Pawning: meaning, definitions and examples
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pawning
[ˈpɔːnɪŋ ]
Definition
financial transaction
Pawning refers to the act of giving an item of value, such as jewelry or electronics, to a pawnbroker in exchange for a loan. The pawnbroker holds the item as collateral until the borrower repays the loan, at which point the item is returned. If the loan is not repaid within a specified period, the pawnbroker has the right to sell the item to recover the loan amount. This practice allows individuals to access quick cash without a credit check.
Synonyms
collateralize, hypothecate, pawn off.
Examples of usage
- She is pawning her gold ring to pay for her bills.
- He decided to pawn his guitar for some extra cash.
- Pawning his watch was a last resort for him.
- They frequently pawn items and redeem them later.
Interesting Facts
Etymology
- The term 'pawn' comes from the Old French word 'pan', which translates to 'pledge'.
- The act of pawning has been around since the Middle Ages, with recorded instances of pawn shops in European cities.
- The concept is rooted in the Latin word 'pignus', meaning 'pledge' or 'deposit'.
Cultural Significance
- Pawning is often seen in popular media as a way for characters to quickly obtain cash, showing a sense of desperation or resourcefulness.
- In some cultures, pawn shops are regarded as 'lending of last resort', offering accessible loans to those in need.
- Historical pawn shops in ancient China were known as places for social gathering, where people exchanged news and goods along with loans.
Psychology
- The act of pawning can be linked to financial stress, highlighting the greater societal issue of income inequality.
- Customers often experience a mix of relief and anxiety when pawning belongings, showcasing attachment and the struggle for immediate solutions.
- Research shows that pawning can be a double-edged sword; while it provides short-term relief, it may lead to long-term financial difficulties if overused.
Modern Usage
- Today's online pawn shops provide services that allow people to pawn items digitally, increasing accessibility.
- Pawning has shifted from being seen as a last resort to a more mainstream option for quick cash during economic downturns.
- Many modern pawn shops now engage in retail sales, offering a wider variety of products beyond just loans.
Legal Aspects
- Laws regarding pawning vary significantly by country and often protect consumers while regulating the rates pawn shops can charge.
- In the U.S., pawn shops are often required to record transactions and report suspicious activities to prevent theft and fraud.
- Pawnbroking licenses are regulated in many areas, ensuring that operators comply with legal standards and practices.
Translations
Translations of the word "pawning" in other languages:
🇵🇹 penhorando
🇮🇳 गिरवी रखना
🇩🇪 Verpfändung
🇮🇩 menggadaikan
🇺🇦 позика
🇵🇱 zastawianie
🇯🇵 質に入れる
🇫🇷 mise en gage
🇪🇸 empeñar
🇹🇷 rehin verme
🇰🇷 전당포에 맡기다
🇸🇦 رهن
🇨🇿 zástava
🇸🇰 záložňa
🇨🇳 典当
🇸🇮 zastava
🇮🇸 veðsetning
🇰🇿 кепілге беру
🇬🇪 პატიოსანი
🇦🇿 ipotekaya qoyma
🇲🇽 empeñar