Pawnbrokers

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Pawnbroking is undergoing a boom in our 'credit crunch' society.  It has lost it's social stigma and it is no longer frowned upon to walk through the door of the pawnbrokers.  There are now more than 800 high street pawnbroker shops across the UK, the number having doubled every decade for the past 40 years. It has become easier to access their services.

The convenience factor is perhaps heightened by the fact that pawnbrokers offer instant cash and also because the number of high street banks are reducing.

People find the idea of walking in off the street attractive and the personal service is discreet and as an added bonus leaves no trace on your credit record.  Above anything else the transaction is quick and easy and allows the customer a fast way of getting money.


The transaction is straightforward. Pawnbrokers give customers money in return for an object which is held as security until the customer pays off the loan plus any interest charges.  Once the item is valued and a rate of interest agreed, the customer can literally leave with the money.

Jewellery and watches are 'pledged' most often. The rising cost of bullion makes gold an attractive proposition right now.

According to the National Pawnbrokers Association (NPA), around 88 per cent of pledged goods are redeemed. But what if the worst happens and you are unable to pay for the item at the end of the loan period?

You can usually extend the length of time of borrowing. If you cannot do this, as a last resort, the pledge will get sold off, but it is generally not in the pawnbroker's interest to do so, particularly as many of them thrive on repeat custom.  Of course the cost of borrowing is higher. Interest rates can range between 2 and 8 per cent, depending on the amount borrowed.

Pawnbrokers are regulated by the Consumer Credit Act 1974, so as a customer you do have rights and you will receive a receipt detailing the terms and conditions of the transaction. So, if you have something to 'pawn' and are looking towards raising some short-term cash, then tracking down your local pawnbroker could only be a click away.