Pawn Broking History – Pawn Shop Bankstown

You probably pawned gold or another valuable item in the pawn shop Bankstown, but did you wonder what the history of this industry is? Its beginnings date back from 3000 years ago and it is considered to be the oldest world profession of man.

The first beginnings of the pawn broking date back to 3000 years ago in ancient China, when certain individuals gave short-term loans to peasants. These loans had a repayment period of 3 years and only 3% interest rate. As these loans became popular, pawn shops began to open.

In Europe, in the Middle Ages, Pawn brokering began to flourish. The wealthy English family Lombardi appears as the most popular broker, to help the poor. Precisely because of this family, pawn broking is known as "Lombardi banking". In the 15th century, the Italian family Medici split into 2. Half of the family members were bankers, and the other half were pawn brokers. This family is credited for the universal symbol of this industry – 3 golden spheres suspended from a bar.

To allow Christopher Columbus to go on his famous journey around the world and to discover America, the Spanish queen Isabella gave her royal treasure to a pawn broker. In 1338, England's King Edward III pawned his jewels to raise funds for his military in the war against France.

Through history, people used the benefits of this industry when they needed quick money in a short period of time. Industry declines in the 1950's to rise again in the 1980's. Although pawn broking in the past has been associated with a bad reputation, today pawn shops Bankstown are quite popular and visited. Their popularity increased for many reasons. Borrowing money from close relatives and friends is difficult because of the expensive living. Banks and other financial institutions make it possible to take short-term loans. However, you can hardly take such a loan if you have a bad credit rating.

Many people are looking to get instant money at pawn shops. You only need to carry gold or other valuable item and the broker will determine its value. For that item, you will receive money that you can immediately take with you. In a period of several months, you need to return the money, including a certain amount of interest. If you feel you can't repay the money in that period, you can request the return period to be extended.

If you need help to get instant cash, visit reliable pawn shop Bankstown.

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