Pawnbrokers once acted as the only means of support for the helpless or poor people during hard times. However, with years, more and more people recognised the benefits and convenience of the services offered by high street pawnbrokers. And today, individuals from different walks of life turn to pawnbrokers to raise some fast cash during short-term monetary needs.
High street pawnbrokers are not the relics of days past. They continue to serve as a reliable lifeline for many borrowers, especially those who cannot access mainstream credit lending.
Today, more people are turning to pawnbrokers because it is more straightforward to get a pawn loan than other traditional loans. If you want to secure a pawn loan from a pawnbroker, you only have to give any valuable item as collateral to your pawnbroker. However, the collateral or pledged asset can be anything of value. But most people commonly opt for a loan against watches, diamond and gold jewellery.
Now your pawnbroker will evaluate your pledge’s value and offer you a cash loan based on the value over an agreed time. The maximum tenure of a pawn loan is usually six to seven months. However, one of the most significant benefits of pawnbroking is that –
You can retrieve the loan any time within the contract tenure and redeem your pledge item.
What if you fail to repay your loan by the deadline? Your pawnbroker can either help you to renew your contract or sell the pledge. Unlike payday loans, pawnbrokers allow settling their loans quickly without building up impossible debt levels for customers.
Borrowing credit from a pawnbroker is undoubtedly fast and convenient. Moreover, in terms of interest rates, pawnbrokers provide a much better rate compared to payday lenders. Another significant advantage of pawnbroking is that pawnbrokers do not carry out any credit check before approving a loan. This is because they lend money based on items.
However, the Financial Conduct Authority (FCA) regulates the pawnbroking business in the UK. Every pawnbroker has to meet and maintain stringent rules of conduct and solvency. Moreover, customers who have not received fair treatment are left only after a remedy.
Customers entering into a pawn loan agreement are entitled to a 14days cooling off period. This enables you to change your mind and deny the contract with no penalty up to 14 days from signing the agreement.
Interestingly, according to FCA rules, every authorised lender providing unsecured access to money has to carry out a creditworthiness assessment of the consumer. But pawnbrokers do not need to conduct this as their credit depends on a valuable asset.
So if you are looking to raise some fast cash and own anything of value, you can make the best decision by getting in touch with any trusted pawnbrokers in London or any other big city. No matter if you have an emotional attachment to the item you use as collateral, you can get it back once you pay off the loan.
When it comes to raising instant cash, fine jewellery is one of the most common assets used to generate funds. If you want a quick loan, pawning your jewellery might be the best option for you.
The significant advantage of pawning jewellery and diamonds is that you can get your asset back.
Pawnbrokers provide short-term cash loan to help you in meeting small financial needs without having to sell your precious asset outright. Once you pay back the loan amount and the interest due within time, you can retrieve your item without any hassle.
However, trustworthy pawnbrokers in London or other big cities are working to make the process of pawnbroking simpler and more convenient.
Thus, it is today easier than ever to pawn your jewellery securely and quickly, be it is a diamond ring or a gold necklace. Now:
If you are ready to get a loan against your diamond ring or any other precious jewellery item, you may wonder:
Where can I pawn my jewellery? And how much will a pawn shop lend me for my diamond ring?
Continue reading as we will delineate the steps to follow while pawning jewellery.
When you are prepared to obtain a loan against your jewellery, the first step would be to understand what you possess.
What kind of metal your jewellery is made of? Is it of gold or platinum?
Are there diamonds or gemstones? If yes, what is the carat weight?
Usually, the higher the diamond carat weight and metal weight, the more valuable it is.
However, many other factors influence the value of diamonds and gemstones.
Ideally, you can find all the details of your jewellery from the documents that came along with it during purchase.
Documents can include the original receipt, authenticity cards, GIA report or any gemological lab certification.
However, if you don’t retain the documents or any paperwork, no problem.
You can yet decide to use your precious jewellery item as collateral for a pawn loan with full confidence.
Trusted pawnbrokers in London like at The Luxury Hut will appraise your asset. They will determine an accurate value, considering all essential aspects and current market prices, and make you a competitive cash loan offer.
When deciding where to pawn your jewellery, you will find many jewellery pawnbrokers near you or all over the UK.
But it is essential to choose a professional and trustworthy pawnbroker to ensure you are getting the best credit loan offer for your asset.
The Luxury Hut jewellery pawnbrokers in London offer a secure and straightforward way to pawn jewellery and obtain an instant cash loan.
With expert evaluators always on hand, we at The Luxury Hut assess a jewellery item precisely and determine its accurate value.
If you are wondering how much can a pawn shop pay for your jewellery, fill up this online form now and get a free valuation.
With professional and trusted jewellery pawnbrokers like at The Luxury Hut, you will obtain an honest and competitive quote for your asset.
However, you can pawn your jewellery with The Luxury Hut online or via appointment.
Our team of expert evaluators are always on hand to evaluate any jewellery item, gold, diamonds or any other gemstone.
We continuously keep track of the changing market prices, including prices of precious metals like gold and determine an asset’s value considering its market price on the day of pawning.
Thus, you are likely to secure the most competitive cash loan offer when pawning your jewellery with us.
If you are satisfied with your initial price quote, you can:
Send your asset to us via a specialised and insured delivery envelope that we may arrange for you
Or call us on 0207 242 9160 to book an appointment at our Hatton Garden office in London.
You will receive your final cash loan offer that we are willing to lend via email or phone, or on the spot (in case of appointment).
Once you accept the offer and sign the pledge receipt, we will pay you immediately.
Has the time come to take the plunge and make your relationship permanent? While choosing a perfect engagement ring from a pawn shop is obligatory to make this moment perfect, it is also the first step to create a winsome future together with your true love.
You may take her to the place where you had your first date, following it up with a sumptuous dinner. And choosing a perfect spot, you finally bend down one knee and propose her to marry, opening a small box containing a beautiful diamond ring. As she leans over and peers for a closer look at the tiny stone, a sinking feeling subsides in the pit of your stomach. Now, you may be wondering:
‘Isn’t it sounding more like a fantasy than reality?’
This can end up being a fantasy if you walk into a high street jewellery shop to purchase an engagement ring and do not have the money to match its price tags. But you can virtually make it the proposal of your dream if you set your foot in a local pawn shop.
One of the many things that a pawn shop does is sell exquisite, high-quality pre-owned jewellery, including engagement rings. It is a lot smarter to purchase an engagement ring at a pawn shop at a fraction of the RRP.
Many people turn out at the opportunity to use the services that a pawnbroker offers, without even realising the riches that await them. Now, before you run out to your nearest jeweller, consider these advantages of shopping with a pawnbroker:
Unlike a high street jewellery shop, a pawn shop is not anxious about the original retail price of a jewellery item. The price tags that come with the jewellery items flaunted at a jewellery shop reflect the overhead they have to cover. With a significant amount of choices to choose from pre-owned engagement ring collection at a pawn shop, you can end up buying a perfect ring for your partner, saving a decent amount of money at the end of the day.
For some people, buying a pre-owned engagement ring from a pawn shop is a bad idea, probably for two reasons:
One, they think that a pawn shop has old, outdated rings. And,
Second, a used ring may significantly spell bad luck for a marriage.
Outside of superstition, the fact is that a pawn shop’s inventory includes high-quality and high-value engagement rings, both of new and old styles. With a little bit of luck, you may also come across an engagement ring of contemporary design that is just five months old at a good discount.
Chances are pretty good that the previous owners cared for their ring enough, thereby preventing the stones from sustainable damage. While there is no perceptible difference between a pre-owned and new engagement ring, the money you can save by purchasing a second-hand ring is significant enough for making a difference.
Unlike a jewellery shop, high street pawn shops in London or any other big city are not stuck with just a few designs. Instead, a pawn shop brings in many vintage and designer rings that provide customers with a brilliant opportunity to discover something out of the norm.
As with any other vintage jewellery, a vintage engagement ring may also come with a character and history of its own that sets it apart from others. And you are likely to find such a unique and one-of-a-kind piece only at a pawn shop.
So, here’s the deal
If you are looking to find the perfect engagement ring at the price of your dream and begin the next phase of your life, get in touch with any trustworthy local pawnbrokers in London like The Luxury Hut and explore their beautiful collection of pre-owned rings.
Perhaps you found yourself in need of some additional cash for whatever purpose. You don’t have a good credit and you cannot get a bank loan. You can try to sell some of your jewelry. But there are complications. You may ask “How do I sell my watch? How do I sell my ring? How do I sell my necklace?” We understand that not everyone knows how to do that. We understand that you care about your own possessions. You don’t want to get scammed into giving them away without receiving even a single penny. So, why not consider loaning them for some quick money? Yes, that service exists!
The Luxury Hut Pawnbrokers in Hatton Garden, is one of the most trusted pawnbrokers in London. You see, all that you need to do is to give their valuators a call, and they will access your valuable and provide an offer for it. It is that simple.
You may then accept the offer and you will get cash instantly. You have a wide variety of choices of payments to choose from. You can get your money in cash, through a bank transfer or by other methods. It is entirely up to your arrangement for your own convenience.
What is best about Luxury Hut Pawnbrokers is the fact that there is no monthly payment. You only need to pay at the end of the loan term. If you have enough money, you can even redeem the loan early by simply paying the loan amount and the interest due. Plus, there is no early exit fee or redemption fee with Luxury Hut Pawnbrokers. There are no credit checks done, so you don’t have to worry if you have a bad credit. Still, to ensure credibility, you still need a proof of ID before you can enter into a contract with The Luxury Hut Pawnbrokers.
© The Luxury Hut is a trading name of Golden Cash Limited. Authorised and regulated by The Financial Conduct Authority for pawnbroking. Registered in England as Golden Cash Limited. Registered Number is 07309335. Registered office address: Treviot House, 186-192 High Road, IIford, Essex, IG1 1LR. Designed and Developed by The Luxury Hut. All Rights Reserved 2018