![]() Unlike other lenders, the pawnbroker does not report the defaulted loan on the customer's credit report, since the pawnbroker has physical possession of the item and may recoup the loan value through outright sale of the item. If the loan is not paid (or extended, if applicable) within the time period, the pawned item will be offered for sale to other customers by the pawnbroker. They have the same license as a bank, which is highly regulated. In the United States the amount of time, and rate of interest, is governed by law and by the state commerce department policies. If an item is pawned for a loan (colloquially "hocked" or "popped" ), within a certain contractual period of time the pawner may redeem it for the amount of the loan plus some agreed-upon amount for interest. A London shop displays the traditional pawnbroker's sign. ![]()
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