In the lead up to the Christmas period we had a run on lending on luxury watches, particularly Rolex which helped many business owners manage their cash flow. It’s no surprise however that January and February are among the busiest months in the pawnbroking calendar. With everyone struggling due to the overspending brought about by the Christmas festivities, two thirds of us spend our Januarys paying back credit card bills and overdrafts.
Apparently 50% of us avoid the famous January sales in an attempt to save money and a third of us would rather give up takeaways than alcohol!
Figures from a Financial Independent website suggest the average person runs out of money by 7th January!
In fact the majority of us won’t have paid off their Christmas debt until March payday and statistics from MoneySupermarket.com tell us that 13% of us go into the red within a week of being paid!
This is how our pawnbroking and Asset Lending Service helps. Pawnbrokers will lend on a variety of items but gold and luxury watches are the most popular pawns. The gold price has remained strong ever since Brexit and although it has fluctuated a little, it still remains the solid investment it has always been.
Local Lending…
We have 8 shops in the North with five in Yorkshire including Brown & Gold at Seacroft and Batley, Christopher Brown Jewellers in York, Pontefract and Shipley. We also have 3 further shops in Liverpool in the city centre, Toxteth and Prescot.
Over the last year we have made business loans against Rolex and diamonds for many thousands of pounds and in nearly every case, the customers have returned for their items and been delighted with the service and the value this type of loan offers.
These are happy stories and pawnbroking users are happy customers. They know what they want to borrow, how long they will need the money for and that they will be able to get their goods back at the end of the loan or sell their goods to cover it without ever getting into more debt. We really feel we are adding a valuable service to the community and with over 80% redemption and return rate in our branches, our customers must be happy too.
We have some busy weeks ahead – especially with the price of gold remaining at near record levels.
Why not take advantage of our confidential lending and buying service and make your payday come sooner!
Chris Brown
