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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.
The research conducted by The National Pawnbrokers Association (NPA) details the findings given below –
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.
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.
Pawnbroking may not be known as the oldest profession of the world, but its origin can be traced back to more than 3,000 years ago when pawn shops first turned up. Pawnbrokers used to provide credit to the peasants while being supervised by Imperial authorities.
Pawn shops were famous in ancient Greece and Rome. While small merchants used a pawn loan to begin their businesses during the Middle Ages, the Catholic Church imposed restrictions on charging interests for pawn loans. This eventually hindered the growth of pawn shops. However, with the increase in demand for such kind of credit in 14th and 15 century, the constraints loosened.
The pawnbroking industry that we know today can be traced back to 15th century, Italy when the financially dominated noble Medici family divided in two. While half of the family members became bankers, others became pawnbrokers who took half of the family crest. This pawnbroking part of the family integrated today’s instantly recognisable symbol of the pawnbrokers- the three gold balls.
However, the symbol has also been ascribed to the story of Saint Nicholas who has saved three poor young girls from dire poverty by giving them each a bag of gold so that they could get married.
European citizens procured pawn loans to aid their families financially as well as to acquire new businesses off the ground. Sometimes, a pawn shop is also called as ‘Lombard’ in Europe, referring to the House of Lombard that was a recognised family known for lending money.
In the 18th century, people belonging to lower class borrowed money against collateral from Franciscan monks for little or no interest. However, in the latter stages of the 19th century and early 20th century, there were virtually as many pawnbrokers as public buildings in Britain, lending cash on almost anything from cutlery and bed linen to the best wardrobes. With the fright of the workhouse draping over the lives of the poor, they used to try all means to avoid it, even if they had to pawn their belongings to obtain some amount of money temporarily.
Although pawnbrokers had earned itself a prejudiced reputation in the past, its image has enormously changed over the last twenty years or so.
The upsurge in the pawnbroking industry came during the credit boom in the 1980s, and it continued to flourish today with customers preferring this convenient High Street way to borrow money.
With more and more people looking to raise cash for a short period, the process of pawnbroking became an easy, quick and convenient way to secure short-term loans in the past few years. Today, there are many trustworthy local pawnbrokers in London or any other big city who provide entirely secure, transparent and straightforward service, making the pawnbroking process a significant alternative to any other way of borrowing money.
© 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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