Do check the interest rates, all loans cost money. Pawnbroking
may not be the cheapest option. But check carefully,
consider those nasty extra charges (for instance if you pay your
credit card bill late, or get a letter from the bank) and
pawnbroking may be the better option.
You have to leave behind (or pledge) your jewellery as security.
If you don't pay the loan off, you will lose that pledge.
Pawnbroking is best for short term loans, because the arrangement
fee is low. If you want to borrow the money for an extended
period, do consider other options, they may be cheaper.
Drop into our shop, you will need:
Jewellery to leave as security gold jewellery, or gold
coins. Sorry we don't accept watches. You must be the legal
owner of the pledge.
Proof of identity - Something with your name and address.
Your Driver's Licence, or a rent book. Alternatively a gas or
electric bill, or a letter from a major corporation. We can't
accept your passport, as it doesn't have your address.
We'll need at least half an hour to value your jewellery.
Then you come back and sign a form, and we give you the cash.
It's as easy as that!
there is an arrangement fee of 3% of the total value of the loan, or £2 whichever is the greater. Also we charge interest at 4.5% per month on the loan; but do note this interest is calculated by the day, so you only pay interest for the exact number of days you need the loan.
Back to 'Your Questions Answered'
| Amount loaned | £25.00 | £100.00 | £400.00 |
|---|---|---|---|
| Charge for credit | £8.75 | £30.00 | £120.00 |
| Total repayment | £33.75 | £130.00 | £520.00 |
| Typical APR | 82.3% | 69.0% | 69.0% |
Yes, pay what you like when you like. Many of our customers do
find it easier to pay off a loan in small chunks. Payments are
first applied to clear the interest (on which you don't pay
any further interest) and then the balance reduces the principal
loaned (and thus reduces further interest charges). So as you pay
off the loan, you reduce the amount of interest you will pay.
If you want to use this option, but don't live near Wrexham,
do make sure your pawnbroker allows you to pay off the loan in
stages. Not all allow it.
No. If the pledge is lost or stole while in our possession you
won't have to repay the loan, but we can't offer any more
compensation.
If you want move cover, you will have to arrange it yourself.
Note your normal household policy will not cover your jewellery
while it's left with us as a pledge.
No. Pawnbroking is strictly regulated by law. We have to follow the correct procedure. We cannot hand over your jewellery unless the receipt is produced. The law is intended to protect you, although we realise it can be inconvenient at times.
Back to 'Your Questions Answered'
If the loan was for £75 or less, we can supply a form;
you'll also have to produce proof of identity, just the same
as when you originally obtained the loan. We charge £2.
If the loan was over £75, we can supply a form which will
cost £2, this form must then be taken to a solicitor. There you
will have to swear a legal declaration, after which the form can
be used as a substitute for the receipt. Most solicitors charge
£5 for this service, but do check. You will need proof of your
identity before we give you the form.
If somebody produces the pawn receipt, even if not the original
customer, we are legally obliged to hand over the pledge (unless
we have been notified it has been lost). So take as much care of
the receipt as you would of your jewellery.
Don't worry. You won't receive threatening letters,
and your credit rating won't be harmed; it won't even
have any effect if you wish to obtain another loan from us. But
we do sell your jewellery to clear the loan.
First we will write to you to remind you that payment is due. We
also give you the opportunity to pay off the interest and then we
will extend the loan period for another 6 months, but only do
this if you really can clear the loan soon - otherwise the
interest can really mount up.
What if you decide you really can't clear the loan? if the
loan was £25 or less, the pledge becomes our property.
Otherwise we sell the pledge on your behalf (however until it is
sold you have the right to redeem it). We deduct selling costs
from the amount we get, then pay off the loan (including
interest). If there is any surplus cash, you can collect it from
our shop on producing the receipt. Naturally we send you a
statement showing the position once the pledge is sold.
But don't expect any surplus. We will loan you almost
as much as we would give if you sold the item, so normally the
sale just clears our charges and the loan. But if you'd
partly paid off the loan, then you may well get something.
