Is It Worth Getting a Pawnshop Loan?

pawnshop loan

If you do not have a good credit score required for securing a loan from the bank, but you need access to fast cash, the pawnshop loans would ideally be the best choice for you. You will only need an item of value to secure a loan from a pawnbroker. Moreover, pawnshop loans do not affect your credit score.

Get an instant loan against your watch, diamond or gold jewellery from The Luxury Hut pawnbrokers in London. Fill up our online form for a free loan quote immediately. Or call us on 0207 242 9160 to book an appointment at our office in Hatton Garden, London.

How do a pawnshop loan works?

First of all, find an item of value that you can use as collateral for a pawnbroker loan. It can be any luxury watches like a Rolex, Patek Philippe or Cartier, diamond or gold jewellery. Just keep in mind that the item has to be something with good resale value.

Now, bring in the item to your pawnbrokers along with all other relevant things that may add to its value. The pawnbrokers will check your asset and appraise it precisely. They will determine the item’s accurate value, considering all essential factors, including its condition, age, metal and current market price.

You will be made a cash loan offer based on your item’s worth. If you accept it, you will get paid immediately without any obligation. Your pawnbroker will give you a pledge receipt to sign that outlines all details of your collateral loan.

The maximum tenure of a pawn loan is usually six to seven months. However, you are entitled to reclaim your asset anytime within your loan term by paying off the original loan amount and the interest due. You will not have to pay any early retrieval or redemption charges.

Once the contract term ends, you will get notified, and pawnbrokers typically offer 14days cool off time to reclaim your asset. If you do not retrieve your item by the time, the pawnbroker can help you renew the loan, get you a new contract, or put the asset up for sale to recover the debt. However, there is no penalty if you do not pay by the due date.

Thus, get a loan against your Rolex watch today and meet your short-term financial needs. The process is simple, secure and hassle-free. You just need to fill up an online form with details on your watch to begin the process. You will receive a free loan quote shortly via phone or email.

When is a Pawnshop loan a smart move?

Getting a pawn loan would be the best choice, especially in instances, like when:

You want fast cash – If you wish to access money almost instantly, simply walk into a pawnshop with your luxury item and walk out getting cash within minutes.

You have a bad credit score – Banks or any other traditional financial institutions will check your credit score before approving you a loan. However, pawnbrokers make an instant cash loan offer only based on your item’s worth. Your poor credit history will not influence your cash loan amount you are likely to obtain against your asset from your pawnbroker.

You need a small amount of cash – Pawnshops lend money on small luxury items.

If you are looking to raise some fast cash and own an item of value like a luxury watch, diamonds or gold items, get in touch with the trusted pawnbrokers in London at The Luxury Hut. You will receive the highest possible cash loan amount against your item without any obligation or credit check.

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  • Suite 10, 88-90 Hatton Garden, London, EC1N 8PN
  • 0207 242 9160
  • info@theluxuryhut.com
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