Online Pawnshops: Everything You Need to Know [Infographic]

Decades ago, one could only dream of doing tasks digitally. Fast forward to today, and digital innovations across different industries have revolutionized the way people handle their transactions. Manual operations aren’t entirely eliminated but improved upon by technology.

Nowadays, shopping, making payments, and even taking all sorts of courses can be done with a press of a button. As long as you have a high-performing device and stable connection to the internet, there’s no limit to the things you can do.

Retail, banking, and finance are arguably the sectors that have benefited the most from technological advancements. The introduction of online transfers, artificial intelligence bots, and other tech brought upon by the fourth industrial revolution have aided millions in their quest towards financial wellness and making faster and easier transactions.

Aside from the three mentioned industries, the world’s transition to the digital space has also transformed the dynamics of pawnbroking. Traditionally, pawning is done in person. People who needed extra money would have to go to a pawnshop and surrender their collateral for proper inspection.

Typically, one would also have to wait a few days before an initial offer is placed. But, thanks to digital transformation, online pawning has now entered the picture. Both pawnbrokers and customers are now able to close business deals with more convenience.

Instead of going from one shop to another in hopes of getting the highest return possible, online pawning platforms will let you list the items you wish to sell. Similar to the catalog of an online store, various pawnbrokers can view the condition of your products through pictures and other details. With this, you can get better offers minus the number of trips to make.

The best part about pawning? You can get a quick loan without having to go through a long and stringent application process. With the continuous introduction of technological advancements and the presence of online pawning, it’s safe to say that the pawning industry will continue to thrive for the years to come.

From face-to-face encounters to an online business, pawning boasts a vibrant history. In fact, it’s a practice that has been occurring since ancient times. Historical accounts state that the earliest records of pawning occurred in ancient China and Greece, making it one of the oldest financial models known to man.

Pawning has definitely stood the test of time and solidified its relevance as a business practice. Money related matters are volatile in nature, and as long as people continue to face tricky financial situations, pawning will continue to thrive and evolve. For people who are unable to acquire loans or other forms of financial aid, it’s arguably the ideal way to gain extra funds.

However, if you want to deepen your understanding of how the pawnshop industry came to be, you can start by having a general idea of its evolution. From ancient civilizations to online pawning, take a look at the infographic below for a more detailed timeline on the history of pawnshops and the practice of pawning.