A pawn shop (sometimes called a pawnshop or pawnbroker) lends money to clients who bring in valuable items like jewelry, gold, watches, cameras, musical instruments, TVs, and laptops. People leave "collateral"—valuables left by the people. The pawnbroker will return the precious item if the borrower pays back the loan plus interest. Interest is a cost for borrowing money. The pawnbroker can sell the valuable item to another customer if the borrower does not pay back the loan and interest within an agreed-upon timeframe. Many cities require customers who bring valuable items to pawnshops to present identification, such as a driver's license, to deter criminals. Increasing household utilization of collateral services, expanding partnership in the market for pawn shops, increasing mergers and acquisitions among major actors are expected to propel the market growth of US pawn shop.
During the projection period, the U.S. Pawn Shops Market will grow at a compound annual growth rate (CAGR) of 6.8%.
Key Competitors in the US Pawn Shop Industry:
First Cash Financial Services Inc.
First Cash Financial Services Inc. operates one of America’s largest chains of pawnshops and check cashing/short-term advance stores. It was founded in 1983 and headquartered in Texas, U.S. It operates in found in 11 states and Mexico. In Oct 2021, FirstCash announced operating results for the three and nine months ended September 30, 2021, as well as the completion of a U.S. pawn acquisition.
EZCORP, INC
EZCORP, INC is an American pawn shop operator Texas provides services across the United States and Latin America. It was founded in 1989 and headquartered in Texas, USA. It currently operates in the pawn stores in the United States. In June 2021, the company EZCORP acquires 128 pawn shops in Mexico.
DFC Global Corp
DFC Global Corp is an international non-bank that offers alternative financial services, mostly short-term unsecured consumer loans, protected pawn loans, check cashing, gold buying, money transfers, and reloadable prepaid debit cards, mostly to people who don't have bank accounts or don't have enough money in their accounts. It was founded in 1979 and headquartered in Pennsylvania, United States. It operates in 7 countries across North America and Europe—Canada, the United Kingdom, the United States, Sweden, Finland, Poland, Spain, Romania, the Czech Republic and the Republic of Ireland. In Sept 2021, DFC approves new investments totaling more than $1.4 Billion in COVID-19 response, global health, gender equity, technology, and renewable energy.