Why Borrow from a Pawnbroker?
If you’re considering taking out a loan, it’s important to explore all your options before making a decision. You need a loan that suits your needs, is free of any hidden costs and is a trustworthy option.
But why should you consider a pawnbroker for your loan? Join us as we take a look at the benefits of pawnbroking…
Pawnbroking is well-established
Pawnbroking traces all the way back to ancient China, continuing to thrive in ancient Greece and Rome. What started as a way for poorer members of society to acquire instant cash turned into an integral way to finance new businesses, and in the 14th and 15th century it was common for well-off families to become famous money lenders.
Pawnbroking became certified in Britain in 1872 when the Pawnbrokers Act was passed. The act created rules for the industry that regulated interest rates and made selling stolen items illegal – and it’s by these guidelines that pawnbrokers abide today. With a history like this, it’s hard to deny pawnbroking as a well-established, tried and tested loan option.
Pawnbroking is stress-free
Anyone that thinks a loan is synonymous with stress has not tried pawnbroking. Rather than going through a credit check and filling in lengthy forms, all a pawnbroker needs is the item you want to leave as security along with a form of ID. There’s no waiting around to see if your application is accepted – when you visit a pawnbroker you can walk away with your cash the very same day.
How about paying the loan back? This can be a point of stress for other short-term loans, as it can be costly to extend the lending period if you are not ready to pay the money back. Not with pawnbrokers, however. Here at Cuttings, we can extend the lending period for another six months if you are not ready to pay the loan back yet. All we ask is that you pay the accrued interest to date.
Pawnbroking is cost-effective
Pawnbroking tends to be the cheaper option compared to other methods of borrowing, due to the lower interest rates. Despite the flexibility of a pawn shop loan, the interest is charged per month, rather than per day as is the case with many pay-day lenders.
What if you only need the loan for a week? No-one likes to pay more than they need to, which is why at Cuttings we give you the chance to pay the loan back at any time during the 6-month contract. Take a look at our rates over on our Cost of a Loan page.
Pawnbroking is secure
You might be wondering what happens to your items during a pawnbroking contract. It can be unnerving thinking about handing over a valuable watch or piece of jewellery, even if it’s just for a short time. You’ll be pleased to know that all our items are kept behind a high-security safe protected by a sophisticated alarm system. Once your item is locked away, it won’t be removed until you have paid back your loan.
For more information about the pawnbroking process, feel free to contact our friendly team. We’d be happy to help!