The earliest pawnbrokers were wealthy local merchants who assisted their fellow townsmen by offering them money at low interest rates during times of need.
變通辦法於是出現，就是借錢的人用物品抵押，由貸方估算價值，再出借相當的現錢。專營此業的機構接著出現，就是當鋪。早期經營當鋪者，多是地方殷商。他們為回饋鄉里，以低於一般借貸的利息「抵押放款」，解人急需，所以當鋪老闆被尊稱為「員外」。