My husband has a friend who bought his wife's engagement ring at a pawn shop. If I have the story right, she was on board with the idea and went along to help him pick it out. Since then, when recounting the event, they've heard a wide range of opinions on if that is okay.
The yeah-sayers tout it as a GREAT money-saving move. They got a much larger ring at a much smaller price than they would otherwise have been to get.
The nay-sayers walk away shaking their heads, jaws wide-open. Building your future on another person's failure. Where's the upside in that?
I'm definitely of the camp that says, "Go for it!" My engagement ring cost about $15 from a kiosk in the mall. When I lost that one we replaced it with the same thing and when I lost that one it had been discontinued and I was out of luck. My wedding ring is a plain gold band and it's perfectly fine. But, one day I'm going to get myself a big flashy ring and if it can be bigger and flashier because I got it at a pawn shop, all the better for me!
Which side of the pawn shop aisle are you sitting on?

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