That’s how we like to think of a pawnbroking loan. It’s usually the ‘everyday’ items that people need an instant loan for and quite often the amount we lend is less than £100.
Clearly we do make some bigger loans as well and these are against items of high value such as large diamond jewellery, high value watches or sometimes just high carat gold – lots of it!
The fact is, 80% of our loans are redeemed. It is also interesting that independent research by Bristol University shows that 43% prefer to use our service because it’s quick to arrange (usually only taking 5 minutes), has the lowest interest rate and affordable repayments. We want people to collect their goods as you can tell that they mean a lot to them and we only ever sell an item as a last resort to recoup the loan.
In the old days these loans were more often against clothing, carpets and bed sheets. In fact in 1836 the most pawned items were women’s gowns (32%), petticoats (9%) and sheets (5%). Rings and watches each only made up 3% of total goods pledged. Who would ever dream of buying second hand bed sheets
these days?!
The industry has certainly changed over the years as have the items pawned, but most of all the ethos of the ‘pawnbroking loan’ has remained the same – quick and easy way to get ‘cash today for everyday needs’.
Chris Brown

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