Most of the pawnshops in Atlanta, such as Jerry's Pawn (http://www.jerryspawn.com/), are shut on Sundays. The majority of pawnshops are independently run and are often owned by families. With family members working in the shops every day, it is only fair that they have the least busy day of the week off for rest. There may be some pawn shops that do open on a Sunday in Atlanta but in order to find them it will be necessary to contact them directly or check the opening hours in the shop front as you walk past.
Pawnshops, or pawn brokers, are typically individuals or businesses that offer secured loans to people with items of personal property that are kept as collateral. When customers hand over an item in exchange for a loan they are given a contractual time during which they are able to buy back the item that they have pawned for the amount of loan plus an agreed upon interest rate. The pawnbroker or the law will govern exactly what the prices, amount of time and amount of interest is. If the loan does not get repaid then the pawnbroker is entitled to sell on the item of personal property.
Pawnbroker loans differ from those from a bank because any loans that do not get repaid are not reported on the borrower's credit history. This is because the pawnbroker has possession of an item that belongs to the borrower and they are able to try and regain the loan value through an outright sale. The amount of the loan that is given is determined by the value of the item or items that the borrower is willing to exchange and the amount of money they are likely to fetch in a resale, should the loan not be repaid. The pawnbroker will also need to consider how trustworthy the customer will be when paying the interest and how likely it is that they will return to reclaim the item.
Pawnshops, or pawn brokers, are typically individuals or businesses that offer secured loans to people with items of personal property that are kept as collateral. When customers hand over an item in exchange for a loan they are given a contractual time during which they are able to buy back the item that they have pawned for the amount of loan plus an agreed upon interest rate. The pawnbroker or the law will govern exactly what the prices, amount of time and amount of interest is. If the loan does not get repaid then the pawnbroker is entitled to sell on the item of personal property.
Pawnbroker loans differ from those from a bank because any loans that do not get repaid are not reported on the borrower's credit history. This is because the pawnbroker has possession of an item that belongs to the borrower and they are able to try and regain the loan value through an outright sale. The amount of the loan that is given is determined by the value of the item or items that the borrower is willing to exchange and the amount of money they are likely to fetch in a resale, should the loan not be repaid. The pawnbroker will also need to consider how trustworthy the customer will be when paying the interest and how likely it is that they will return to reclaim the item.
