Pawnbrokers in Croydon | How Pawnbroking Works
Pawnbrokers in Croydon:
Albone Pawnbrokers in Croydon gives credits against your gold, diamonds and fine watches.
As a trusted pawnbroker, since 2004 Albone Pawnbrokers in Croydon, we will also strive to do our best to help our customers who may need to use our service.
Need to raise money quick? However, can't get a bank loan? Just call Albone Jewellers and Pawnbrokers in Croydon on 0208 686 3399.
We will arrange to value your goods and make you an offer. Albone Pawnbrokers in Croydon will make a decision and pay you on the spot.
How Pawnbroking Works
Like a bank, the pawnbroker earns interest that is charged on the loan of a pledged item. The pawnbroker earns income on the interest that is charged on the loan secured by a pledged item. In order to accept goods into the pawn, we make an on-the-spot valuation of your goods. Once you agree the sum to be advanced we present new customers or indeed existing customers who ask for it, a completed document called 'Pre Contract Information'.
This is in a standard format so that loans from different providers can easily be compared. It allows you to confirm that you are happy to accept the terms of the loan. Then having decided to go ahead with the transaction the actual agreement which is an A4 document with details of your rights and protection under the Consumer Credit Act 1974 and the terms and conditions of the loan is then signed. You will receive as part of the document itself a pawn-receipt for presentation when redeeming your goods.
"Pawnbroking is driven by the need for instant cash, with outlets operating as 'little banks' providing a service ethic comparable with their High Street competition"
The agreement is for a period of six months. You are entitled to redeem your property by payment of the original loan plus the amount due at any time during the contract period. When the loan and the interest are paid, the goods are returned to you. If you have not repaid the loan during this time you will receive notice that the property is due to be sold. (You will normally, however, have the option at the end of the contract to renew the loan by the payment of interest only and the rewriting of a fresh agreement).
"Around 88% of goods are redeemed - it is not in the pawnbroker's interest for goods not to be redeemed"
If you do not renew or respond to the notice served, we may take steps to dispose of the goods. Having served the notice of our intention to sell the goods we must obtain the true market value on the date of sale which ensures a fair price is obtained. Contrary to what people may believe, we do not wish to gain title to the property as we are in the business of lending money and with far more to see the loan repaid without needing to resort to the sale of the property. This way not only is the debt cleared in full but you the customer are happy with the return of your goods and you have possession of them to return again at some stage in the future. This is proved by the very high volume of trade
that are repeat transactions - nearly always with the same security and very often several times in a few months. Pawnbroking is now a serious alternative to using the services provided by the High Street bank. Customers realize that borrowing money against goods they already own is an affordable alternative to a bank overdraft or other type of loan.
"The vast majority of customers we surveyed (95 percent) were satisfied with the service they received from the pawnbroker they used. Eight in ten customers would use the same company again. Customer service, the speed of the loan decision and convenient location were the things that customers expressed most satisfaction about"
Personal Finance Research Centre, Bristol University
The security that we give loans against is gold, jewelry and fine watches. The main reasons are because they are:
Easy to value
Easy to store
Area luxury 'can do without' item
Do not perish
Do not generally depreciate
Have an established second-hand market
We will lend from as little as £5 to many thousands of pounds in one easy, quick transaction that requires no credit checks or lengthy meetings or form filling. Short-term cash flow is the reason most people use our pawnbroking service, where convenience and speed of service are quite unrivaled. A loan will just as often be obtained for some extra spending money as it will be to clear an outstanding telephone bill. It is flexible, transparent, competitively priced and immediate and it is these factors that our customers prefer. The result is that a high number of customers are satisfied with the service they receive from us.