Benefits of Pawnbroking
Many people have needed a pawn loan or are only just discovering pawnbroking as a sensible method of short term and flexible borrowing. If you own a luxury asset such as a Rolex watch, or diamond or gold jewellery, you could turn to a trusted pawnbroker, like ourselves here at Cuttings, for a safe cash loan. Pawnbrokers will lend you a pre-discussed amount based on the current market value of the asset you choose to pawn and use as collateral.
How do pawnbrokers work?
Firstly, you hand over the item to the pawnbroker, who will value it for you. You can then redeem the pawn at any time, by paying what you owe and getting the item back. However, if you do not repay the loan during the ‘redemption’ period, the pawnbroker is allowed to keep your item and then sell it to recover the cash that you owe.
If you’re new to the pawnbroking world and you want to know how a fast cash loan could work for you, check out Cuttings list of benefits we have put together below:
Pawnbroking: The benefits
No credit checks
Pawnbrokers do not actually carry out any credit checks before approving your loan. This means whether you have a good credit score or a bad one, you are highly likely to be accepted by your pawnbroker (depending on your item). This is different from short term bank loans or personal loans as a pawn loan is not based on your financial history. The security of the loan is based on the value of the item and whether you pay back what you owe.
Easy access
Pawnbroking loans are much more accessible than you think! Here at Cuttings, we are more than happy to see you in either of our stores - Ramsgate or Margate - and can process your loan for you there and then, or we could simply have a chat with you about what we can offer. The funds can be transferred into your bank account the same day we receive the item too! There is always no pressure for you to proceed if you don't want to. Additionally, if you are not from the area you can use our easy ‘apply online’ service where you can upload images and describe your item. We are also open on Saturdays so there is no rush during the week!
Flexible repayments
We provide easy repay short term loans, so if you need a ‘one week’ loan, for example, you can repay the loan after one week and just pay one week's interest! One of the good things about pawnbroking is that you can repay the loan whenever you like - within the discussed time period - and you only pay interest accordingly. The repayment time scale and amount for your loan (plus interest) will be made clear to you before you sign away your item. Here at Cuttings, there is just one payment at the end of the term - the loan, plus the interest.
Full protection
Another benefit of pawnbroking is that all pawnbrokers operating in the UK are now required to follow strict guidelines from the Financial Conduct Authority. This ensures that customers are treated fairly. Here at Cuttings, we have fantastic security measures in place where customers’ pledges are stored in a heavy duty security vault and remain there until such time when you collect them. This ensures that your items are always kept safe with us.
Summary
So, whether it's a luxury watch or a diamond ring - we can help you financially at Cuttings by providing you with the best offer and value for your item.
Here at Cuttings, we are a family-run independent pawnbrokers owned by the Kirkland family for over 50 years. We always use our expert knowledge and advice to give you the best quote for the items you pawn, so you can always put your trust in us. If you are interested in pawning your items or selling to us, then get in touch with our friendly team here.