Mega Pawn is open for business in Summerside PEI. Long time resident of Summerside, Nic Frost, is no stranger to the Pawnshop business as he managed a store for his mother in his early years. Mega Pawn is located on the Main Street of Summerside and does a thriving business. When visiting Summerside stop by and visit the “Island’s Unique Version” of Pawn Stars.
For thousands of years, people all over the world have from time to time found themselves with one problem in common-the need for fast cash. And for almost as long, there’s been one easy way to solve it: To “pawn” personal items of value for a cash loan. Throughout history, pawnbrokers have provided monetary loans in exchange for valuable items.
Over 3,000 years ago, pawn shops first emerged in Ancient China as a method of granting short-term credit to peasants. Some pawnbrokers operated independently, but over time most of these businesses were run through pawn shops. Pawnbroking thrived in ancient Greece and Rome, giving merchants a way to get small shops off the ground.
A pawnbroker is an individual or business (pawnshop or pawn shop) that offers secured loans to people, with items of personal property used as collateral. The word pawn is derived from the Latin pignus, for pledge, and the items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral.
Items put up for pawn are held for an agreed period of time, during which the pawner may redeem the item after paying the agreed amount of interest. If not collected in the agreed upon time frame the Pawnbroker will then offer the item for sale. An experienced Pawn Broker will take into account how long an item will take to sell when deciding on the amount of money he will allow for collateral loan.
People defaulting on there Pawned items are not reported to any Credit Bureaus as the items Pawned will be sold at a profit by the Pawn Broker. Also because the loan is secured by items of value Pawn Brokers to not do Credit Checks prior to taking items in on Pawn.
Pawn Brokers have been subjected to some TV exposure with the advent of shows like “Pawn Stars”, “American Pickers” and “American Restoration”. Many people realize that Pawn Shops can carry old, antique and very unique items and are an interesting place to visit.