Pawnbroking Today: A Safer & More Viable Option to Get Instant Access to your Asset

The world of pawnbroking has changed significantly over the years. Today, pawn loans are recognised as a more secure and viable option of borrowing than it was ever before. While pawn shops turned up over 3,000years ago, pawnbrokers had gained itself a prejudiced reputation in the past. For decades, the industry has been negatively portrayed in media, considering it as an unfavourable and expensive way to borrow money. However, its image has significantly altered over the last twenty years or so. 

Indeed, today more and more people are turning to high street pawnbrokers London or ‘pawnbrokers near me’ to avail of short-term loans or sell luxury assets and raise instant cash. Consequently, trustworthy pawnbrokers in London or any other big city are working to make the process of pawnbroking simpler, more straightforward and convenient. 

Unlike any other loan types, it is more comfortable and more secure to take out a pawn loan from high street ‘pawn shops London’. 

Three Basic Things You Need to Apply for a Pawn Loan

While there may be many ways to turn up some quick cash, a pawnbroking loan is ideally the best option to raise some money immediately with affecting one’s credit score. With a pawn loan, you can get instant access to money in exchange for anything precious such as a diamond ring or a Rolex watch pawned with your pawnbrokers London. 

For those who are looking to apply for a pawn loan, here are three basic things that you would need to get your loan approved:

The Legal Owner of the Item

A pawn loan cannot be typically applied on behalf of anyone else. If you are the legal owner of the asset you are looking to borrow against, make sure that you are present during the application process.

Proof of Identification

Although a pawnbroker typically lends money based on the actual value of the asset you leave as collateral, customers are only asked to provide proof of Identification to go ahead with the transaction. This standard procedure helps high street pawnbrokers in London or anywhere in the UK to protect them as well as their customers from fraud or financial crime.

A precious asset to pawn

If you want to take out a pawn loan, you have to bring anything valuable to keep as collateral. Although the items accepted as collateral usually vary from one pawnbroker to another, some assets such as luxury watches, diamond and gold jewellery are more commonly pawned and also, universally accepted. However, you can pawn more one item at once with trustworthy pawnbrokers London or ‘pawnbrokers near me’. 

How does pawnbroking work?

When you visit a pawnshop in London to take out a loan, the pawnbroker will inspect your asset precisely and determine its actual value based on its condition, current market price and other relevant factors. He/she will provide you with a cash loan offer right away for a particular term and of course, without carrying out any credit checks. The maximum tenure of pawnbroking loans is usually six to seven months. 

If you accept your loan offer, your pawnbroker will give you a credit agreement to sign that outlines the amount you have borrowed and what the repayments are. Once you sign it, you will receive a pledge receipt as a part of the deal. Here is the best part:

You are entitled to retrieve your collateral at any time within your loan term or after the term expires by paying off your original loan amount and the interest due. However, during your loan term, your asset will be stored in specialised holding vaults that are entirely insured and safe. 

Trustworthy pawnbrokers London usually offer 14days cooling off time to come in after your contract expires and draw out the agreement, paying off the interest for the loan period and retrieving your asset. If you fail to redeem your asset within the time mentioned above, your pawnbroker will either choose to sell your collateral to recover the cash or, may help you in renewing your loan.

You can acquire a new contract and an additional seven months to pay back, by repaying the interest of your original loan term. 

Make the most out of your assets

If you are looking to raise fast cash but have a poor credit history, simply get in touch with your trustworthy local pawnbroker today. Unlike banks or other traditional lending institutions, high street pawnbrokers in Hatton Garden or pawnbrokers London do not depend on their customers’ credit score to approve a loan. 

Your pawnbroker will examine your collateral and offer you a loan based on the item’s actual value. Moreover, you can pawn the same item again and again. But, while the value of some assets especially of precious metals like gold often fluctuates over time, you may not be offered the same credit loan amount every time you pawn it with pawnbrokers in London or anywhere in the UK.

How to Increase the Value of Your Luxury Watch?

A luxury watch works more than merely a way to keep track of time. Luxury watches of prestigious brands like Rolex are built to last for years, retaining their value well in the resale market. However, a luxury watch requires the right attention and proper care. Although it may not guarantee that the timepiece will retain or appreciate its value, you are likely to receive a higher credit amount when pawning your watch with trustworthy pawnbrokers London or ‘pawnbrokers near me’. 

Here are a few tips that will help you to maximise or hold the value of your luxury watch. Have a look!

Keep your watch in its best condition

It is prime-requisite to keep a luxury watch in pristine condition to make sure that it keeps hold of its maximum value. The condition of your timepiece will play a significant role in determining the final amount of credit loan that professional pawnbrokers London are willing to lend against it. However, any damages, no matter how small, may influence your watch’s value. 

If you want to keep your watch in good condition, it is better that you take off your watch during activities where it could get damaged. Moreover, keep it in a secure and safe place when you are not wearing it. 

Avoid polishing your luxury watch

Many inexperienced luxury watch owners often choose to polish their timepiece for maintaining its shine. However, it is always recommended to avoid polishing a luxury watch. While you may think that polishing can protect your watch from regular contact with fingers, sleeves, perspiration or effects of humidity, it may do more harm to your watch than good.

If you polish a luxury watch without taking any proper precautions, it can cause microscopic scratches and damages. Cleaning a timepiece properly needs an ultrasonic bath as well as meticulous degreasing on a material that can’t create any scratches. 

Keep all the documents

The original box and papers that came with your watch at the time of purchase will prove its authenticity. A luxury timepiece that retains its original box and documents always fetch a higher amount of credit than the one that does not have it. Thus, it is essential to make sure that your watch’s box and all supporting documentation is kept secure, safe and in excellent condition.  

Service your watch regularly

A luxury watch needs regular maintenance and service to ensure it holds its value. While these watches are designed and manufactured using top-notch components and expertise, a luxury watch also needs utmost care and attention to keep it in good condition. Although the suggested interval between services varies from one manufacturer to another, most brands typically recommend servicing every three to five years. 

However, if you want to maximise your timepiece’s value, get it serviced every two years. During servicing, the watch components are taken apart and cleaned delicately. The parts that exhibit the signs of wear and tear are replaced before they are oiled as well as reassembled. Besides, a watch is tested to make sure that it is functioning like a brand-new condition. 

If your watch is correctly taken care of and serviced regularly, it is likely to keep hold of its value or even appreciate with time. Eventually, you can choose to pawn your watch with trustworthy pawnbrokers in London or ‘pawnbrokers near me’ with full confidence and obtain the highest amount of credit loan against it.

5 Benefits to Pawn Luxury Items with Pawnbrokers London

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.