Will pawning help me during the pandemic?

The pandemic has had a detrimental effect on the majority of us. As the government enforces closures on thousands of businesses to protect the country, unfortunately, many are struggling to make ends meet. 

As the first point of call, we would encourage anyone who is struggling financially to please seek government help if you have not done so already. 

However, if you need short term financial support, a pawnbroking loan may be an option for you. Here at Cuttings, we’ve been in the pawnbroking industry for over a century, so we can provide some expert advice on whether pawning will help you during the pandemic. 

Should I pawn my items during the pandemic?

The pawnbroking industry has helped people financially for many years. Pawnbroking loans are different from loans you would receive in a bank, for example, as they do not require any credit checks. Your valuable item is the collateral of your pledge with the pawnbroker to secure the payment of the loan; allowing you to receive instant payment. Once you pay back this loan in full, you will get your item back of value too. If you are unable to repay the loan within the redemption period, then the pawnbroker will sell your item of value to recover the cash.

With this in mind, pawnbroking loans are great if you need instant, short-term cash to help you get by when you cannot receive money from banks or other lending institutions. 

Here at Cuttings, for example, we provide pawnbroking loans on luxury watches and jewellery, lending anywhere from £50 up to £50,000 on a maximum 6-month loan term. You can view the full details of our pawnbroking loans on our website here.

This cash can provide instant support for you during these unprecedented times and can help you to get back on your feet. 

If you are thinking this may be the best solution for you, we would recommend visiting a pawnbroker so they can take a look at your valuable item(s) and provide you with a loan amount, along with the interest rates. This will then allow you to decide whether this may be the best option for you. 

With the UK lockdown, pawnbrokers can remain open as they are classed as an essential business and as such, they may operate and undertake all trades from their pawnbroking premises. Therefore, here at Cuttings, our Ramsgate shop remains open for all pawnbroking enquiries. We are authorised pawnbrokers and regulated by the financial conduct authority for consumer credit activities.

Summary

So, if you have any valuable watches or jewellery at home that you feel can help you financially during the pandemic, then visit a pawnbroker!

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 one of our friendly team here.