5 Significant Advantages of Pawn Shops

Pawn shops provide a unique and valuable service for individuals and businesses alike. Providing loans against a variety of property, including jewellery, collectables, electronics, and cars, Maxcroft makes it easy to liquidise your assets and access cash on the same day. To find out more about the benefits on offer, take a look at these five significant advantages of using a pawn shop: 

1. Fast money 

Anyone can be caught off guard by an unexpected bill or a sudden drop in income. When you need a fast solution to cash flow problems, pawn shops can be a lifesaver. Providing quick cash loans, often within minutes, you can use your assets as collateral to access the funds you need. 

At Maxcroft, we understand that many people rely on pawnbrokers to gain access to cash quickly, which is why we always go over and above to provide the professional service you need. When you’re looking for East London or Essex pawnbrokers to provide fast, same-day cash loans, you can trust us to respond to your request swiftly. 

2. No credit check required 

Unlike traditional lenders, pawn shops don’t require a credit check to issue a loan, which means that a history of bad credit won’t prevent you from accessing cash quickly. If you’re looking for somewhere to ‘pawn my watch Essex’ but you’re worried that a low credit score will put you at a disadvantage, there’s no need to worry. In fact, many people use pawnbrokers precisely because there are no credit checks.

Remember – numerous credit checks can have a negative impact on your credit report, even if you don’t subsequently obtain a loan. Credit checks can be recorded on your credit file and, when multiple lenders run credit checks in a short space of time, it can put future lenders off too. Why let a short-term cash flow issue affect your future finances? 

With pawnbrokers in Ilford, Hornchurch, Dagenham, Romford and Essex you can access asset loans on your valuable items without the need for a credit check, which gives you the freedom to get the cash you need quickly. 

3. Easier approval process 

When you request a loan or a line of credit from a traditional bank or lending institution, it isn’t just credit checks that can slow the process down or scupper your chances altogether. Typically, you’ll be asked to provide a vast amount of information, including property details, income, and expenditure. This can take a significant amount of time to collate, which means you won’t receive your funds that quickly.

Following this, you may need to provide ‘evidence’ of your financial arrangements, such as wage slips or bills. Once these have been submitted, it can take weeks for a traditional lender to process your application and approve or deny your request. 

When you visit our Ilford pawnbrokers, you’ll be amazed by the hassle-free approval process. Experienced pawnbrokers will assess the item(s) you want to pawn and offer you a loan on the spot. If you decide to proceed, we can release the funds to you straight away, so there’s no need to wait to access the cash you need. 

4. Get More for Your Items 

When you want to get cash fast, selling your valuables might seem like a viable option. However, there are many disadvantages associated with selling items on the second-hand market, particularly when you compare the process to using pawnbrokers to get a loan.

Attempting to sell your items via marketplaces, like eBay or Craigslist, means you’ll need to find a buyer who actively wants to purchase them. To ensure a fast sale, this might mean letting them go for less than they’re really worth. Additionally, people often want to see or inspect ‘big ticket items’, like cars or motorbikes, before parting with their cash, which obviously takes time. 

If you are considering selling your items on the second-hand market, don’t forget that you’ll often have to pay a commission or flat fee to do so. Online marketplaces can charge a significant amount every time you make a sale and, if you need to send items to the buyer via the post, you’ll need to factor in the cost of postage and packing too. 

Of course, once you’ve sold an item to a buyer, you won’t have any chance of getting it back either. 

Fortunately, visiting a pawnbroker in Ilford enables you to avoid this hassle and release the true value of your items. What’s more – you can get your items back by paying off your pawnbroker’s loan in accordance with the terms of your agreement. 

5. No Long-term Commitment

A temporary cash flow issue often requires a short-term solution, yet conventional loans can take years to pay back. If you want to access cash without a long-term commitment, then pawning your items at East London pawnbrokers could be the ideal option. 

Our loan term is six months, but you can pay the loan off at any time during the 6 months paying the capital and only the amount of interest owing for the time the loan has been outstanding. The  items (pledge) can then be returned to you straight away. 

Is a Loan from Ilford Pawnbrokers Right for You?

There aren’t many ways to access cash quickly, particularly if you have bad credit. However, if your funds are tied up in assets, Ilford pawnbrokers can release their value and provide instant cash loans. With no credit checks, lengthy application processes, or time-consuming valuations, a pawnbroking loan is an easy way to find the funds you need. 

Are you interested in pawning jewellery and valuables, or do you want to ‘pawn my watch’ in Essex?  Maxcroft has over 40 years’ experience, offers outstanding service, and issues loans against assets & valuables.

If you’d like to discuss an item that you are considering selling, take a look at our asset loans website page here.

Alternatively, get in touch with our team and arrange an appointment at our offices. We’ll take a look at your item(s) and offer you a loan on the spot!