Nowadays, social media and tv are flooded with pawn shops and pawnbrokers. Hence, there are chances that people of all ages, including kids, teenagers, and elders, are familiar with pawn shops and their working process. This also means that children and adults might be interested in earning cash by pawing their rarities and Knick Knacks.
Pawning is an amazing thing to quickly earn extra bucks. But, there are certain rules and regulations that must be followed when you go around pawning things. Obviously, you shouldn’t be underage in order to pawn something. The first and most important rule is to be of a certain age, and only then you can start pawning things.
You might be thinking: what is the age to be able to pawn something? And if you are wondering about this, you have landed on the right place because we are gonna give you a walk-through of the basics of pawning and the age requirements that come with it. Read this entire blog till the end to make sure you get a clear idea about pawning, its basics, and the right age to begin with it.
Pawning – The Meaning
When you sell something, you lose its ownership in exchange for cash. But, when you pawn something to a pawnbroker, you don’t lose ownership. Instead, you enter an agreement with a pawnbroker. You receive cash just like taking a loan in exchange for your item. So when you pay back the loan amount, you can get your piece (item) back. But, if you aren’t able to pay back the amount, you won’t get your item back and will lose it forever.
Pawning Age Requirement – Why Is It Necessary?
As mentioned earlier, pawning is a contractual agreement. Hence, each party involved in the contract must be of a certain age and must consent before signing the agreement. Many youngsters might think that pawning is great to get a loan as pawn brokers don’t check credit, but they might end up losing a valuable item due to unexpected circumstances. There are a lot of risks involved. Age requirement is mandatory to ensure pawning is ethical and safe.
What Should Be The Age To Consent To Pawning?
You must be at least eighteen years old to pawn something. This is because minors can’t enter into any legally binding contracts. This rule is enforced by the law and has nothing to do with different second-hand shops in Sydney or anywhere.
How Do Pawn Shops Determine That Someone Is Above Eighteen?
This is as simple as buying cigarettes, alcohol, lottery tickets, and much more. You need to show your government-issued ID to the buyers to ensure you are above the age of eighteen. Hence, any minors entering the pawn shops will be turned away.
Wrapping Up
Pawning is an excellent way to get easy loans as compared to other options. But, it is risky as well. Thus, it isn’t a good idea for teenagers to pawn haphazardly while losing their belongings, their parents’ belongings, and other valuable stuff. Also, it is strictly against the law for people under eighteen years to pawn anything.
