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The rate is a variable annual percentage rate of Prime plus. Prime Rate is currently 5. Minimum interest rate over the life of the loan is 5. Some restrictions may apply. Rates subject to change. Membership required-based on eligibility. Consult your tax advisor for more information regarding the tax deductible benefits of a home equity line of credit.

The property is an existing single family home and will be used as a primary residence. The monthly payment would be: The monthly payment amount displayed includes principal and interest.

An escrow account is optional. The rate lock period is 45 days and the assumed credit score is Complete this meeting Request and member of our staff will be in touch to answer any questions you have. Complete this Quick Start Request and loan officer will be in touch shortly to answer any questions.

Complete this meeting Request and loan officer will be in touch to answer any questions you have. Complete this Quick Start Request and a loan officer will be in touch with you shortly to answer any questions. We want to help simplify your home-buying experience. This glossary of terms is designed to help you be informed when buying what will most likely be the most expensive investment in your life…your home! However, if a customer offers an extremely low price the pawnbroker may turn down the offer, because this suggests that the item may either be counterfeit or stolen.

In some countries e. Sweden there is legislation to prevent the pawn broker from making unfair profits usury due to financial distress or ignorance of the customer at the expense of the customer by low evaluation on their collaterals. It is stated that the pawn broker may not keep the collateral but must sell them at public auction. Any excess after paying the loan, the interest and auction costs must be paid to the customer.

If the item does not fetch a price that will cover these expenses the pawn broker may keep the item and sell it through other channels. Despite this protection, the cost for the customer to borrow money this way will be high, and if he cannot redeem the collateral it would in many cases be better to sell the goods directly.

Pawnshops have to be careful to manage how many new items they accept as pawns: A pawnshop might have too little inventory if, for example, it mostly buys jewels and gold that it resells or smelts—or perhaps the pawnshop owner quickly sells most items through specialty shops e.

In this case, the pawnshop is less interesting to customers, because it is mostly empty. On the other extreme, a pawnshop with a huge inventory has several disadvantages. If the store is crammed with used athletic gear, old stereos, and old tools, the store owner must spend time and money shelving and sorting items, displaying them on different stands or in glass cases, and monitoring customers to prevent shoplifting. If there are too many low-value, poor quality items, such as old toasters, scratched-up year-old TVs, and worn-out sports gear piled into cardboard boxes, the store may begin to look more like a rummage sale or flea market.

Small, high-value items such as iPod players or cell phones must be in locked glass display cases, which means the owner may need additional staff to unlock the cabinets for items customers want to examine.

As a store fills with items, an owner must protect inventory theft by hiring staff to supervise the different areas or install security cameras and alarms. Too much unsold inventory means that the store has not been able to realize value from these items to provide cash to lend.

The better option lies in the middle: If items are attractively laid out in display cases and shelves, the pawnshop looks more professional and reputable. Once passersby start shopping in the store, they may be more inclined to pawn or sell their own items to the pawnshop.

Some pawnshop owners prevent cluttered look by storing overstocked items, or less attractive items such as snow tires, in a back room or basement. Some pawnshop companies operate a chain of stores in a state or province.

This way, they can balance inventory between stores. For example, they can move some of a rural store's surfeit of fishing gear to an urban store. Some stores also slim down inventory by selling items to specialty retailers. They may sell the amplifier to a used audio equipment store whose customers expect higher end equipment. Some pawnshops sell specialty items online, on eBay or other websites.

A specialty item such as a high-end model railroad set may not sell in the store for its "blue book" value. On an online auction, it stands a good chance of bringing a good price. Another growing trend in the industry is vehicle pawn or auto pawning. This form of Pawnbroking works like a traditional pawn loan, however these stores only accept vehicles as security.

Many stores are also accepting "Title Loans", where you can pawn the ownership or "Title" documents of your vehicle.

This essentially means that the pawnbroker owns your car while you drive it, and you regain ownership once you pay back your loan. While the main business activities of a pawnshop are lending money for interest based on valuable items that customers bring in, some pawnshops also undertake other business activities, such as selling brand-new retail items that are in demand in the neighborhood of the store. Depending on where a pawnshop is located, these other retail items may range from musical instruments to firearms.

Some pawnbrokers also sell brand-new self-defense items such as pepper spray or stun guns. Many pawnshops will also trade used items, as long as the transaction turns a profit for pawn shop.

In cases where the pawnshop buys items outright, the money is not a loan; it is a straight payment for the item. On sales, the pawnshop may offer layaway plans, subject to conditions down payment, regular payments, and forfeiture of previously paid amounts if the item is not paid off. Some pawnshops may keep a few unusual, high value items on display to capture the interests of passersby, such as a vintage Harley Davidson motorcycle; the owner is not typically expecting to sell these items.

Other activities carried out by pawnshops are financial services including fee-based check cashing, payday loans , vehicle title or house title loans, and currency exchange services. The modern euphemism for the upscale pawn shop is the "high-end collateral lender", [3] lending to upper-class often white-collar individuals, including doctors, lawyers and bankers, as well as more colorful individuals like high-rolling gamblers.

These objects can include wine collections, jewelry, large diamonds, fine art, cars, and unique memorabilia. Loans are often sought to deal with business revenue shortfalls and other expensive fiscal issues. In the west, pawnbroking existed in the Ancient Greek and Roman Empires. Most contemporary Western law on the subject is derived from the Roman jurisprudence.

As the empire spread its culture, pawnbroking went with it. Likewise, in the East, the business model existed in China years ago in Buddhist monasteries no different from today, through the ages strictly regulated by Imperial or other authorities. In spite of early Roman Catholic Church prohibitions against charging interest on loans , there is some evidence that the Franciscans were permitted to begin the practice as an aid to the poor.

King Henry V did much the same in In an Act against Brokers was passed and remained on the statute-book until It was aimed at the many counterfeit brokers in London. This type of broker was evidently regarded as a fence. Crusaders, predominantly in France, brokered their land holdings to monasteries and diocese for funds to supply, outfit, and transport their armies to the Holy Land. Instead of outright repayment the Church reaped a certain amount of crop returns for a certain amount of seasons, which could additionally be re-exchanged in a type of equity.

A pawnbroker can also be a charity. It provided financial assistance in the form of no-interest loans secured with pawned items. It spread through Italy, then to other parts of Europe. It was established between and by Pedro Romero de Terreros as part of a movement to provide interest-free or low-interest loans to the poor.

It was recognized as a national charity in by the Mexican government. The pawnbrokers' symbol is three spheres suspended from a bar.

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