- The word “pawn” is derived fromt he Latin ‘pignus’ for “pledge,” and the items having been pawned to the Broker are themselves called pledges or pawns (collateral).
- There are more than 12,000 pawn shops operating in the United States
- The average pawn shop loan is $150
- More than 80% of all loans are paid off
- 30% of the U.S. adult population has no banking relationship
- The size of the pawn shop industry in the U.S. is an astonishing $7.5 billion
- Since the recession started in 2008, cash-for-gold transactions shot up 35 percent
- More than half of pawnbrokers say the recession has increased pawn loans, but significantly hurt sales. Some pawnbrokers report up to a 15 percent decline on their retail side.
- Fewer than .02% of pawn shop transactions involve stolen property
- State laws mandate that customers pawning items provide detailed information including name, address, and date of birth and show government issued ID – fingerprints can also be required.
Source: National Pawnbrokers Association
About the National Pawnbrokers Association:
Headquartered in Keller, Texas, the National Pawnbrokers Association (NPA) was founded in 1988 to support the growing network of responsible pawnbrokers in the United States. As a trade association, the NPA is the industry’s only national association. The Association offers guidance to pawnbrokers on how to be involved on a local, statewide and national basis. In addition, the NPA offers members compliance training related to the federal, state and local laws that apply to the industry.