Over the last few hundred years, high street pawn shops have evolved significantly and have today become more accessible than ever before. Indeed, many people consider pawn loans as a more sensible and professional method of flexible, short-term borrowing. While they are aware of the real benefits of pawnbroking, people are turning to trustworthy pawnbrokers London to get a collateral loan and raise instant cash.
For those who have never walked into a high street pawnshop London and opt for a collateral loan before, here we have rounded up six benefits of the services offered by professional pawnbrokers in London. Take a look!
1. Get a pawn loan using your luxury asset
You may have an old piece of gold jewellery or a luxury watch that is stored in a box or drawer most of the time. If you need to raise instant cash to pay for an emergency cost of any kind, you can choose to unlock the value in these items.
High street pawnbrokers in London or any other big cities lend money in exchange for anything precious that is used as collateral. The amount of credit loan you are likely to receive will depend on the actual value of your collateral. As long as your luxury item holds value and is genuine, a pawnbroker will accept it as collateral for a pawn loan.
2. No Credit Check
Unlike banks or other traditional lending institutions, pawnbrokers do not carry out any credit check before approving a loan. Whether you have a bad credit history or your credit score is below a specific threshold, your trustworthy pawnbrokers London will lend you money based on the overall value of the asset you leave as collateral.
Customers are only asked to give proof of Identification and also, sign a pledge receipt as a part of the loan application process.
3. Short Loan terms
The maximum term of a pawn loan is typically six to seven months. You will have to pay off the full loan amount and the interest due by the end of your loan term. However, a customer can retrieve his/her asset any time within the loan term or soon after the contract ends by repaying the original loan amount and the interest. Thus, if you can pay off your pawn loan earlier than your loan tenure, you will get back your asset sooner. Overall, pawnbroking loans are easier to manage without becoming an anxiety year in and year out.
4. Easily Accessible
Pawn loans are indeed easier to access. Whether you want to pawn a luxury watch or get cash for gold, the viable platform of professional pawnbrokers online will help you in pawning assets at your convenience without any hassle.
On the contrary, you can choose any reliable pawnbrokers London or a trustworthy local pawnbroker and arrange an appointment to visit their office with your asset, carrying out the pawnbroking process in-person.
Your pawnbroker will immediately assess your item and make a loan offer on the spot. If you accept the offer, you will get paid in cash right away without any obligation.
5. Flexible Repayments
Your pawnbroker will provide you with a credit agreement to sign (if you agree to go ahead with the transaction) that outlines the amount you have borrowed and what the repayments are. When your contract expires, you will be offered 14days cooling off time within which you have to draw out the agreement and pay the interest for the loan period.
If you fail to redeem your asset, your pawnbroker may help you to renew your loan. You will be provided with a new contract along with an additional seven months to pay back. You will only have to pay off the interest of your original loan term.
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