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How to Get a Pawn Loan in 6 Easy Steps

Published: 17 Sep 2018

How to Get a Pawn Loan in 6 Easy Steps

Pawnbroking is the oldest method of borrowing money in the world, and while the basics have remained the same, the industry has been through many different changes over the centuries. These days, pawnbrokers can be found on most high streets in branches similar to your local bank. The staff are both welcoming and professional, ready to help you with a range of tailored financial solutions. 

In the Victorian era, pawnbroking was depicted in literature as something only the poor and desperate would consider. Pawnbrokers were often portrayed as expensive and unfair, unfortunately this idea has leaked through to modern day. In reality, the opposite is true, modern pawnbrokers are visited by a wide variety of people from all walks of life, as well as being fully regulated, cost-effective loan providers.

If you haven’t used a pawnbroker before, you may be pleasantly surprised at how easy and flexible it can be. Read on to find out how to get a pawn loan in just 6 easy steps.

Find an item to pawn

The first step when looking for a pawn loan is to find an item to pawn. You may think that you need to own gold jewellery or diamonds in order to get one, but these are just a small part of what pawnbrokers can lend against. Any jewellery which holds value, such as gold, silver and platinum pieces which may or may not include diamonds and gemstones are accepted, as well as luxury watches. Antiques and collectables, designer goods including handbags, art pieces and even vintage cars can also be pawned.

If you’re unsure about whether your item would be accepted as a pawn loan asset, it’s always best to check with the pawnbroker. As long as your item holds value and this can be authenticated, most pawn loan providers will make an offer. Here at H&T, our staff are known for their friendly, relaxed attitudes and will always try to help where possible.

Choose a pawnbroker

Once you have selected your item(s) to be pawned, it’s time to look at the pawnbrokers in your area. As with any financial decision, it’s always best to shop around to find the best possible deal. Search online for pawnbrokers near you, and check out reviews to see if there are any obvious ones to visit, or to avoid! It’s likely you’ll have a few to choose from, but if you live in a more remote area there are online options available.

H&T offer pawn loans which can be arranged online, and then confirmed once your item has been posted to us. We also have over 250+ branches spread across the UK should you prefer to speak to someone directly.

When choosing the right pawnbroker for you, always check they are fully regulated by the Financial Conduct Authority (FCA), as this is a legal requirement in the UK which ensures the customer is protected and treated fairly throughout.

Arrange a valuation

Now that you have the item you want to pawn and you’ve chosen a pawnbroker you’re happy to deal with, it’s time to arrange a valuation. This will determine the amount of money you’ll be able to borrow, so it’s important you present the item in as good a condition as possible. When travelling to a pawn shop, always keep safety and security in mind and never advertise that you are carrying valuables, just in case.

There are many ways to arrange a valuation:

  • Simply walk in!
    Here at H&T we are happy to see you without an appointment. Just pop in to see us at any time during opening hours. If we’re busy there will be somewhere for you to sit and wait with a cup of tea or coffee
  • Make an appointment.
    You can make an appointment at any one of our branches by calling them or popping in to arrange in person. Contact details for your local branch can be found here – simply select your local branch from the list
  • Go online. Send images and a description of your item to us, along with a few basic details to receive a provisional quote. If you accept, we will send a pre-paid courier service to collect your item, which is insured in transit up to £30,000

Get a loan offer

Once your item has been valued by in-house experts, you’ll be offered a certain loan amount by the pawnbroker. To avoid disappointment, it’s important to know that the offer will be for less than the value of the item. This is to cover risk and storage costs for the pawnbroker, and is standard across the industry.

You are free to accept or decline the offer at this point – and you must make sure it’s the right decision for you before you proceed. Take a minute to discuss the terms of the loan with a staff member, if applying online, make sure you read the terms and conditions so you fully understand what is being offered, and what your obligations are in respect to repayment.

Accept the loan offer

If you’re happy with the offer and you want to go ahead, sign on the dotted line and your money will be paid out right then and there. If you’ve applied in-store, you’ll receive cash in-hand and if you’ve applied online, we’ll send a bank transfer.

Your item will then be stored in one of our safes, which are highly secure and temperature controlled. Your valuables will be kept safe here for the duration of the loan, and you’ll receive your item back in the same condition as you left it, once the loan has been paid in full.

Decide on a repayment schedule

The loan lasts for 6 months, and you can make payments at any point during this time. At the end of the 6 months, you should have paid the full amount of the loan back, plus agreed interest. This can be done as one payment or several, and you can pay the balance early if you wish. Check with the pawnbroker to make sure it’s going to be easy for you to make payments when you want to, and that they accept your favoured method of payment.

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