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Tags: microfinance
Categories: Economics & Finance
A store which offers loans in exchange for personal property as equivalent collateral. If the loan is repaid in the contractually agreed time frame, the collateral may be repurchased at its initial price plus interest. If the loan cannot be repaid on time, the collateral may be liquidated by the pawn shop through a pawnbroker or secondhand dealer through sales to customers.
(Read more: http://www.businessdictionary.com/definition/pawn-shop.html#ixzz2Y6KuftIo)
