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Pawn shops offer collateral loans under circumstances where banks are unwilling to help. Customers bring items to a pawnbroker to secure short-term loans. Loans are normally contracted for 30 day periods, and have renewable terms in consideration of a nominal monthly fee. If the customer defaults on the pawn/loan, the pawnbroker places the collateral out for sale to recoup his cost and expenses. Pawnbrokers also directly purchase items from customers as well, in the event that the individual simply wants to trade his or her items for cash outright.
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