If you’re new to pawnbroking, you might simply want a clear idea of how the process works before you visit.
Our staff are always really happy to explain how things work, and we’ve laid out the process of using a pawn shop and what to expect below, to make the experience as easy as possible.
Step By Step How to Pawn an Item
Step 1.
We discuss your needs and ensure you understand what pawnbroking is about – using your item of value as collateral for a short-term loan.
Step 2.
We inspect your item. This will include testing your item. After this assessment, we make you a clear offer that includes – the loan amount, the interest rate and the loan period (we always offer loans for 7 months).
Step 3.
Once you accept our offer, we proceed with the formal documentation. We check we have correct ID on file and we may request an update. When completing a pledge agreement, we read out a verbal statement to you in English. This statement informs you of your rights, the potential loss of right to redeem after contract’s expiry date and invites you to ask any questions you may have.
Step 4
After the agreement is signed, you leave the item with us, which is securely stored until you are ready to collect it, we provide you with a receipt. If you happen to lose or misplace your original pawnbroking contract, let us know immediately.
Step 6.
When you’re ready you can come in to surrender of the original pawnbroking contract and pay the principal loan amount and outstanding Interest payment (by cash or debit card). Once the paperwork and payment are received, we promptly return your item.
Step 7.
If you decide not to repay the loan within the specified period the item may eventually be sold to recover the loan amount and any fees. We always contact you in writing to notify you of our intention to sell.
Frequently Asked Questions
We’re always really happy to answer questions in-store or on the phone, but you may also find the answer to your query below.
How much do pawn shops charge?
The costs will include interest on the loan amount, and so will vary depending on this figure and also on the value of the item you’re pawning. Because rates change over time, it’s always best to ask for an up to date quote either in store or over the phone, rather than relying on an older quote.
What ID do I need to pawn my jewellery?
Ideally, you’ll need to bring valid, up to date photo ID like a passport or driving license, along with proof of your current address (if this isn’t on your ID). If you have a different ID type, please ask your local branch if it will be acceptable. Even if you’ve supplied ID to us before, please do make sure you bring in your current ID for each time you visit, as we need to keep accurate identification on file for every pledge.
What kind of things do pawn shops buy?
Our pawn shops can buy items as well as taking items as collateral for a loan. In one case, you are simply selling the item for cash, and in the other, you are giving us the item as security for a loan, with the intention of getting it back. We accept a wide range of items to be pawned and bought, from jewellery and gold to watches, electronics, etc. If you’re not sure if we’ll be interested, either give us a ring or pop into a store and we can let you know.
What happens if I lose my pawnbroking contract?
If you lose the paperwork we provided you, please contact us straight away so that we can look into this and ensure only you are authorised to redeem the pledge. When you’re ready to redeem the loan, you’ll need a statutory declaration – available from the store – signed and stamped by a solicitor. This will act in place of the original pawnbroking contract and allow us to process the redemption.
Can I pay off my loan early?
You can settle your loan at any time before the expiry date by paying the interest that has built up so far, along with the loan amount. If you contact your local store with your agreement number, they’ll be able to tell you the exact figure.
Do I need to book an appointment to pawn an item?
You don’t need an appointment — just drop in during our opening hours and the team will be happy to help.