Myths You May Have Heard about Pawnbroking

Pawnbroking is the world’s oldest and most established form of lending money, but over the years a variety of myths have surfaced about the trade. We want to shed light on these myths and replace them with truths about pawnbroking.

Myth: Pawnbroking is complicated.

Truth: It’s a quick, simple process.

Pawnbroking is unlike any other loan process because we hold a valuable item as security and there is no need to run a credit check or fill out any lengthy forms. Just bring us your item of value along with a form of I.D., and we’ll secure your loan in no time at all.

Myth: Pawnbrokers can’t wait to sell your goods when you can’t pay.

Truth: It’s in our interest that you receive your valuables back.

We would much rather our clients buy their valuables back, which is why we wait until long after a contract has ended before thinking of reselling uncollected valuables.

Myth: Pawnbroking is expensive.

Truth: It’s a highly competitive short-term loan option.

A pawn shop loan is different from “payday lenders” because there are no early repayment charges – you simply pay the interest for the time we’ve had your goods. Our interest rates are also better value than that of other lenders.

Myth: Visiting a pawnbroker is a last resort.

Truth: We are the first port of call for many of our customers.

We understand that all forms of lending need to be treated with caution, but once you have tried pawnbroking, you will realise how easy, flexible and efficient a loan is from us. Here at Cuttings the Pawnbroker, we have a range of loyal customers who visit us often.

Myth: Pawnbrokers only lend small amounts of cash.

Truth: We can lend up to £50,000 at a time.

In fact, we could arrange an even larger loan if you needed it. The majority of our customer base is made up of successful individuals who might need to borrow a larger amount to grow their businesses.

Myth: You are likely to lose your valuables.

Truth: 9 out of 10 Cuttings customers receive their goods back.

We are keen to see as many customers repay their loans and receive their goods back, because it means that we are lending correctly. If a customer collects their valuables, it also means that they are more likely to borrow from us again.

Myth: Pawnbrokers are unfriendly places.

Truth: We treat our customers like friends.

Here at Cuttings the Pawnbroker, we make an effort to get to know our customers and maintain close relationships with them as they continue to borrow from us. We want our customers to be able to trust us with their valuable items, so we do all we can to build this trust between us.

Are there any myths we have missed? If you have any questions about pawnbroking, we’d love to answer them for you – just get in touch with our team. 

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