Pawn Shops: History

In actuality when we think of a pawnshop, we speak in terms of inventory credit. This form of loan began its history in Europe, more precisely, in Italy in the early fifteenth century. The initiators of the secured loan were the Franciscans, who sought to support poor people to raise money to pay their taxes. Thus, its first customers were farmers, artisans, small traders and the poor who had no permanent job.

In ancient times to the pawn shops were known as Monte Pio, which means "box of piety," because it was literally a sort of metal box in which both the money and kept the things left in pledge for the loan. The term "mercy" was used not only for the reason that he was a pious act helping the needy, but also because it was to differentiate the income from the coffers of the monks, that is, since they had different "mountains" or savings intended for different types of support, should specify that the mountain tweet was intended for the secured loan. Thus, the Franciscans had savings for government support for charities and nonprofit.

Thus, the pawn shops covering the needs of middle class and low, through lending, which is guaranteed with clothes and jewelry. To fulfill its purpose of providing assistance, the first pawn obtained their resources through the acquisition of metal deposits, primarily gold. Similarly, resorted to the proceeds of the offerings, tithes, support provided by the royal crown and the proceeds of the various fairs and religious celebrations.

Since, almost immediately, resources were insufficient to maintain a sustainable collateral activity was necessary to charge interest on loans made. Such interests were supported by the Catholic Church. In order not to fall into a sort of "usury" which became a problem for congregations who engaged in this kind of support took place Lateran Council, in the year 1515. This council sought you establish the possibility of interest rates that would be generated in the interest incurred by the secured loan. Despite the criticism did not wait for the Council of Trent, which lasted 18 years, the time spent was necessary to know the benefits are granted pawnshops.

It was so, from the eighteenth century, then called Montes Pious, began to be sponsored by private enterprise, ie by the Royal Crown and the nobility, who maintained the operation of pawnshops, based on inspiration charitable religious Franciscans.

Choosing the Best Loan Fast

You can get personal loans fast using one of several options, such as the desired amount of loans, and credit score to determine which of these options are available to you. Many lenders require when making personal loans to young people that at least the citizen is 18 years old and to guarantee the security of the loan. Loans with guarantees require a piece of real estate, a diamond ring, or a vehicle. The Unsecured personal loans obviously do not require you to provide any collateral.

Some of the lenders that offer payday loans among which include lending institutions such as banks or credit unions. The pawn shops and pay day loans can also provide quick loans, but before deciding which way to go, you should carefully compare all personal loans options offered. In addition, you must be careful when signing a payday loan. Some lenders add details such as high interest rates in small print, and that is why you should be aware of what you are doing before taking a quick loan.

As a general rule, banks, credit unions and other financial institutions provide loans fast only to an individual who has a good credit score. Even if your credit score is low, financial institutions can provide a secured loan. Normally, you have to go through a process for a bank loan and complete an application, either in person or online. In addition to checking your credit, you must also submit a letter verifying employment and income. Financial institutions typically provide a quick loan within hours or even minutes.

Pawn shops only offer secured personal loans, and usually do not require credit checks. In general, pawnshops pay a certain amount of money in minutes. In return, you are bound to leave an item of value such as jewelry, musical instruments or electrdomestico. If you do not pay your loan, the item is sold to cover the cost of the loan.

The stores operate daily payment loans as short term loan and usually set a limit to the amount of money that can be borrowed. These stores usually approve a loan in just 15 minutes. Generally, work with anyone, even if you have bad credit.