Our personal asset loan experts are online pawnbrokers who can offer quick loans secured against almost any valuable item. We can pawnbroker loans on jewellery, precious stones, antiques, gold and valuable metals, and luxury items such as cars, fine art and much much more.
Recent personal loans Q&A
The benefits of using an online Pawnbrokers
Pawn you valuables for quick cash loans
The pawnbroker business is one which has been carried on in the UK for hundreds of years. From the traditional pawnbrokers’ in the street, with the three balls sign outside, to the modern trade of online pawnbroking, the trade is still popular with its customers, and can provide you with an easy way to get the loan you need without credit checks or employment histories. Unlike at a bank or other forms of commercial lending, you don’t have to prove that you can pay back your loan, because the business takes something of value as collateral for the loan. If you need money quickly, the online pawnbroker can still help you if you have valuable items in your home or business.
Getting the cash you need quickly
Pawnbrokers have always been able to provide customers with a fast loan, but modern technology means that there is an even faster delivery on loans for essential items. Online dealers offer a fast and convenient service, often much more speedy than bank or building society loans. They are also able to offer lower interest rates than most corporate lenders, since they only have online services, and this means that comparisons, valuations and administration is much easier, reducing overheads and handing the savings on to the customers.
Ease of acceptance
Same day cash loans
Another great benefit of online pawnbrokers is that they can offer a fast acceptance service. With standard loans, it often takes weeks from application until the money is in the account. What this means is that there is a significant delay between needing the money and getting it. That is fine if you are arranging a mortgage or a student loan, but it is not so great if you need emergency home repairs, a new car, or something else that just won’t wait. Online lenders deal quickly with your needs so that you can get exactly the amount you need, when you need it. Online pawnbrokers also don’t need to do credit checks, or work out your employment history, and in this instance they are better than payday loans, giving you an even faster response to your enquiries. Speed of acceptance and loan delivery is one of the reasons why many people have turned to online pawnbrokers when they need a source of emergency cash secured against valuables.
The difference between pawnbrokers and payday lenders
The rise of payday loans has left many traditional lenders in a difficult position. Customers don’t trust payday loan companies, but they like the speed that the loan is accepted, and the way that the payment is spaced, so the loan is quickly cleared. While banks have not been able to really adapt to meet this need, many online pawnbrokers are already offering this service. However, they are still unlike payday lenders in some significant ways.
Unlike payday lenders, pawnbrokers will not add extra charges onto late payments. There is no rumbling debt, constantly gathering more interest as the debt increases. There is also now legal action involved in the process. The pawnbroker simply takes the personal assets put down as collateral in order to recover the loan. However, most online pawnbrokers are also open to negotiation, and this can help you to keep your possessions in the long term.
In addition, pawnbrokers offer a much lower rate of inflation than payday loans companies, unlike the huge interest rates that the latter charge, including around 33% of every debt. Pawnbrokers tend to have a much more reasonable rate of interest, around 4% being the most usual although individual places may differ. Rates are cheaper from Pawnbrokers as in the same as a secured loan or mortgage you have provided security and therefore the risk to the lender is reduced greatly.
Get more money with collateral
If you have an emergency, you may find that you need a sum of money that you are not able to get from the bank, or from other lenders. Even payday loans companies may not be able to offer you the amount of money you need. Pawnbrokers value your possessions, and so are able to offer you a better rate loan. You can get the money you need by putting up your possessions as personal assets, so if you need £1000 quickly, all you have to do is find enough collateral to fund that loan. As long as you can find the possessions to secure then you can get the loan you need pretty quickly.