do this same type of loan business. People can take an item of value to the store and the pawnbroker will give them money. They get to keep their item as long as they pay back the money and the fees.