Loans secured on assets are different from bank loans in that they are usually for a shorter amount of time and unlike personal loans, there is no need to fill an application or apply in any way. Whereas not everyone is able to successfully apply for a bank loan.
This is where Maxcroft can help. Those with lower credit scores can successfully apply for an asset loan with Maxcroft offering a pledge as collateral. Maxcroft is a private lender offering loans against pledges. Pledges can include but aren’t limited to fine watches, gold items such as rings, necklaces, bracelets, cars, handbags, electrical items and more. Any item with intrinsic value can be considered for a pledge.
Maxcroft offers a pawnbroking service to clients all over London and the greater London Area, Ilford, Essex, and further afield. People come to Maxcroft from other places in the South East too. At our friendly offices, we can answer any questions about loans offered against valuables. To find us directly, our contact us page will tell you all you need to know.
There are times when taking a loan is needed for personal or business expenses. Private lenders and banks are the usual source of such loans. Loans from traditional banks offer certain benefits because they often have lower interest rates and can be repaid over a number of years. Loans are generally repaid over varying loan terms and at different rates depending on the borrower’s credit status at different financial institutions.
Unlike banks and other personal loan companies, pawnbrokers require collateral in order to lend money. They will lend an amount relating to the value of the item pledged, not related to a good or bad credit score.
Borrowing money from a personal loan provider or bank can sometimes be challenging for those with poor credit. Imagine for a moment living in East London and wanting to make some improvements to your home. Those with bad credit might be refused a loan or receive less money than they need to create those improvements if they go to the bank. A bank loan also takes much longer to arrange.
If able to offer collateral in the form of an object of value, that home improvement could become a reality by pawning the valuable item. The pledge can be redeemed and the loan paid off at any time during the loan term without penalty. So it’s a very straight-forward way to borrow money in the London area.
An Alternative to Bank Loans
What are your other options if you can’t get financing from a traditional bank or credit union or you cannot receive the total amount you need? Aside from borrowing from friends or family, there are not many options. As private lenders based in the London area, Maxcroft is able to offer an alternative. We can offer our customers loans against collateral immediately without the need to make an application or have a high credit score.
Personal loan providers and banks require that Individuals have a good credit score and do not have bad credit in order to lend to them but they still don’t get the convenience and speed provided by a pawnbroker.
Getting money from a pawnbroker is the faster option to quickly solve a financial need or requirement and the credit score is not an issue at all because the loan is provided against the value of the item pledge. To know more about us and our services click here.
Choose a loan from an asset lender over a bank
You may decide to go with a private asset lender or pawnbroker instead of a bank loan for several reasons.
As banks tend to prefer to lend to people with a good credit score, some people choose an asset lender or pawnbroker because they have a low credit score and may not even qualify for a bank loan. For those who have been rejected by banks, taking out a loan from a private asset lender or pawnbroker could be the best option to borrow money quickly.
Banks can be more critical about what a borrower plans to do with loan money as opposed to a pawnbroker. Private asset lenders can help with business expenses or consumers needing a quick loan for payment of bills or a large purchase such as a car which means customers can use loan money for whatever they want.
Furthermore, getting an asset loan is simple, easy, and straightforward, unlike bank loans which can be time-consuming to apply for.
All that is needed is to come to our office in Ilford near Gants Hill tube station with an item of value and walk away with a loan within minutes.
A low credit score does not mean that you cannot take out a loan, even if you are having difficulty getting one. If you have been turned down by the bank for a loan, you might be able to get money from a pawnbroker in the London and Essex area such as us at Maxcroft.
The Maxcroft Money lender checklist
So that you know what you’ll need to do before coming to Maxcroft to get a loan.
Have a figure in your head which you’d like to borrow against the value of your item. It is not always advisable to borrow the full value, but better to borrow the amount needed as this will save interest costs.
- Have an item ready and available which you’d like to pledge, you’ll need this in order to secure the loan.
- Know that a loan can be paid back at any time during the 6 month term with no penalty. It can also be renewed for another 6 month term if you are unable to pay off the loan within the first 6 months.
- Quickly check how to get to Maxcroft. We’re located at 632 Eastern Ave, Ilford IG2 6PG. We’re easily accessible from London, the South East, Essex and surrounding areas. You can get to us via the tube, car, bus and more.
- Come in for a chat! We’re always happy to see our customers and we can’t wait to answer any questions about asset loans or pawnbroker loans which you may have.
Need money fast? Find a London based secure loan provider near you with Maxcroft. We’re a South East based pawnbroker lending against valuables in Greater London and Essex. Get money loaned to you today when you pawn your valuable items. No credit check or bank account is needed. Borrow fairly and securely from a regulated provider.
Are you interested in selling gold & valuables 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 website page here.