A new breed of pawn shops has emerged, catering to clients who possess expensive gadgets or luxury goods but are temporarily cash-strapped.
But though many perished, a new breed of shops has emerged, catering to clients who possess expensive gadgets or luxury goods but are temporarily cash-strapped.In contrast to the traditional image of pawn shops with iron bars and stringent security measures, his shop resembles an ordinary store, featuring boutique-style showroom cases displaying luxury wallets, smartphones and tablet PCs.
For photographers or video producers, a visit to a pawn shop can be a way to unlock their investment in equipment – high-function cameras and other filming equipment that cost millions of won – to ride out a temporary cash shortage. The balance of outstanding collateral loans at 8,775 lending institutions nationwide, including pawn shops, surged 12.3 per cent on year to 8.54 trillion won in 2022 from 7.61 trillion won in 2021, government data showed.
Pawn shops do not check a client’s credit score, they check only the client’s identity card and the authenticity and market value of the item being offered as collateral or to be pawned.
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