Pawnbroking is just about the oldest form of borrowing cash that exists. Yet how many of us have ever turned to a pawnbroker for a loan or to sell a valuable item to raise cash? We'd hazard a guess that not many of us have.
Some of the most successful historical figures have a history of pawning their stuff – King Henry V pawned his jewels in 1415 to raise money for a war with France.
So, if you're thinking of using a pawnbroker for the first time it's probably sensible to find out how they work. Also it will pay you to learn the tricks and tips to ensure you get the bets deal when you start to negotiate with them - and part of borrowing from a pawnbroker is about negotiation:
- how much the item you want to pawn is worth
- what proportion of that value the pawnbroker is going to offer you
It will also pay dividends to do some research beforehand - don't worry, our video explains it all:
Have you ever used a pawnbroker? What was your experience like? What advice would you give to someone considering pawning one of their valuables?
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