Pawnbroking is the oldest form of borrowing cash, and the evidence of its use dates back to more than 3,000 years ago. The process and idea are simple that worked well, and has stood the test of time. The Luxury Hut pawnbrokers London provides a simple, secure and hassle-free way to apply for a pawnshop loan. We always strive to ensure that the process is convenient as possible.
Are you thinking to apply for a pawn loan? Is it the first time? Then, you will surely have many questions about what a pawnshop loan is, how it works, what you need to have to get it, and more. So we have put together some commonly asked questions on pawnbroking to help you by taking you through all the basics.
A ‘pledge’ refers to any item of value that you used as security – also referred to as collateral -against a pawnbroking loan. It can be a luxury watch, gold, diamond jewellery, a car and more.
In pawnbroking, the concept of a pledge is that its value will be enough to cover the loan amount, interest or any cost outstanding in case the customer do not repay the loan for any reason.
When you repay the loan after the loan term ends, you will get back your pledge.
Pawnbroking is a quick, easy and secure way to borrow money against an item of value that you own. At The Luxury Hut, we lend against high-end luxury watches, diamond and gold jewellery or any gold item.
The loan amount you are likely to secure depends solely on the value of your collateral. Pawnbrokers will not check your credit score or how much you earn.
The maximum loan term is usually six to seven months. However, you can pay off the loan any time during your loan tenure and redeem your asset.
You can pawn virtually any item of value. However, the things accepted as collateral for a pawn loan typically vary from one pawnbroker to another.
At The Luxury Hut, you can secure a loan against luxury watches, diamond jewellery, loose diamonds and gold (jewellery, scrap gold or any gold item).
Opting for a pawn loan is always a better choice than getting a personal loan. Why? Here are some of the significant advantages:
A pawn loan gives you access to cash instantly, unlike other loan types that usually take a couple of weeks to approve. You will only need an item of value to keep as security.
At The Luxury Hut, we will appraise your asset and offer you a cash loan, even if your credit score is poor. Accept our offer and get paid on the spot.
Unlike banks or any financial institutions, a pawnshop loan requires minimal paperwork for approval. Here at The Luxury Hut, we only ask for valid proof of identification to get into the agreement. And after you accept our loan offer, you will have to sign a pledge receipt that outlines your loan terms. That’s it.
From visiting our pawn shop in London, getting a quote, to walking out with your cash, the entire pawnbroking process may take as little as an hour to complete.
Pawnbrokers do not check credit score or how much you earn before approving a loan. As long as you have a precious item to use as collateral, you can opt for a pawnshop loan.
Pawnbroking allows you to retain ownership of your asset, and it significantly matters if you have a strong emotional attachment with the item.
Whenever you need to secure some fast cash or in short-term financial needs, you can choose to unlock the value of your asset by getting a pawn loan. You can get a pawn loan and cash in your hand within a few minutes.
As we mentioned earlier, pawnbroking allows you to instantly borrow the money you need against a precious item without any credit check.
Moreover, you do not also have to go through a lengthy application process to get the loan. The asset you keep as security will determine the amount you can borrow from the pawnbrokers in London at The Luxury Hut.
Our interest rates vary from 4% – 6% per month. Take a look at the representative example given below –
Representative Example 1: Loan of £6000 borrowed for three months
Total interest for three months – £900
Representative Example 2: Loan of £500 borrowed for one month
The amount you can borrow and that we are willing to lend will depend on the value of your collateral. However, the minimum amount of cash loan you can borrow from The Luxury Hut pawnbrokers London is £300.
Fill in our online form providing all details on your asset. We will contact you immediately with a loan quote via phone or email. Alternatively, you can call us on 0207 242 9160 now for an instant valuation over the phone.
At The Luxury Hut, the maximum term for a pawnbroking loan is seven months.
You can retrieve your collateral at any time during your loan term, provided you pay off the entire loan amount and the interest due. We do not charge any early retrieval fees.
Yes. We will store your asset securely in our safe until you come back to repay your loan in full and collect it.
If you cannot repay and collect your pledge within the agreed time for any reason, we can offer you a choice to renew your loan. This means we can extend your loan agreement for seven months for another seven months. You only have to pay the interest due at the end of the contract. And this will not affect your credit score.
However, it is recommended to repay and redeem your asset within the agreed loan term.
Yes. The Luxury Hut pawnbrokers in London are regulated by the Financial Conduct Authority (FCA). Thus, we abide by the applicable rules and guidelines issued by the FCA for pawnbroking. We are also a part of National Pawnbrokers Association (NPA).
For any further questions or concerns, you can contact us on 0207 242 9160.
When looking to raise instant cash, one of the ideal choices is to pawn valuable assets like your luxury watch and get a loan against it.
Once you bring in your luxury watch to a pawnshop, the pawnbroker will assess your asset’s value.
Your pawnbroker will determine the final cash loan amount that he/she is willing to offer based on your asset’s current pre-owned market value, and make you an offer.
The maximum tenure of a pawnbroking loan is six to seven months. The pawnshop then keeps your collateral temporarily.
As soon as you repay the original loan amount with its interest due, you can retrieve your asset without any hassle.
Thus, whether you are looking for a short-term credit option or your watch holds high sentimental value, pawning your watch is ideally the most viable option.
Trustworthy pawnbrokers in London like at The Luxury Hut offer a secure and straightforward way to pawn watches both online or via appointment.
Our expert team of watch evaluators can precisely assess the value of any luxury watch that customers want to pawn.
However, we take into consideration many significant factors like the watch’s brand, model, age, condition, and also the current pre-owned market price while determining the final amount of credit loan that you can borrow from us.
The Luxury Hut London pawnbrokers have the necessary expertise to make competitive offers on your timepiece. The fact is:
We aim to beat any high street pawnbroking loan rate.
Whether you choose to pawn your watch with us online or via appointment, you will enjoy benefits like:
Thus, you can pawn your luxury watch with us at The Luxury Hut with full confidence.
Begin the process by filling up our online form now and receive your free price quote.
Or call us on 0207 242 9160 for an instant appraisal over the phone or to book an appointment at our Hatton Garden office in London.
If you want to pawn your watch quickly for the best price, follow the steps given below:
Fill up the online form, providing all details of your watch as much as you can and attach its high-quality pictures. You will get your initial price quote shortly.
For getting the final price, you can send your watch to us via a specialised and insured delivery envelope that we may arrange for you.
Or call us to book an appointment and visit our office in Hatton Garden, London with your watch.
We will make you our final cash loan offer on the spot or usually on the same day we receive your asset. Accept it, sign your pledge receipt and get paid within minutes via your preferred method of payment.
The entire process is quick, secure, and hassle-free. From filling up the form to getting paid, it may take as little as two days to complete the transaction.
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.
© 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