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How Pawnbroking Works

 PAWNBROKER LOANS IN ROMFORD

Get quick cash with a pawnbroker loan at Golden Cash Pawnbrokers in Romford. You can sell gold and other valuables and receive cash immediately! Get in touch with us today.

STEP ONE

Bring in your valuables, plus proof of your identity. This needs to be an official letter or document with your name and home address on, dated within the last three months; for example: a gas bill or driving licence.

STEP TWO

Together we will agree the amount you can borrow from us, based on the value of your items. We will give you a credit agreement, which is also your pledge receipt. This clearly outlines the amount you have borrowed and what the repayments are. You will be asked to sign this.

STEP THREE

You receive your cash immediately! Your items will be put in our vaults for safe storage.

GETTING YOUR VALUABLES BACK

You can get your valuables back at any time by returning your pledge receipt and paying what you owe under the agreement. You have up to seven months to redeem your loan.

WHAT HAPPENS IF YOU CAN’T REDEEM AFTER SEVEN MONTHS?

We follow the guidelines laid down by The Consumer Credit Act:

  • We will write to you informing you that your contract has expired. We give you time to come in and redeem your items
  • We want to help you wherever we can. If you cannot redeem the full amount owed by the end of seven months, you can repay the interest only, and we will renew the loan for you. You will get a new contract and an additional seven months to pay us back
  • If you do not wish to redeem your items then we will sell your pledge so that we can recover the debt
  • After we have recovered the loan amount and interest accrued, any additional funds will be yours
Contact

Frequently Asked Questions

Below are a list of FAQ's. Take a look at them as our team at Golden Cash Pawnbrokers are here to answer any other question apart from the ones answered below. Contact us today.

What does it mean to Pawn?

  • Let’s start with what it doesn’t mean. It is not selling something.
  • A pawn loan allows you to borrow money today on your valuables without having to sell them.
  • A pawn loan allows you to get your valuables back after you pay off your loan.
  • A pawn loan allows you to extend your loan period without penalty.
  • A pawn loan will never hurt your credit and there is no lengthy application process to go through.
  • Pawnbroking shops offer people a quick, convenient and confidential way to borrow money. 
  • A short term cash need can be met with no credit check or legal consequences if the loan is not repaid. 
  • You are simply borrowing from yourself.

Why do people use pawnbrokers?

How much will I get?

  • We loan from £10 to £100,000. 
  • The amount of money you receive is based on an evaluation of your item’s market value, determined by our team of market experts.
  • No it usually does not matter if your items are damaged or out of fashion but you can generally borrow more money if your items are in a better condition.

Does it matter if my valuables are damaged or out of fashion?

What do you lend against?

  • Jewellery - Most types of jewellery including rings, bracelets, necklaces and earrings containing gold, platinum, diamonds and other gemstones.
  • Fine watches - Luxury watches including Rolex, Cartier, Breitling, Audemars Piguet and Tag Heuer
  • Precious metals and coins - including foreign gold, sovereigns and Krugerrands 
  • Loose diamonds and precious gemstones – any size diamonds considered, they DON’T need to be certificated
  • Certain collectables and certified art - All types of fine art including paintings, sketches and sculptures, and most types of antiques including Victorian, furniture and collectables
  • Luxury handbags – Such as Louis Vuitton, Marc Jacobs and Chloe
Call us if your valuable is not on this list.
  • No problem. Please call us on 01708 751751 and we can discuss options with you.
  • You can always send your items to us. You may be provided with a special delivery envelope or we will arrange for courier collection if the item is larger or more valuable.

What if I can’t get to your premises in Romford?

Where will my valuables be stored?

  • All valuables are stored safely in specialist holding vaults which are fully secured and insured.
  • This is highly unlikely, but in the event your belongings are stolen, all items are fully insured and we will compensate you according to the market value.

What if my valuables are lost or stolen?

How long can I keep an item in pawn for?

  • Items can be held in pawn for up to seven months.
  • You can pay your loan off at any time in this period and will only be charged interest on the amount of time your asset was on loan.
  • No, when you are ready to redeem your item, you pay back the money you borrowed, plus the total amount of interest due and we will return the item back to you.

Do I need to make monthly payments?

Will default on a loan affect my credit score?

  • We do not report people to credit agencies.
  • If you accept our loan offer, you will receive cash on the spot!

How and when do I get the money?

What happens if I don’t reclaim my item after seven months?

  • We will contact you once seven months has passed from your loan agreement.
  • If you still do not make contact with us we will sell the item on your behalf.
  • We aim to achieve the highest market price for you.
  • Any excess over the amount you borrowed and the interest accrued will be returned to you.
  • We will contact you to discuss returning the excess money to you.
  • We really don’t like selling items of sentimental value and so our financial department is always willing to work with you to work out a repayment plan.
  • Yes. You can bring in as many items as you like.
  • Each pledge item can be redeemed on its own, or with other pledge items, when the appropriate interest and loan amounts have been paid off.

Can I pawn more than one item at a time?

Are you members of any professional associations?

  • We are members of the National Pawnbroking Association and follow all their guidelines.
  • These guidelines are in place to protect and help you
  • There is no minimum period for any loan contract. The maximum period is seven months.
  • The maximum APR you will be subject to is 151.82%.
  • Example loan calculation:
  • A customer borrows £100 on a seven-month contract at a rate of 7% per month. He returns after two months to redeem his items. He will repay the original £100 lent, plus the interest accrued in the period of £14. He has his item returned for a total payment of £114 No additional fees are incurred.   
  • For more details please view our terms and conditions here.

What are the terms and conditions?

SOME EXAMPLES OF PAWNBROKER LOANS

A loan of £60 against a necklace, redeemed after 1 month

Loan £60
Total interest for one month £3.60
Total repayment £63.60
Monthly interest 6%
APR 85%

A loan of £500 against a diamond ring, redeemed after 3 months

Loan £500
Total interest for three months £75
Total repayment £575
Monthly interest 5%
APR 69%

A loan of £6000 against a Rolex watch, redeemed after 3 months

Loan £6000
Total interest for three months £630
Total repayment £6630
Monthly interest 3.5%
APR 46.41%
Are you looking for money fast? Get a pawnbroker loan from Golden Cash Pawnbrokers in Romford? Call us on 01708 751 518
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