What is pawnbroking?
A pawnbroker (or pawnshop) will provide quick loans in exchange for an item of value which acts like a guarantee; for instance, a cash loan secured against jewellery, antiques or coins and bullion.
The word ‘pawn’ is derived from the Latin ‘pignus’, meaning pledge. Items that have been pawned are called pledges or pawns.
After the loan period, the pawner (or customer) gets their item of value returned to them by simply paying back the amount of money loaned to them with pre-agreed interest added.
Loan periods and interest rates are governed by the law, so the process is fair,
simple and very straightforward.
What happens if the loan is not repaid?
If the loan is not paid within the agreed period, or the loan period not extended, the pawned item can be offered for sale by the pawnbroker. From the money raised following the sale of the item, the account will be settled and if there is any money left over, this amount will be returned to the customer. Unclesmoney will work with customers to avoid this, if possible.
The UK’s historical heritage of pawnbroking.
- Pawnbroking is the oldest form of secured lending available to man and goes
back over 3000 years.
• Edward III of England was said to have regularly used pawn shops as far back as
the 14th century. Charles 1st established his own pawn bank to help to finance the civil war against Cromwell. Despite this, under the commonwealth, when he defeated Charles 1st Cromwell decided to dissolve all pawn shops in the UK.
- Christopher Columbus made his epic discovery of the Americas financed by Queen Isabella who pawned her crown jewels to make the journey possible.
- The Bank of England, established in 1694, was in part a state run pawnshop. Article 27 clearly describes the establishment of a banking system that we today would readily recognise as pawning.
The three golden balls
During the middle ages Lombard banks, an established financial institution, was the earliest recognisable organised chain of pawnshops. The emblem of three golden balls was used as their symbol and was originally hung at the front of their merchant stores to indicate their work as a Lombard (or pawn) bank. The three balls were originally thought to represent gold coins and since this time have become synonymous with the pawnbroking industry.
What are the advantages of using a pawnbroker?
There are many advantages. They can agree your loan immediately; there is no need for a credit check and if you fall on difficult times and default on your repayment, this will not affect your long term credit rating. When smaller sums are involved, pawnbroking can often be the most cost-effective way of raising money quickly and can work out much cheaper than using your credit card or entering into a long term bank loan or unarranged overdraft.
Please note: your business is with us and only us.
We share your dealings with no-one else.
We loan more.
We can offer you a cash loan from £50 to £1,000,000 secured against fine watches, jewellery, artwork, cars and collectables, as well as many other valuable items. In general, we do not accept electrical goods, however we will be happy to provide you with a quote on most things.
Your online loan application can be processed instantly if you visit us in store.
If fast cash is what you need, why not pop into Uncles or apply online today for a
hassle-free secured loan?
What is Uncles Online pawnbroking?
Uncles Pawnbrokers is the online pawnbroking arm of Uncles the Original Pawnbrokers Ltd. We provide short term loans to those in need of immediate cash. With the credit crunch affecting most people’s ability to obtain a loan, fast credit has become a thing of the past. Uncles Pawnbrokers can take the pressure off your finances by providing short term loans quickly by using your valuables as security.
Uncles Pawnbrokers take the hassle out of applying for a loan. It doesn’t matter where you live because applying for an online loan means that we can process your application immediately. Your loan could be in your account within 24 - 48 hours!
As the leading genuine, online pawnbroker in the UK, we pride ourselves on our reputation. We have years of experience and a proven track record of providing a friendly, fast and reliable loan service. We do not ask for personal information about your loan, so whether you need it to pay the bills, school fees, or even to go on holiday, we believe that’s your business! Unclesmoney.co.uk can provide you with instant cash loans to get you through the difficult times. We simply take the hassle out of pawning valuables in order for you to get a quick loan.
You can relax knowing that your valuable items will be safe in our secure storage vaults for the duration of your loan and when your account is settled, you get your valuables back – it’s as simple as that!
Why apply online?
Applying for an online secure loan saves you time because there is no need to visit one of our branches. You can get cash for jewellery or other valuable items in as few as 24 hours.
We have clients throughout the UK and overseas, who come back to Uncles time and time again because of our discreet and highly confidential service.
As soon as your loan application has been received through the online estimator or by phone, a pre-paid and fully-insured Royal Mail Special Delivery Response Courier pack
will be sent to you. All you need to do is pop your item in the envelope provided, take it to your nearest post office and we will do the rest! Click here to find your local post office.
If your item has a value over £5000, we will arrange for one of our expert valuers to visit
you at home.
How do I know if my jewellery is made of a precious metal?
Precious metals like gold and platinum are hallmarked. You can find out more about hallmarks from the assay office by clicking here. We can also do a simple test to check
your jewellery for you.
Need some cash fast? Get in touch with Uncles Pawnbrokers today.
Visit us in store or apply online now!
If you want to find out more about modern pawnbroking, visit the National Pawnbroker’s Association website.
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