Pawnbroking Cash Loans
Pawnbroking Loans—Quick and easy—either Cash or direct transfer—you chose. Your jewellery safely stored in our treasury quality safes for the duration of the loan. Strictly confidential and professional service, adapted to the needs of our customers from over 22 years of trading from the same premises.
- Your personal Credit rating not effected or required.
- Proof of ID and address required.
- Visit us today instore to discuss your needs--no appointment necessary
What is pawnbroking?
Pawnbroking is a method of borrowing money, where goods are left as collateral to be held against a loan. The lender will value the items and make an offer based on a percentage of their value. If that offer is accepted, a pawnbroking contract is generated that details the terms of the agreement including a description of the goods left, the loan amount, interest accruing, and the length of the agreement. Alex John pawnbroking contracts last a period of six months.
Pawnbroking is a very flexible loan service that does not require any credit checks and does not affect your credit score. It is an adaptable service that can be tailored to suit your needs. To find out more about how pawnbroking works, please read below.
Frequently Asked Questions
How do I take out a Alex John pawnbroking loan?
Just bring the goods you are hoping to use as collateral into the shop for us to value. In most cases we are able to do this while you wait. Items we accept as collateral include higher end watches such as Rolex, Omega, and Breitling; precious metals such as gold coins and ingots, and jewellery, including precious stones and diamonds.
We will make an initial assessment of your goods to provide a preliminary offer, subject to any checks we need to carry out such as testing unhallmarked metal. If you agree to this price and we authenticate the goods, we will then open an account for you. In order to take out a pawnbroking loan, you will need to provide us with two types of ID:
- Photo ID, such as a passport
- ID with your current address, such as a driver's license or current utility bill.
After setting up your account, we will list the items you are leaving with us and discuss with you the terms of the agreement. This involves confirming the loan amount, the monthly interest, and the total interest that will build over the contract period. You have the opportunity now to ask any questions you may have about the loan. If you are happy to proceed, we will provide you with a copy of your pawnbroking contract for you to sign. This document, also known as your ticket, is a legal document that you are required to present to us at any time you wish to make changes to the agreement, or redeem your items.
How do I retrieve(redeem) my items?
Pawnbroking is a very flexible service that you can adapt to work for you. You are not required to let the loan run for the full six months; as soon as you are ready to redeem your goods, all you need do is bring your contract to us and pay the original loan amount and any accrued interest. Interest will only be charged for the amount of time the goods are with us.
What if I am unable to redeem my goods?
If at the end of the six-month contract you find you are unable to re-pay the original loan and the interest, this does not necessarily mean you will lose your items. You have the option to pay only the accrued interest, which will reduce the total amount owed back to the original loan amount. From this point, the interest will start to build again for a further six months as if the contract has started again.
If you have concerns when initially borrowing money about whether you will be able to pay it back in one go, you have the option to make part payments throughout the contract period to help pay down the original loan. This will help to reduce the interest too, making retrieving your goods less onerous.
If you have concerns about your ability to retrieve your goods, please contact us to discuss your options. As your contract comes to an end, if you are unable to redeem but are hoping to keep your items, contact us as soon as possible so that we can work with you with a view to achieving this.
Please be aware that if you take no action to pay back the interest or loan when the contract expires, your goods may be sold to recoup any money loaned and any interest that has built up.
How much can I borrow?
The amount we are willing to loan is based on a percentage of the pre-owned market value of the goods you are hoping to use as collateral. When we make you an offer, you are not required to borrow the full amount. You can borrow any amount up to that value, and we advise only borrowing what you need, thus reducing what you will have to pay back.
Can I take out a loan the same day?
In the majority of cases, we are able to price and complete the loan process within minutes. We are able to test smaller stones, including diamonds, and precious metals there and then.
However, some items can take longer to price and authenticate. Large diamonds, high value jewellery, branded jewellery, and high-end watches can take longer to price and need specialist due diligence checks. You may need to leave them with us for a while so that we can make you a fair offer. If you accept that offer, we may need to carry out further checks. This is particularly applicable for some watches. To reach our initial loan value, we will research pre-owned market rates and offer a percentage of that amount for the loan. If you agree to that price, we may take the back off of the watch to examine the movement. We will not do this until you are happy to proceed with the loan as it could mean that the watch will no longer be water resistant unless resealed and pressure tested.
Is pawnbroking the right option for me?
Pawnbroking is best for those whose intention is not to say ‘goodbye’ to their items. If you have no interest in retrieving your goods back, you will be paid more from us if you sell them outright.
In short, our pawnbroking service could be ideal for those who are looking for a quick short-term, flexible loan that will not affect your credit score. Our very discreet service conducted in a private office allows for a more personal service, where you are able to visit our shop and talk with staff members should you have any concerns or be facing any unforeseen difficulties.