How do pawnbrokers work?

Most people have heard of the term ‘pawnbroker’ but not everyone is completely sure what that actually means. That’s why we’ve put together a guide which will hopefully answer your questions, but if you do have any further questions, please feel free to get in contact with us here.


What is a pawnbroker?

A pawnbroker is a person, or brokerage, who lends you money based on the value of an item you have left with them. The pawnbroker must keep the goods for at least six months but you can get them back at any time by paying off the loan plus interest. The period can be extended by paying the interest only and re-pledging the goods. If you don’t repay the loan or extend the credit, the pawnbroker can sell your goods and use the money to pay off your debt. 


How do they operate?

Pawnbrokers will differ in what items they accept. Some may take sewing machines or lower value items, while others will only accept watches and higher value items. It’s therefore worth checking with your local pawnbroker which items they will accept. 


What services do Cuttings provide? 

Cuttings Jewellers is a family-run independent jewellers and pawnbrokers and the current business has been owned by the Kirkland family for over 50 years. Three generations of jewellers and pawnbrokers have carried on the family tradition, and we are proud to continue the traditional, old-fashioned approach to business - service, quality and value, combined with friendly, and expert advice.

Now we continue to take the business forward, offering the service to a wider audience through various online and social media platforms. We have two successful jewellery and pawnbroking shops in the South-East, specialising in diamonds, fine jewellery and luxury watches, most notably Rolex. 

Find out more here.

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