Pawnbrokers in East London and Essex

Pawnbroking FAQs

How does pawnbroking work?

A pawnbroking loan is a loan secured on an item of value such as gold, jewellery, watches, cars or any other item of value.

The amount we are able to lend depends on the value of the item.

The loan is for a term of 6 months but can be repaid at any time during the 6 month period. Interest is charged only for the length of time that the loan has been outstanding.

The items remain yours for the duration of the loan and are used as security only. When the loan is repaid your goods are returned to you.

If at the end of the 6 month period, the loan has not been redeemed, then by paying the interest only, the loan can be renewed for a further 6 months.

In the event that the loan has not been repaid or renewed, then the goods are sold in order to pay off the loan. Any surplus achieved over the amount owing is returned to you.

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What items can I pawn?

You can pawn almost any item of value.

We pawn:

  • Jewellery
  • Watches
  • Diamonds
  • Electrical goods
  • Cameras
  • Collectables
  • Computer ware
  • Cars, vehicles, motorbikes
  • Or any items of value.

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When does it make sense to pawn my goods?

It makes sense to pawn your goods when you need to raise cash quickly. Unlike banks, we are not bureaucratic and a loan can be raised in cash within a few minutes. We lend very generously against a wide range of items.

Pawning your valuables means that you can raise the cash you need quickly without a credit check and the long application process often associated with other types of borrowing. With a pawnbroking loan it is the item used as security that determines the amount that can be borrowed.

However, it is important to give consideration to that fact that if the loan is not repaid, you could lose your valuables. If your items have sentimental value try and plan how the loan will be repaid at the outset so that this does not happen.

Our interest rates are much less than many of our high-street and online competitors so please do compare our rates to others.

A pawnbroking loan is a good way to raise cash fast to bridge a gap or for a short term cash loan.

Pawnbroking loans do not affect your credit record if they are not paid because the item itself pays the loan in the event of default.

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How long does a pawnbroking loan last

A pawnbroking loan has a term of 6 months. That means that we give you the loan in cash and a six month loan term in which to pay it back. This can be paid in one lump sum at any time during the loan term of 6 months. Nothing needs to be paid until the end of six months. (although you can make payments if you wish to) There are no monthly instalments.

Just before the six month period comes to an end, we will send you a letter notifying you that the loan can either be redeemed by paying the loan amount plus six month’s interest or renewed for a further six months by paying the interest only. If it is not convenient for you to redeem the loan or renew it, the asset will be sold and you will not owe us anything.

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What if I want to pay back my pawnbroking loan early?

A pawnbroking loan can be repaid (settled) at any time and interest is only charged for the amount of time the loan has been outstanding. We give you a loan agreement for six months and this can be extended for another six months by paying the interest outstanding at the end of the period.

You can pay off the loan at any time during the six month loan term paying the amount borrowed plus the interest owing up to that point in time. Alternatively you can pay off chunks of the amount borrowed (part settle) at any time during the loan term thus reducing the amount of interest payable going forward. This can be done as many times as you wish in order to reduce the capital until it is fully paid.

However you choose to pay the loan, it is this flexibility which makes a pawnbroking loan a very attractive option.

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What happens if I can’t pay back the loan but don’t want my items to be sold

If you are unable to redeem the loan and you do not want your items to be sold, the loan can be renewed for a further 6 months by paying the interest only and leaving the capital outstanding. This may be done time and again.

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What is a pledge in pawnbroking?

A ‘pledge’ is the item of value you leave with us as security against your pawnbroking loan. For example a watch, a ring, a television or a vehicle. We will consider any item of value as a pledge against a pawnbroking loan.

The idea of a pledge in pawnbroking is that the value of the pledge will be sufficient to cover the loan, interest and any costs outstanding in the event that the loan is not repaid for any reason.

The ‘pledge’ will be returned to you when the loan is repaid.

If at the end of the 6 month loan period, the loan has not been redeemed or renewed, the ‘pledge’ will be sold in order to pay off the amount owing.

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Will you look after my pledge

Pledges are kept in secure storage facilities until such time as the loan is repaid. The nature of the item pledged will determine what storage facility is used.

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Can I pawn my car

Yes, Maxcroft Pawnbrokers are experts at lending against all manner of cars, vans and vehicles in the London and Essex area.

We have been lending against cars and vehicles of all kinds for many years and we offer a very quick and efficient service. We can tell you how much we are able to lend and if you are happy with the terms, the can give you the cash loan on the spot.

When you pawn your car, it is stored in secure storage facilities until the loan is repaid. This is often useful for someone who does not need the use of a car over the period of the loan.

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Can I pawn my watch?

Yes we lend cash against a wide variety of quality watches including Cartier, Rolex, Breitling, Ebel, Patek Phillipe, Omega, Tag Heuer and more. All quality watches are considered.

We are able to offer very generous loans against watches drawing on our expertise acquired over many years valuing the finest watch brands. When we assess the value of a watch as a pledge for a pawnbroking loan, we will take into account many factors; The make of the watch, the age, the condition of the watch are all important in its valuation. Also if the watch has original box and papers this too will add value.

The watch market is dynamic and we keep abreast of trends in the watch market and changes in values for different watch brands over time which often enables us to lend more.
Pawning your watch is an excellent way to raise money fast without the need to sell your valuable watch.

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Can I pawn my television

Yes in some circumstances we will lend cash against high quality televisions. We will consider the age, the brand, the size and condition of the TV.

Generally we will take a television as security against a loan if it is a recent model and in excellent condition complete with the remote control and paperwork. We also lend against some other electrical items depending on the condition and the age. We lend against computers, tablets and other electronic devices depending on the condition.

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Can I pawn my jewellery

Yes we lend against all manner of jewellery whether it be scrap gold or fine pieces. We lend against 22ct, 18ct, 14ct, 9ct gold, and also silver and platinum. Even if your jewellery is broken or incomplete we are happy to use it as security for a loan.

When we make an assessment of the value of jewellery, we look at: The metal: platinum or white, yellow or rose gold. The purity of the metal i.e. what carat it is. The hallmarks: this guarantees the metal’s purity and carat. If gold or platinum is not hallmarked we can still assess the purity. For gemstones: we look at the cut, the colour, the clarity and the weight (carat) of the stone. We check gold and diamond prices daily to make sure that we are lending according to the most current values.

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Can I pawn my tools?

Yes, we offer instant cash loans against working tools that are in good condition.

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Can I pawn my musical instrument

Yes, we offer instant cash loans for musical instruments that are in good condition.

We lend against all manner of musical instruments.

We pawn:

  • Guitars
  • Electric guitars with or without amplifiers and speakers
  • Flutes
  • Saxaphones, trumpets and brass instruments
  • Keyboards
  • Turntables and electrical ancillaries
  • And more……

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What are the alternatives to pawning my items for cash?

If you do not wish to pawn your items, we are happy to offer you a price to purchase your items. Otherwise we have other loan services available.

Unsecured loans require no security and are subject to status.

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More information about our Pawnbroking Service

You risk losing your items if you fail to repay on your due date.

If you have any queries about our Pawnbroker service, please contact us.
Telephone 0208 518 1828 or email

We'll be happy to answer any questions you may have.

Authorised and regulated by the Financial Conduct Authority for consumer credit. This can be confirmed on the Financial Services Register, which can be found at