A Brief History of High End Pawnshops

The pawnbroking industry that we know today has a long and highly acclaimed history of helping people in financially distressing instances. Although the business model of a typical pawn shop was once misunderstood, today, high-end pawnshops or luxury pawnshops flourished as a significant alternative to other conventional ways of borrowing cash. Indeed, a pawn shop is a convenient and legitimate place to obtain credit loan right away using anything valuable as collateral.

While more and more people are turning to luxury pawn shops to raise instant cash for a short period, trustworthy Hatton Garden pawnbrokers or pawnbrokers Hatton Garden are working to make the process of securing pawn loans more convenient and straightforward. However, the origin of this oldest profession of the world can be traced back to over 3,000years ago when pawn shops turned up first. 

A Brief Account of its Past

According to Chinese records, the practice of procuring loans on belongings dates back to the beginning of the Western Han Dynasty, 206 BC. Chinese pawn shops are known to be significantly more softhearted compared to their contemporary Western counterparts. Borrowers could pay off their loans, taking up to three years and at a considerable three-per cent rate of interest. 

Meantime, while pawnbroking started to flourish in Europe during the Middle Ages, the practice was introduced by Norman Conquest to England.  In northern Italy, the Lombardy region was another seedbed of pawnbroking. Gradually, the term ‘Lombard’ became synonymous with the term ‘pawn shop’, and pawnbroking was popularly known as ‘Lombard Banking’. 

However, the practice of pawnbroking was not entirely smooth throughout Europe. By the 17th century, pawnbrokers had earned a prejudiced reputation as shops for stolen goods. But its image has significantly changed over the past twenty years or so. 

How Do Pawnbrokers Work Today?

The entire process of a typical pawn loan transaction is pretty simple and straightforward. A pawnbroker lends money based on the value the luxury item a customer leave as collateral. A customer brings in an asset and uses it as collateral to secure a cash loan for a relatively short time. The maximum loan tenure is typically for a period of six to seven months. 

When you hand over your collateral to a pawnbroker, he/she will assess it and determine the cash loan amount based on the current value and other essential factors. Unlike a bank or any conventional lending institutions, pawnbrokers neither check the credit score of a customer nor any different facets such as income before approving a loan. 

Hatton Garden pawnbrokers at The Luxury Hut provide entirely transparent, secure and straightforward service, making the pawnbroking process a significant alternative to any other way of borrowing money. If you accept to go ahead with the transaction, The Luxury Hut pawnbrokers Hatton Garden will provide you with a credit agreement to sign that outlines the amount you have borrowed along with your repayments. 

However, customers are entitled to retrieve their asset at any time within the loan period or after the contract expires, paying off the original loan amount and the interest due. Trustworthy pawnbrokers in Hatton Garden or anywhere in the UK usually offer 14days cooling off time to draw out the agreement. However, if a customer fails to retrieve his/her collateral within the time above, Hatton Garden pawnbrokers at The Luxury Hut can help you to renew the loan. Otherwise, they may sell your item for recovering the debt or cash. 

The Luxury Hut pawnbrokers in Hatton Garden always work to make the pawnbroking process easier and more comfortable for its valued customers. Thus, customers who are looking to obtain a pawnbroking loan can call on 0207 242 5411 and arrange an appointment to visit our Hatton Garden office in London with your asset.

Get Loan Against Watches – Which Watch Brands Retain Their Value Best?

Luxury watches from elite brands like Rolex, Breitling, Patek Philippe and many others not only represent an excellent asset to wear regularly but also a valuable item to use as collateral for a cash loan. The fact is that a luxury watch holds their value well with time due to their reputation, excellent artistry, design and exclusivity. Although every brand has its unique features and identity, there are indeed many factors that typically influence a watch’s value. Today, let’s have a brief look at five of the well-known brands (to name a few) that trustworthy pawnbrokers in London or pawnbrokers Hatton Garden look for or covet.

1. ROLEX

Rolex watches are renowned and coveted because they keep hold of excellent value with time. The Rolex Daytona, Rolex Day-Date, Rolex GMT-Master and Rolex Submariner are some of the highly sought-after models. However, if you even have a Rolex watch that is no longer in production, it is also likely to fetch you a higher value when pawning it with trustworthy pawnbrokers in London or ‘pawnbrokers near me’. 

Some Rolex watches also have an association with celebrity and this eventually, increases their value. For example, the rare Paul Newman Daytona broke all previous records for luxury watches, fetching £13.8 million in 2017. 

2. BREITLING

Breitling has close associations with the aviation industry, known popularly as the pilot’s watch of choice. The watches of this brand consist of many advanced technological features. In December 2018, a Breitling Navitimer model went for £21,000, illustrating the brand’s endless appeal and desirability. 

3. CARTIER

Cartier is one of the world’s popular luxury watch brands. If you own a Cartier watch, you are indeed fortunate. This is because you have a valuable item that you can use as collateral to get a high-value pawn loan from Hatton Garden pawnbrokers or pawnbrokers in London. However, both vintage and contemporary Cartier watches are coveted and do well at auction. 

4. CHOPARD

This well-established and sophisticated brand is famous for its watches with a modern yet classic look, along with unique touches. Chopard boasts many show-stopping watches, such as the 28mm Imperiale Quartz ladies wristwatch. The timepiece is fabricated from 18ct white gold and set with pave diamonds. 

People who are the owner of this model or any other Chopard watches are indeed in possession of a valuable asset. If you are looking to opt for a pawn loan from professional pawnbrokers London, you can use your Chopard watch as collateral for it and obtain a higher credit loan amount. 

5. IWC

IWC might be a lesser known brand in comparison to high profile brands like Rolex, but the manufacturer has never disappointed its admirers or collectors with their exclusive collection of luxury watches. IWC watches are associated primarily with adventure and sport. One of the brand’s iconic models is namely the Portugieser Chronograph. The watch’s unusually large face and clean dial are similar to the 1930s. While these watches were made in only small numbers and yet today invoke up a feeling of exclusivity, the IWC Portugieser Chronograph remains highly desirable. 

If you want to avail of a credit loan against your classic watch, get in touch with the most trustworthy ‘pawnbrokers near me’. The pawnbroker will assess the value of your watch carefully by considering its age, condition, rarity and other essential aspects and determine the amount of credit loan he/she is willing to lend for it. 

Thus, whether you choose ‘pawnbrokers Hatton Garden’ or pawnbrokers in London to take out a pawn loan, make sure to bring in all original documentation (if any) of your watch like service history, box, and certificate of authenticity.