A specific retail establishment offering secured loans to individuals. These businesses provide short-term, collateral-based loans, meaning borrowers pledge personal property as security. For example, an individual might bring jewelry, electronics, or tools to obtain a loan, with the item held until the loan and any associated fees are repaid.
These entities provide readily accessible credit options, particularly for individuals who may not qualify for traditional bank loans. Historically, such establishments have served as a source of funds for those facing immediate financial needs. This service offers a quick transaction, avoiding lengthy application processes and credit checks. The risk, however, is potential loss of the pledged item if the loan cannot be repaid according to the agreed-upon terms.