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NPA Declared the Results of Pawnbroking Research 2020

August 20th, 2020
Pawnbroking Research

The National Pawnbrokers Association (NPA) works to render independent pawnbrokers all over the nation the perfect resources and implements to consolidate the pawn industry. The members of NPA operate to amplify and develop the professional and pragmatic image of all pawnbrokers.

With that in mind, The National Pawnbrokers Association has authorised a significant independent research project that focuses on the experiences of pawnbroking customers.

The University of Bristol Personal Finance Research Centre undertook the research that obtained perceptions of customers’ views and their personal experiences.

However, the research included 1,669 pawnbroking customers from all across the nation and analysis were made based on the management information from 85,000 loans.

So What Were The Key Findings?

The research conducted by The National Pawnbrokers Association (NPA) details the findings given below –

  • Two-thirds of the customers in the survey were women, and they were under 54 years of age.
  • While 62% of the customers retrieved their loan, 24% renewed, and 14% penance their pawn loan.
  • Out of the total 1,699 pawnbroking customers, 92% regarded that renewing the loan is a significant benefit of pawnbroking, and the potential to renew is essential.
  • More than 90% of the surveyed customers were satisfied with the pawnbroking services.

Pawnbroking was considered as a high-cost option by just 5% of customers.

Out of ten customers, six of them said that they needed the pawn loan for their living expenses.

Customers opted for pawnbroking loans because of its speed, simplicity and convenience.

£243 is the mean average amount of credit, and it mostly lends against gold jewellery items.

More than 90% of customers were satisfied with the pawnbroking loans.

Thus, the findings show that most of the customers are familiar with the way the process of pawnbroking works. They are aware of the convenience of the pawn loans and delighted with its flexibilities.

Moreover, maximum customers redeem their collateral by paying off the loan amount on time. Many people also consider the process of renewing the pawn loan as one of the significant benefits of pawnbroking.

Interestingly, many customers did not consider the cost to be a matter of concern.

Ray Perry, NPA Chief Executive, said –

“We are delighted with the extremely high level of customer satisfaction and the value they see in the service provided, and we are pleased renewals are considered extremely important in supporting customer needs. We believe pawnbrokers are well placed and well equipped to continue to help customers as we start to move on from lockdown and the impact of Covid-19 on households.”

Indeed, pawnbroking is ideally the best way to raise instant cash without having to sell your precious asset outright. More and more people today are turning to pawnbrokers to get access to fast cash and meet their short-term financial needs.

Thus, trusted pawnbrokers like at The Luxury Hut are always working to make the pawning process more convenient than ever.

If you are looking to raise instant cash, get in touch with The Luxury Hut pawnbrokers in London.

Pawn Your Luxury Watch & Jewellery

With a secure online platform and an office in Hatton Garden, London, we provide our customers with a quick and secure way to get a loan against luxury watches, diamond and gold jewellery.

Moreover, as the trusted pawnbrokers in London, we aim to provide the highest amount of cash loan against the assets that customers want to pawn with us.

Thus, fill up our online form to get a free loan quote. Or call us on 0207 242 5411 to book an appointment at our office in Hatton Garden, London.

© 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.
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