PAWN is
- To deposit as security, as for money borrowed
- To exchange personal proper for money as a secured loan. A pawn shop sells unclaimed pawned goods. Glenn Miller famously pawned his trombone several times before making good
- Rahn = collateral ~ An arrangement whereby a valuable asset is placed as collateral for a debt. The collateral may be disposed of in the event of a default.
- In law a pledge (also pawn) is a bailment of personal property as a security for some debt or engagement[1] The term is also used to denote the property which constitutes the security
PAWN SHOP IS
- a shop where loans are made with personal property as security
IN INDONESIA
- Pawn shop is a national finance institute that work under supervisor by Indonesian financial department, which created to fulfill people who want to apply short term loan and get the money as soon as possible. Customer just brings the goods that will become collateral and then fill the form. While customer filling the form, appraiser will appraise the collateral goods then appraiser will give the amount of money to the customer. The limitation time to pay the loan is about 4 months. After that if customer cant pay the loan, pawn shop will do the auction for that goods.
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