Pawnbroking loans
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A pawnbroking loan, also known simply as a pawn loan, is a type of short-term, secured loan that is obtained by using personal belongings or valuable items as collateral. Individuals can bring items of value, such as jewelry (Gold & Diamonds), watches, and fine wine, to a pawn shop or pawnbroker’s establishment. Goldman Scraps will assess the value of the item and offer the borrower a loan amount based on a percentage of that value.
Here's how a pawnbroking loan typically works:
- Collateral: The borrower brings an item of value to our pawn shop. Goldman Scraps will evaluate the item to determine its worth. The loan amount offered is up to 70% of the value of the item.
- Loan Agreement: If the borrower agrees to the loan terms, they receive a pawn ticket or receipt that outlines the loan amount, interest rate, repayment terms, and other relevant details. The borrower retains a copy of the ticket.
- Loan Period and Interest: Pawnbroking loans have a relatively short loan period, 6 months. During this time, the borrower is expected to repay the loan amount plus interest. For example, a loan of £200, the monthly cost will be £45.
- Loan Repayment: The borrower has the option to repay the loan within the agreed-upon timeframe, typically by returning to the pawn shop and paying off the loan amount plus accrued interest. Once the loan is repaid, the borrower receives their pledged item back.
Here's how a pawnbroking loan typically works:
Representative Example:
Total amount of credit £200.00 for 6 months
Total amount payable £270.00
Total charge for credit £70.00
Interest rate 70% pa (fixed) equivalent to 5.83% per month
Representative APR %
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Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.