Pawnbroking: meaning, definitions and examples
💰
pawnbroking
[ ˈpɔːnˌbroʊkɪŋ ]
financial service
Pawnbroking is a financial service in which an individual can obtain a loan by using personal possessions as collateral. The pawnbroker evaluates the item, providing a loan amount that is typically lower than its actual value. If the loan is not repaid within a specified time frame, the pawnbroker retains the collateral and can sell it to recoup the loan amount. This practice serves as a source of immediate cash for individuals in need and is legally regulated in many areas. Pawnbroking has historical roots in ancient civilizations and has evolved into a widely used financial service today.
Synonyms
collateral lending, pawnshop transactions, pledging
Examples of usage
- She decided to try pawnbroking to help pay her bills.
- Pawnbroking can be a quick solution for cash.
- He used his old watch for pawnbroking purposes.
- Pawnbroking services are common in urban areas.
Translations
Translations of the word "pawnbroking" in other languages:
🇵🇹 penhor
🇮🇳 गहनों की गिरवी रखना
🇩🇪 Pfandhaus
- Pfandleihe
- Verpfändung
🇮🇩 gadai
🇺🇦 ломбард
🇵🇱 pawnbrokerstwo
🇯🇵 質屋
🇫🇷 mont-de-piété
🇪🇸 empeño
🇹🇷 güvence
🇰🇷 전당포
🇸🇦 الرهن
🇨🇿 zástavnictví
🇸🇰 záložňa
🇨🇳 典当
🇸🇮 zastava
🇮🇸 veðsetning
🇰🇿 жарнама
🇬🇪 გირავნობა
🇦🇿 girov
🇲🇽 empeño
Etymology
The term 'pawnbroking' dates back to the Middle Ages and has its origins in the Old French word 'pan', which means 'pawn'. The practice itself has ancient roots with evidence of pawnbrokers operating in various civilizations, including Ancient Greece and Rome. In medieval Europe, pawnbrokers were often associated with the guild of merchants and traders. They provided financial assistance to those in need by allowing individuals to use their belongings as collateral for loans. Throughout history, pawnbroking has evolved, adapting to the economic needs of societies while facing fluctuations in popularity depending on cultural attitudes towards borrowing and financial services. In contemporary society, pawnbroking is a regulated industry, often seen as a last resort for quick cash, with a renewed interest due to economic fluctuations and the rise of personal finance challenges.