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People often use a pawnbroker when they need an easy and fast way to access cash. A pawnbroker can often make the process of obtaining cash easier because they typically do not ask for a credit history. Pawnbrokers lend money based on the appraised value of the item or items the customer brings in to exchange for a loan. If the loan is not paid back in the agreed upon time, the pawnbroker simply keeps the item that was brought as collateral, and is free to sell it at his discretion. Often, only the interest needs to be paid to a pawnbroker in order to retain possession of the items and keep them from being transferred to another customer.
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