Month: August 2018

Pawn or Sell: What is the best option for you?

Pawn or Sell

When you need fast cash either to meet your temporary financial needs or to fund on something more valuable, procuring a quick loan from your nearby bank may not be a convenient option, especially if you have a bad credit score.  In such instances, visiting a high street pawnbroker in London or anywhere in the UK may be one of the best solutions, usually for two reasons:

One, you have the choice to secure an instant pawn loan against any luxury asset

Second, a pawnbroker also offers you the opportunity to sell anything valuable outright.

With the consistent downturn of the economy, more individuals are discovering the advantages of using the services rendered by a pawnbroker to come through the tough times. However, many novices are not aware of the difference between securing a pawn loan and selling.

Although both the methods can aid you in raising the money you need, you may wonder:

‘Should I pawn or sell my valuables for cash?’

While there is no specific answer to this question as it depends on many aspects, it is foremost crucial for you to apprehend the difference between selling and pawning. Take a look at the points given below that clearly outlines both these processes, helping you to determine what the best option for you is:

Ownership

When you decide to pawn your asset with a pawnbroker, you are using the item as collateral for your pawn loan. As with any collateral loan, the pawnbroker will hold your asset until you repay the original loan amount along with the due interest. Whether the item you pawned is a family heirloom or something with sentimental value, you can reclaim your asset once you pay off the loan.

On the contrary, when selling an item to a pawnbroker, you bring in your asset to sell and leave with money in hand outright, losing your ownership. While you agree on the amount that the pawnbroker is willing to offer when buying your asset, you walk out without having any further obligation to the buyer.

Feasibility

When you own a Rolex watch or anything valuable like gold, it is likely that their value will increase with time or age. Although you may acquire less value when pawning an item compared to selling, you retain the right to retrieve your asset whenever you want or after your loan term expires, by paying off the loan.

You can use your asset as collateral to obtain another pawn loan in future when you need to raise quick money.

Money

Pawning and selling a luxury item can help you to get immediate access to cash, while one of the significant advantages of selling is that you may secure a higher value in comparison to pawning. Thus, when you require enough money and do not mind to part with your asset, it may be more convenient for you only to sell.

While you do not have to worry about repaying any loan interest or other charges (if any) you owe when selling, you may get the money you need on the spot by selling something that you no longer need.

Should You Pawn or Sell Your Asset?

As already mentioned, in short-term financial emergencies, both pawning and selling a luxury item can help in turning up fast cash without any hassle.

But, an individual ultimately has to decide on its own what option is best for him/her when it comes to pawning versus selling. While you may feel it is better to sell your asset outright and avoid any charges or interest associated with a pawn loan, others may not wish to part with their valuables.

If you have a luxury asset that is moderately damaged and may not reap benefits in the long run, you can choose to sell turning your unwanted item into cash. Conversely, when you own an asset whose value may enhance with time, pawning can indeed be the best option.

Whatever option you decide to choose from, it is always essential to get in touch with a trustworthy pawnbroker in London or other big cities to have a hassle-free experience.

A Comprehensive Guide to Reclaim Your Pawned Asset from a Pawnbroker

Comprehensive Guide to Reclaim Your Pawned Asset

When people get desirous of fast cash to bring home the bacon, they often resort to pawning anything valuable like a Rolex watch or even Grandmother’s wedding ring with a pawnbroker. The old way of pawning personal luxury assets to get money quick continues to be on the uptick in today’s society, and more people recognise the benefits of the services rendered by a pawnbroker.

Ideally, a pawn loan is a convenient and legitimate way to raise money when in a bind. Without the need to lose your asset and mess with your credit, you can acquire the cash you need on the spot, leaving anything valuable you own as collateral. You retain the right to retrieve your asset within your contract tenure or after the term ends, paying off the original loan amount and the due interest.

While a pawnbroker provides you with the opportunity to retrieve your valuables whenever you want, one may wonder:

‘What happens if you do not come in to redeem your item?’

Although the terms and conditions of a pawn loan may vary from one pawnbroker to another, there are some basic rules and regulations that any trustworthy local pawnbrokers in London follow regarding the loan procedures and retrieving the pledge in time.

Know your options

When in dire need of cash, many people walk into a pawn shop to use their luxury item as collateral for a pawn loan. A pawnbroker evaluates every detail of the asset precisely and comes up with an accurate valuation according to its current market price. While a pawnbroker does not carry out any credit check when approving a loan, he/she may only ask for a valid proof of ID to get into an agreement.

Also Read: Tips on pawning your diamond jewellery

 

The maximum loan tenure is usually six to seven months, and the borrower has to repay the original loan amount along with interest to get back their item. But, in instances, when you are unable to draw out your agreement within time, this guide may help you significantly to reclaim your asset:

  •   Know about the loan terms beforehand

Although a pawnbroker often serves as a more convenient and reliable way to get instant cash for meeting short-term financial needs, it is pre-requisite for an individual who is willing to pawn their asset to be aware of the loan process along with its terms and condition.

A pawn shop may have some unique rules to follow, and thus, it is essential for you to apprehend the entire process and all the significant points, including the maximum loan tenure, extension period after the expiration of the contract, interest rates, default terms, methods of payments and others.

This information will aid you to get organised while enabling you to opt for a pawn loan conveniently and with peace of mind.

  •   Paying off the loan and the interest

With a collateral loan, the borrower can pay off its loan to reclaim his/her item before the due date or on the day the contract expires. Your pawnbroker may inform you once the contract time expires and offer you 14 days cooling off time to redeem your asset. Once you repay the full amount you owed and the interest due, you will get your asset back that has been stored in insured and secured vaults during the loan term.

  •   Failing to pay off (or paying late)

In instances, when you cannot redeem your asset kept as the pawn, even within the grace period, your pawnbroker may help you in renewing the loan. You will receive a new contract and an additional six to seven months to pay back, by paying off the interest of the original loan term.

Conversely, the pawnbroker may sell your item to recover the cash or debt if you do not contact or wish to redeem your item within the specified time.

Regardless of what one may believe, a professional and reliable pawnbroker always wants to help his/her valued customers wherever possible. Indeed, a pawnbroker works to make the pawnbroking process more accessible and comfortable for customers who are likely to come back to pawn the same (or other) asset should they want fast cash again in future. While you can secure a pawn loan from a pawnbroker without any credit checks, you can also recover the collateral after the existing loan term expires with no hassles.

Tips on pawning your diamond jewellery

pawning your diamond jewellery

If you have a diamond ring and want to raise some quick cash, you may wonder whether it is worthwhile to pawn it for generating quick cash. When fast money sounds requisite to you, and you do not also mind to part with one of your precious items for a particular term, pawning may be the best option for you. You can pawn your diamond ring to any reliable high street pawnbrokers in London or any other big city and raise the money you need, while still retaining the right to retrieve your asset after the loan time expires or whenever you want, paying the loan amount along with the due interest.

But before you head out to visit a pawn shop near you, have a look at these tips to get the most out of your precious diamond jewellery:

  • Know your asset first

Diamonds are priceless gems and absolutely, for a good reason. Whether your diamond ring is a family heirloom that passed down to you or an engagement ring from a broken relationship, the more you know about the asset, more comfortable it will be to determine the price that you can expect to obtain.

While it is requisite to know the actual value of your diamond jewellery you are interested in keeping as collateral for a pawn loan, you should also have a good idea of its quality and authenticity. And that is when a pawnbroker may come in handy. Getting an appraisal from some of the well-established and trustworthy pawnbrokers in London is always a good idea, usually for two reasons:

One, you will be able to know about your diamond’s characteristics like shape or cut and condition.

Second, the pawnbroker can estimate the real value of your asset based on these aspects and the current market price as well as explain to you the factors that may influence the value of your diamond jewellery item.

Professional and long-established pawnbrokers also have a convenient online platform where you can fill up a free quote form and receive a no obligation valuation in less than no time.

  • It is about the carat Marks

As with any diamond jewellery, a pawnbroker will determine the value of your diamond piece according to its carat. Although diamonds are priced based on four standards, the most significant of the four is carat.

Thus, it is essential for you to pay attention to the gold carat markings like 14ct, 10ct and 18ct on the diamond jewellery item you are about to pawn, as your pawnbroker will explicitly look for these markings to appraise your item accordingly.

Also Read: 5 Things to Consider before pawning any luxury item in a local pawn shop

  • Clean your diamond jewellery

Ideally, cleaning your diamond ring or other diamond items is the best way to exhibit the carat markings and make it presentable as much as possible to ensure a good deal. While streaks or smears can undoubtedly dull the brilliance of your diamonds, such wear and tear may also result in a significant cutback on the loan amount that a pawnbroker is willing to offer. Thus, cleaning your asset is prerequisite before you pave the way to a local pawn shop as it may add a lot to the value you expect to secure from it.

For those who are wondering:

How to clean a diamond ring or any other diamond jewellery?

You can use mild dish soap and mix it in water to make a handy de-greasing solution. Clean your gem once or twice in a week and make sure to use a toothbrush or any soft utensil for scrapping.

Conversely, you can use a jewellery cleaning solution formulated especially for cleaning diamond jewellery. Such solutions can indeed help you to weed out even the most robust junk and dirt, and eventually, bring in a good deal in the end.

It is always smooth and hassle-free to get a loan against diamond jewellery from a trustworthy local pawnbroker in London or any other big city, online or via appointment. With professional evaluators on hand and secure online platform, you can opt for a pawn loan filling up an online form from the comfort of your home or any other place. Alternatively, you can bring in your diamond ring to their brick and mortar office (by appointment) and receive an instant cash loan offer without any credit check.

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