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Buying, running and selling a car, buying holiday money and sending money abroad. Protecting your home and family with the right insurance policies. When you approach a pawnbroker you have two choices — either to leave something valuable as security for a loan, for example an asset such as jewellery or an antique, or sell the item to the pawnbroker.
This article explains the first option. Pawnbrokers can lend money quickly but charge higher rates of interest than high street banks. You can expect to pay a pawnbroker a rate of interest that is more than a high street bank loan, but normally a lot less than a payday lender. You might be quoted a monthly or daily interest rate, although the pawnbroker must also show the annual interest rate and the APR the annual percentage rate of charge.
If you need more time to repay, the pawnbroker might agree to extend the term and draw up a new credit agreement, although they can refuse. Jewellery is the most popular item to pawn, but people have been known to pawn anything from designer handbags to an exotic or vintage car.
This might involve going to a magistrate or a Commissioner for Oaths, or a Justice of the Peace if you live in Scotland. Make sure you know the value of the item before you pawn it, that way you have evidence if you feel the pawnbroker has sold it for less than it was worth.
Protecting your home and family with the right insurance policies Insurance Insurance Car insurance Life and protection insurance Home insurance Pet insurance Help with insurance Travel insurance Budget planner. Pawnbrokers — how they work When you approach a pawnbroker you have two choices — either to leave something valuable as security for a loan, for example an asset such as jewellery or an antique, or sell the item to the pawnbroker. How do pawnbrokers work?
You hand over the item known as a pawn or pledge to the pawnbroker who will value it for you. The agreement will set out how long the loan lasts and how much it will cost.
It will usually be a minimum of six months but you can agree a shorter or longer period. You can redeem the pawn at any time, by paying what you owe and getting the item back. There is a day cooling off period, within which you have a right to withdraw from the agreement and just pay interest for the period of the credit. Visit the Financial Ombudsman Service website opens in new window. Did you find this guide helpful?
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