What is a pawnshop?
In a pawnshop you can change your valuable items into loans. These loans are usually awarded between 25% and 50% of the current value (not the former purchase price). If the costumer has not paid the obtained loan with the previously incurred charges or have not paid for an extension, then the pawned item will be sold at a public auction to the highest bidder. If a higher amount will be reached as the loan plus the costs, the costumer can claim the difference for as long two years. After this time, the surplus expires and will be transferred to the local government. If the item is not sold in the public auction, the pawnshop will take it over and try to sell the item to cover the costs.
Additional safety through the “German Confederation of pawn industry eV”
The Banki Group is a pawnshop of the new generation, very modern in design and ambience like jewelry stores or banks. A newly created signet, a symbolic “P” with the impression of “pawn loan”, attached at windows and doors of the pawnshops show new customers additional security. This is a member of the pawnbanking industry e.V.“The German Confederation of pawn banking industry eV” introduced this new signet for the pawn business nationwide in the early 1990s.