What is a High End Pawn Shop?

 The word pawn is derived from the Latin pignus, for pledge.  Pawn shops are businesses that lend money to a client based on physical collateral.  They can give you cash for a short period of time as long as they think the item you leave with them is worth more than what they lend you.  Then, after a certain amount of time you can pay the loan back plus interest and get your collateral back.  Pawn shops have been around for hundreds of years, but were never as popular as they are today.  With TV shows like Pawn Stars and Hardcore Pawn, the pawn industry has been rejuvenated.  Long behind us are the days where people were afraid to go to a pawn shop.  Now, people of all walks of life venture in to see if they can’t find a great deal at their local pawn shop.  And with all this new-found attention, different kinds of pawn shops have started popping up, which begs the question, what is a high end pawn shop?

Let’s say you are an entrepreneur and you just started a business that requires a lot of capital.  Most of your money is tied up in the business which leaves you with little cash on hand.  This Friday is payday and you have to make payroll but you are a few thousand dollars short.  You are the perfect client for a high end pawn shop.  Since you have been a successful businessman in previous ventures, you have treated yourself to a few nice things, one of them might be a luxury watch.  But now you need cash, and you need it quick.  You could go to the bank and get a business loan, but that could take weeks.  You could take the money out of your savings but you need that personally for a rainy day.  What do you do?  You take the luxury watch to a high end pawn shop and get the cash you need today, not in weeks.

A high end pawn shop is designed for affluent clients who need cash fast.  In this day and age of buying property and investing money, it’s not uncommon for a very well off individual to need money fast.  At a high end pawn shop these clients are treated well and with respect.  High end pawn shops look more like jewelry stores or offices than pawn shops.  In fact, they usually have a great inventory of estate and designer jewelry if you are ever in the mood to shop around.  You will be much more comfortable getting a collateral loan from high end pawn shop than a regular one.

High end pawn shops are great for wealthy individuals who need cash fast.  There is nothing wrong with needing a few extra bucks to cover some unforeseen expenses.  And the great thing about getting a loan is that you don’t lose your items.  If you go sell your Rolex to your local jewelry store you will never get it back.  But if you get a collateral loan you get the cash plus you get to keep your goods.