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Have you ever been to a pawnshop? For a lot of people, there seems to be something, well, shady about these places. But if you haven't been to a pawnshop, you may be missing out on some great bargains. A pawnshop is a lot like a dozen garage sales and a flea market all rolled into one. Pawnshops also play an important role in many communities by providing people with an easy, fast way to borrow small amounts of money.

There are three things that happen in any pawnshop hundreds of times every day:

People borrow money by putting up something they own as collateral.

People sell used merchandise.

People buy new and used merchandise.

Pawnshops and pawnbroking have been around for thousands of years. The basic idea behind any pawnshop is to loan people money. It goes like this:

You bring in something you own and give it to the pawnbroker as collateral for a loan (this act is called pawning).

The pawnbroker loans you money against that collateral.

When you repay the loan plus the interest, you get your collateral back.

If you don't repay the loan, the pawnbroker keeps the collateral.