You can’t always put 100% faith in your bank, even if you bank with one of the biggest and most successful. Renowned for sneaky overcharges, massive bonuses to undeserving managers and bosses and poor administration, banks can often make our lives miserable, so it’s small wonder we resort to applying for loans elsewhere.
Bank loans can be difficult to get your hands on if you suffer from bad credit and now the banks are so reluctant to lend, there is even less chance of you getting that extra bit of cash to help you get by. Did you know that pawnbrokers, on the other hand, have no interest in what your credit rating is and are happy to lend whatever your financial circumstances may be? All you need is a valid piece of identification to pawn gold jewellery, a valuable antique or even a watch. Your loan amount might even be up to 75% of the value of the item!
You might have the stereotype of pawnbrokers in mind, but a pawnbroker loan is an ideal alternative to getting a bank loan. Having shed their shady, Dickensian image, pawnbrokers like Uncles the Original Pawnbrokers, H and T and borro.com are modern day pawnbrokers that provide a unique, reliable and efficient bespoke service.
So what are the benefits of a pawnbroker loan? One, they are very, very quick. There is no lengthy waiting time for decisions to be made, no bank manager meetings and no explanations for what you require a loan for. With pawnbrokers, your business is your own. What you choose to do with the money they loan is entirely up to you, whether you are paying off debts, putting down a deposit or simply buying someone a gift.
On average, pawnbroker interest rates tend to range between 4-7%. This may seem high, but the loan period is on average 6 months, so interest will amount to very little. If you should fail to repay the loan, you don’t have to worry about skyrocketing interest, you simply lose the item you initially used as security for the loan itself.
A lot of the biggest pawnbrokers now also trade online, much like Uncles the Original Pawnbrokers, a UK based, family-run business that was one of the very first genuine pawnbrokers to first start trading online. Online pawnbroking is easy to get to grips with, too: simply type in your item with a brief description like weight, material, estimated second hand worth and an estimation will pop up.
If you then decide to take up the loan offer, all you need to do is send off your item for valuation. Most online pawnbrokers will automatically send you a paid for and insured envelope for your item. If you post it quickly, the item can be officially valued and you could have some cash faster than you can blink!
Get an online loan in less than 24 hours with Unclesmoney.co.uk!. This article, Pawnbroker Loans as Bank Loan Alternatives is released under a creative commons attribution license.