A big concern for any pawnbroker is the secure storage of items under their care. Here at H&T we always endeavour to be transparent with our customers about how we do business, and we’d like to let you know about how your items are stored to ensure peace of mind for everyone; whether you’re a returning customer or you’re looking to get your first pawn loan.
What happens to pawned items?
When you take out a pawn loan with us here at H&T, we will keep your item safe until the loan has been repaid. The repayment term for a pawn loan is typically 6 months, although you can pay the full balance and get your item back at any time before the end of the term. For all loans below £75, if you do not pay the loan in full and on time, then the item will transfer to our ownership. This outcome is rare -around 85% of all our pawn loan customers pay their loans in full and have their items returned to them.
We have a moral responsibility to treat every single valuable item used for an H&T pawn loan with the maximum respect. In all likelihood the item will never belong to H&T, and due to this we pay extra care to their security and condition. As is our policy, you will always have your item returned to you in the same condition as you left it, along with any box or paperwork it came with.
Where are pawned items stored?
Your item will be stored within your local H&T branch for the duration of the loan term and will never be sent elsewhere. All branch staff undergo regular training to ensure security procedures are airtight. Along with a robust security plan for each branch, items are kept within a highly secure on-site safe. These safes require more than one keyholder to open , and are located in a secured area of the store which is not accessible to the public.
All safes used by us are certified Grade III for insurance purposes, which means that we can safely store valuables – this more than each of our 247 UK wide stores will require. To put this into perspective; residential safes found in the home would typically be a Grade 0 safe, which can safely store valuables up to £60,000. From one grade to the next, security rises by approximately 50%.
About our safes
All of our safes have up-to-date security features and have been rigorously tested in laboratory conditions to ensure their toughness. This includes being ‘attacked’ with various weapons and implements, as well as set on fire and dropped from a height. Grade III safes have the following security features:
- Bolted to the floor or wall
- Keeps valuables safe from fire for at least 30 minutes
- High security lock with multiple locking points
- Back-up locking system
- Environmental resistance to moisture and dust
- Temperature controlled
You’re in safe hands
Here at H&T we’ve been offering pawn loans since 1897, so we’ve had 122 years to perfect our storage and security process. Over the decades, we have grown from a handful of London-based stores to a UK-wide network of 247 branches. Along the way, we’ve modernised and moved with the times, always ensuring that our customers can rely on us to keep their possessions safe.
We hold the largest loan book of any UK pawnbroker and we’re regulated by the Financial Conduct Authority. We are also members of the National Pawn broking Association and the Consumer Credit Trade Association. Our experience is unmatched and over the years we have seen it all – if a problem ever arises, we certainly know what to do by now.
All items stored by H&T are fully insured for the duration of their stay and as mentioned above, you’re welcome to pay the full balance at any time during the loan term to get your item back early. As well as items which have been pawned, we’re also dedicated to storing your personal information securely. We comply with all data protection rules and regulations, and all staff members are regularly trained and tested to ensure data protection is always enforced.
Come and visit your local branch today to see how we can help you. We’d be happy to give you further information if required, and you’ll be sure to get a warm welcome.
REPRESENTATIVE 165.5 %APR
Pawnbroking Loans are secured on your items, if the loan is not repaid it will be sold to pay the debt.
