Tag: pawnbrokers near me

4 Things You Should Know About Pawnbroking

4 things you should know about pawnbroking

Pawnbroking is a simple and straightforward way to raise some fast cash using anything valuable as collateral. Indeed, it is a much easier and hassle-free way than other traditional methods of getting a loan.

4 things you should know about pawnbroking

A pawnbroker allows you to borrow cash based on your collateral’s value. You will obtain an instant pawn loan without any credit checks.

However, today professional pawnbrokers in London or any other big cities are continually working to make the pawnbroking process more comfortable and convenient than it has ever been.

Thus, more and more people today from all walks of life are looking for trusted pawn shops to secure a pawn loan and meet their short-term financial needs quickly.

Thus, for those who are not acquainted with the process of pawnbroking, here are some of the essential things you should know before heading out to a pawnbroker for a collateral loan.

Best Way to Raise Instant Cash

People often face the need to raise some fast cash, maybe to pay bills, invest in a new asset or to finance a vacation.

Thus, one of the best ways to obtain a little extra cash is by choosing to pawn a luxury asset. However, a pawnbroking loan is the most convenient choice for those with poor credit history.

When you bring in an item of value, your pawnbroker will evaluate your asset precisely. He/she will make a cash loan offer based on the current market value of the pawned item.

If you accept it, the pawnbroker will pay you instantly and keep the collateral securely for the contract period.

Assets you can pawn

Customers can typically consider anything valuable as collateral for a pawn loan. But it is essential to keep this mind:

  • The assets accepted as collateral may vary from one pawnbroker to another.
  • Thus, before deciding on a particular pawnbroker, it is essential to check what assets the pawnbroker accepts to lend.

However, items that are universally accepted include precious jewellery and luxury watches.

And The Luxury Hut pawnbrokers London is the only name to trust if you want to secure the highest possible amount of credit loan against watches, diamond or gold jewellery.

Pawnbroking Loans

The maximum tenure of a pawn loan is usually six to seven months. The Luxury Hut pawnbrokers in London lend against luxury watches, diamond and gold jewellery.

Customers are required only to provide valid ID proof to enter an agreement with us.

  • Once you accept our loan offer, sign your pledge receipt, and we will pay you instantly.
  • However, you will have to make a single payment at the end of your loan term.
  • A customer will pay only the interest for the loan months he/she borrowed for.

Moreover, you can retrieve your collateral any time within the loan term, paying off the loan amount and the interest due.

At The Luxury Hut, we do not have any hidden charges or early retrieval fees.

Know the value of your asset

At The Luxury Hut, our expert evaluators assess an item that customer want to pawn precisely. We determine its accurate value, considering its condition, age, brand, metal, and other relevant factors.

We make a final competitive cash loan offer based on the current pre-owned market price.

However, it is essential to know the value of your asset before bringing in to any pawnbroker.

Thus, if you want to know how much your item is worth, fill up this online form now and get a free valuation.

Moreover, for those who are wondering how much you can borrow against your item.

Or call us at 0791 747 2203 for an instant appraisal over the phone or to book an appointment at our office in Hatton Garden, London.

The Luxury Hut pawnbrokers in London aim to beat any high-street pawnbroking rate. Thus, get in touch with us today.

A Brief History of Pawnbrokers in London

pawnbrokers

The origin of pawnbroking can be traced back to thousands of years when pawn shops first turned up. And, lending cash against assets has been a practice in many ancient countries like China, Greece and Europe. While more and more people today prefer this convenient high street way to raise cash for a short period, trustworthy pawnbrokers London are working to make the pawnbroking process more secure, transparent and straightforward.

pawnbrokers

However, pawnbroking in Europe started to flourish during the Middle Ages. The practise of pawnbroking was introduced in England by Norman Conquest. While the first bank of England indeed established ‘pawnshops’ in 1695 with a specific interest rate, it helped the poor who had no legal protection at that time. Moreover, the Lombardy region of northern Italy was another seedbed of pawnbroking, and gradually, the term ‘Lombard’ became synonymous with the term ‘pawn shop’.

Pawnbrokers Licence Law of 1785

The Pawnbrokers Act of 1785 licenced the pawnbrokers for £10 in London and £5 for the country that was indeed a staggering sum at that time. This ensured that London pawnbrokers were heavily regulated and abided by specific rules. However, the rate of interest was set at 0.5% per month, and the maximum loan term was confined to one year. As per the law, pawnbrokers could be fined twice the worth of an item for not returning it after the payment was made.

The Pawnbrokers Act of 1800

Lord Eldon introduced this act that became quite popular among pawnbrokers because it increased the interest rate up to 1.5%. The licence fee was also increased to £15. However, the legislation was revised three times, and a new act of 1872 replaced it finally. In fact, pawnbroking served as the only convenient means of obtaining a loan for the poor during this time.

Pawnbrokers Act, 1872

The Pawnbrokers Act of 1872 introduced many rules that are yet in force today. Individuals under 12years of age or drunk were denied a pawn loan. Licenced pawnbrokers London were required to engrave the word ‘pawnbroker’ above their shop’s doorway.

Pawnbroking became highly popular because of the industrial revolution, creating a new base of the working class. However, it continued to stay popular until after World War II.

The Process of Pawnbroking Today

Although pawnbrokers once earned itself a prejudiced reputation in the past, their image has significantly changed over the last twenty years or so. Indeed, the upsurge in the pawnbroking industry came during the credit boom in the 1980s. However, things for London pawnbrokers today are not much different from what they were in the Victorian period.

Indeed, all pawnbrokers in London are now heavily regulated and required to acquire a licence to trade from the Financial Conduct Authority. London is the early home of luxury watches and fine jewellery. And, the famous street such as Hatton Garden is the home to nearly more than 300 diamond and jewellery trading business.

Trustworthy pawnbrokers in Hatton Garden, like at The Luxury Hut provide discreet and transparent pawnbroking service and an instant asset-based loan against watches, jewellery, diamond and gold. Whether you are looking to pawn your luxury watch or get a loan against a diamond ring, get in touch with the reliable pawnbrokers Hatton Garden or your local trustworthy ‘pawnbrokers near me’ and receive an instant cash loan offer without any obligation and credit check.

Do Diamonds Appreciate or Depreciate in Value?

Diamonds Appreciate

Diamonds are considered to be celebratory gemstones, representing typically one’s prestige and wealth. However, over the years, diamond prices have fluctuated significantly. Whether you want to sell a diamond heirloom or are interested in purchasing a diamond asset, you may wish to know, ‘Do diamonds appreciate or depreciate?’ Although there is ideally no straightforward answer, the fact is that a diamond does have a resale value. Continue reading below as we cover whether diamonds increase or decrease in value with time and how can you obtain the best possible price when selling it to trustworthy pawnbrokers London.

Diamonds Appreciate

Do Diamonds Increase in Value?

If you ever ask yourself the question ‘does a diamond appreciate?’, The simple answer is that unfortunately, diamonds do not usually appreciate over time. Although it depends on many factors like how and when you bought it, the fact is that most of the diamonds have depreciated over the last ten years or so.

There is indeed a common misconception that diamonds are rare and eventually, increase in value over time. Like cars or other luxury assets, a diamond’s value will dramatically drop once you step out of the jewellery shop. Why? While one of the factors is known to be the retail mark-up, many other aspects play a significant role in determining the resale market value of diamonds. Now:

For those who are wondering whether diamonds have resale value, the short answer is yes. Whether it is a family heirloom, a loose diamond or an engagement ring, all diamonds have a resale value. While diamonds are always desirable and coveted, there is indeed always a booming market for second hand diamond jewellery. Thus, if you want to raise instant cash in a hard-up situation, you can choose to sell your diamond jewellery to any trustworthy ‘pawnbrokers near me‘ or pawnbrokers London.

How to Get the Best Price when Selling your Diamond Jewellery?

Diamonds are undoubtedly one of the hardest elements in the world. However, a diamond can also get chipped and fractured. Whether it is a diamond necklace or a diamond engagement ring, make sure to keep the jewellery item in good condition without any significant dents and missing diamonds, thereby enabling you to secure the best price when selling it for cash.

However, while a diamond certificate is an official report of a diamond’s characteristics, it may allow potential diamond buyers or professional pawnbrokers in London to provide you with a higher price offer for your diamond jewellery. A diamond certificate includes vital details like the diamond’s cut, carat, colour, clarity, symmetry and fluorescence.

More significantly, if you want to obtain the best price for your diamond jewellery, it is always essential to choose a reliable diamond buyer to make the process smooth. With years of experience in dealing with all kinds of diamond jewellery items and comprehensive knowledge of changing market prices, The Luxury Hut pawnbrokers London are able to provide a competitive price offer and make the selling process quick as well as convenient. To begin the process:

  • Fill up the online form
  • Get your initial price quote
  • Send your item or book an appointment at our office in Hatton Garden,
  • London to visit in-person with your asset
  • We will make a final price offer
  • Accept it and get paid within minutes.

Why Should You Not Open a Watch Yourself?

Why Should You Not Open a Watch Yourself

Many people tend to open their luxury watches themselves usually for two reasons. One is, to change the quartz battery or assess any water damage, second, to check out the serial or model number of the watch. Regardless of any reason, you may have for opening a timepiece; the asset can be exposed to unnecessary damage and expensive repairs.

Why Should You Not Open a Watch Yourself

Thus, the popular question that many luxury watch owners often ask is ‘Should I open a watch myself?’ or ‘Will opening a watch myself depreciate its value?’

While watch experts do not recommend opening a luxury timepiece yourself, the straightforward answer to the above question is you should not open your watch yourself as it is likely to depreciate its value.

A luxury watch should be indeed only be operated on by a specialist watchmaker or professional pawnbrokers London. Why? This is because they possess the necessary experience, knowledge and more significantly, the right equipment to disassemble, reassemble as well as repair a watch.

OPENING A WATCH CAN LEAD TO SIGNIFICANT DAMAGES

The sturdy construction, expensive components and intricate complications enable a luxury watch to last for a lifetime. Indeed, a luxury watch requires proper care as well as regular servicing to let them retain its value as much as possible. Eventually, like many others, you can use your watch as collateral and take out a pawn loan from trustworthy pawnbrokers in London or ‘pawnbrokers near me’ during short-term financial needs. You are likely to obtain a higher amount of credit loan for a luxury watch in good working condition.

However, while luxury timepieces attain outstanding durability and reliability through their brilliant craftsmanship, the high-quality materials used in designing their case contribute a lot to their sustainability. The watch cases are durably constructed to prevent the movement from any intervention of dust, moisture and other unnecessary particles.

Most luxury watchmakers purposefully design their watchcases in such a way that only a skilled hand with the specialised tool can open it, thereby preventing unauthorised openings. However, once you open your watch, it needs to be appropriately sealed again, and only a watch professional with the necessary skills and tools can do it correctly.

Otherwise, your timepiece will get exposed to moisture and dust. Keep in mind that a single drop of water in the movement can cause significant damages. Moreover, you are likely to break your watch’s warranty once you open it. Many watch cases come with moisture sealing stoppers that are specific to every watch model. These gaskets need replacement every time you open the watch.

However, while opening and closing a case, you may even dent or scratch the bezel, case, crystal or crown. All these aspects can significantly influence your watch’s actual value. If you opt for a pawn loan using this watch as collateral, your trusted local ‘pawnbrokers near me’ or professional pawnbrokers London may take into consideration all these factors before determining the final credit loan amount they are willing to lend against your asset.

WHY SHOULD A WATCH PROFESSIONAL ONLY OPEN A WATCH?

Professional watchmakers, watch dealers and experienced pawnbrokers in London or any other big city have the requisite experience, skills as well as proper tools to repair, disassemble and reassemble any luxury watches. They meticulously examine all essential aspects of a watch like its bracelet, crystal and movement while servicing. A luxury watch requires servicing every five to ten years to ensure optimal performance and accuracy for many years to come.

The watch professional will disassemble the movement, inspect every component for wear and tear and also, replace the old parts with original components (if necessary). Each component is cleaned ultrasonically, and the movement is greased to reduce friction and damage.

BEST WAYS TO MAINTAIN THE VALUE OF YOUR WATCH

Here are some quick tips for retaining and also, to appreciate your watch’s value:

  • Store the watch securely when you are not wearing it
  • Have your watch serviced every five to ten years and keep its service receipts
  • Keep the original box and papers of your watch in good condition as it will verify your asset’s authenticity.

For those who are wondering ‘what is the value of my pre-owned watch?’ Get in touch with your trustworthy local ‘pawnbrokers near me’ or pawnbrokers London like at The Luxury Hut. Professional pawnbrokers have years of experience and rich knowledge of the second hand luxury watch industry. To get started, fill up their online form and get a fair price quote for your watch.

How Can I Get A Loan From Pawnbrokers Near Me?

goldencash

Typical high street pawn shops have considerably evolved over the last few hundred years. Although pawnbroking is one of the oldest and popular ways of borrowing cash, it has today become more professional and accessible than ever before. More and more people are recognising pawn loans as a more flexible method of borrowing and eventually, are turning to trustworthy ‘pawnbrokers near me’ or pawnbrokers in London.

goldencash

If you are looking to take out a pawn loan to turn up some fast cash, continue reading below to find out how you can get a loan without any hassle from ‘pawnbrokers near me’.

  • Find an asset to pawn

The first and foremost thing to consider when opting for a pawn loan is finding an asset to pawn. A pawnbroking loan is a secure and convenient way to raise instant cash, using anything valuable you own as collateral. Although the assets accepted as collateral typically vary from one pawnbroker to another, any jewellery items that hold value like a gold ring and a diamond necklace, gemstones and luxury watches are universally accepted.

Whether it is an antique ring or a vintage watch, you can choose to pawn any antique or vintage jewellery items with your trustworthy local ‘pawnbrokers near me’. Ideally, as long as your asset holds value and is authenticated, your pawnbroker will accept it as collateral and make you a credit loan offer.

  • Choose a trustworthy pawnbroker

Now that you have selected the asset(s) you want to pawn, it’s the time to choose reliable pawnbrokers near you to ensure you are getting the best possible deal. Take a few minutes and search online for professional and trusted pawnbrokers in London or any other big cities. When choosing the right pawnbroker to get a loan, it is essential to check whether the FCA or Financial Conduct Authority regulate them. All high street pawnbrokers in the UK are required to obtain a license to trade from FCA.

  • Get a valuation

Well-established and professional pawnbrokers are today working to make the process of borrowing money more straightforward and convenient. Simply fill up the online form of the pawnbroker you have chosen to deal with, providing all details about your asset as much as you can. You will receive a price quote shortly. You can then decide to arrange an appointment to visit the office of your respective pawnbroker for a more detailed valuation. Or, carry out the transaction online, sending your asset and its relevant documents (if any) via a secure and insured delivery envelope that you may be provided.

  • Accept your loan offer

Your pawnbroker will assess your item precisely and make you a credit loan offer. Although you bear the right to accept or decline your offer at this point, make sure that you are taking the right decision. Before you proceed, take a minute and discuss the loan terms with your pawnbroker, go through the terms and conditions (especially, if applying online), so that you can apprehend what you are offered.

If you are satisfied with your given valuation and want to proceed, sign on the credit agreement that outlines the amount you have borrowed and your repayments. You will receive your cash immediately via your preferred method of payment. Thus, for those who are looking to turn up fast cash, get in touch with your trustworthy ‘pawnbrokers near me’ and take out a pawn loan without any obligation and hassle.

Should I opt for a pawn loan to travel from pawnbrokers near me?

pawnbrokers near me

Everyone in an ideal world desires to have enough cash to travel. However, in reality, it is not always possible. Our world has so many popular and beautiful travel destinations that fascinate many ardent travellers, but many such destinations are too expensive to visit. You will likely need to pay for lodging, airfare, other transportation costs like trains and taxis, foods and many other activities.

pawnbrokers near me

Overall, all these expenses make travelling a privilege at the end of the day, and many cannot afford it without any external help. Not surprisingly, for many aspiring travellers, the best option to meet the travel costs is ideally taking out a pawn loan, keeping anything valuable as collateral to a pawnbroker. Thus, if you are wondering ‘Should I take out a pawn loan from pawnbrokers near me?’ here is your answer:

For those who are determined to chase their wanderlust, simply get in touch with a trustworthy local pawnbroker near you or anywhere in London and opt for a collateral loan.

However, if you are considering taking out a pawnbroking loan, make sure you have understood the following things:

What is a Pawnbroking loan?

If you are entirely new to this term ‘pawnbroking loan’, you may wonder what a pawn loan exactly is.

  • A pawn loan is indeed a legitimate and secure way to raise instant cash by leaving anything valuable you own as collateral.
  • However, the assets accepted as collateral typically vary from one pawnbroker to another.
  • But, some items such as luxury watches, gold, diamonds and other precious metals are accepted almost universally.

The amount of credit loan you are likely to obtain will depend on the value of your pledged asset.

  • Your pawnbroker will evaluate many essential aspects of your asset and also, its current market price to determine the final credit amount that he/she is willing to lend.
  • Whether you want to raise money to fund your entire travel expenses or only to finance the tickets of sightseeing or transportation, a pawn loan is likely to be more accessible and convenient than any other alternative options for quick cash.

What are the benefits of a pawn loan?

Once you walk into your local pawn shop, the pawnbroker will assess your asset and make an offer according to the item’s value.

  • If you accept it, your pawnbroker will pay you immediately without any obligation or without checking your credit history.
  • The maximum loan term is usually six to seven months.
  • As with any collateral loan, you are entitled to retrieve your pledged item any time within the loan period or after the contract expires, paying off the original loan amount and the interest due.

A pawn loan may not offer you any additional benefits like rewards points, travel vouchers or others. However, the rate of interest charged by high street pawnbrokers London is a lot less in comparison to a credit card or payday loan.

What if I fail to pay back the money I borrowed?

Pawnbroking loans are enticing to many passionate travellers because they are readily accessible and provide cash right away. As already mentioned above, one of the significant advantages of taking out a pawn loan is that you can retrieve your asset whenever you wish to or soon after the term ends.

But if you fail to redeem your pledge, you pawnbroker can do two things:

One, sell your asset to recover the debt. And,

Second, he/she may help you to renew the loan, without hurting your credit score. You will get a new contract with an additional seven months to pay back, by repaying only the interest of the original loan term.

How to choose the right pawnbrokers near me?

Before you finally head out to opt for a pawn loan, take some minutes to do substantial research on some of the leading ‘pawnbrokers near me’ in London or anywhere in the UK.

So, if you are planning for an incredible holiday, go ahead! Don’t let your poor finances stop you from pursuing your wanderlust. If you need to raise quick money, take out a pawn loan from your trustworthy local pawnbroker right now. However, it is better to travel within your means and retrieve your asset, paying off the credit loan as soon as possible.

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