Have
you ever found yourself in a position where you could use more cash? Could be cash flow for a business venture,
repairs to a property or even just because you want to take a luxury holiday
somewhere warm.
For
many they think of selling something of value like jewellery for example – but
then comes the dilemma. Can you bear to
part with that personal treasure for the cash and what that can do for you or
is it something you may regret?
Well
there is a win win scenario that has actually been around for many years and
seems to be gaining in popularity and that is the good old fashioned pawnbroker. A reputable pawnbroker with take your valuables
such as jewellery and use that as collateral against a loan.
The
interest rate from a pawnbroker is much better than many other types of loans
and the interest rate charged by pawnbrokers in London is
typically around 5% per month at current rates.
Obviously the pawnbroker can sell your good if you don’t pay back the
loan.
Bear
in mind that the value of your good is based on the current condition and
second hand value if the items. There is
no point expecting to pawn your items based on the new retail value of the
items. So don’t be offended if the
pawnbroker cannot offer you a deal on your goods as they need to have some way
of ensuring they can get the loan amount back at least.
Once
again using a reputable pawnbroker is key when it comes to thinking about the
security of your goods. They could be
worth several thousand pounds so it is worth checking the pawnbroker has a
secure area for your personal items and has a good system of ensuring your good
don’t get lost. This is not usually a
problem but in all industries there are unscrupulous traders so stick with a
pawnbroker with a good name.
Keep
in mind the jewelers will not loan on just any jewelry. Don't be offended if
you are turned down or the jewelry can't help. They are taking a risk in giving
you cash for your jewelry and will often only take high-end valuables.
If you use the right pawnbroker then you will have a
very positive experience. The cash you
need can usually be yours very quickly at a very reasonable and fair rate, and
you can get your good back when the time is right.
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