Definition, Meaning & Synonyms
pawnshop
noun
/ˈpɔnˌʃɒp/
Definition
A pawnshop is a business that offers secured loans to people, with personal property as collateral.
Examples
- She decided to visit the pawnshop to sell her old guitar.
- After losing his job, he had no choice but to pawn his watch at the local pawnshop.
Meaning
When individuals need quick cash, they can take valuable items to a pawnshop. The shop loans them money based on the item’s worth, and they can repay the loan to reclaim their items.
Synonyms
- pawn store
- moneylender
- collateral loan service
