There are many reasons why you might want to take your jewellery to a pawn shop. It can often be the best option for a short-term loan as it’s a fast way of raising money with minimal paperwork. As a pawnbroker, our job is to help you get the best loan. While getting the highest loan amount is important, there are many other important factors.
1. Have a Plan to Make The Loan Repayment
One of the main things to consider before visiting a jewellery pawn shop is the repayments. Evaluate your monthly income, rent repayments, bills and other fixed expenses to work out how much you can afford to repay after all your expenses. Even if you need the loan for an emergency, it’s important to ensure you can afford to pay it back continually or have a plan to repay it.
2. Pawn Shop Interest Rates
When getting a pawnbroking loan, another key factor in getting a good deal is the interest rate. Jewellery pawn shop interest rates can vary between 3.99% and 9.99%. While you need to know what is best for your loan band and time, you can also compare it with other types of short-term loans. For example, paying for something on your credit card may be easy but it might be charged at 17%+. Likewise, many other short-term loans can have very large fees. If you have a luxury item, a pawnbroking loan can often be a good option.
3. Find a Pawnbroker With Specialist Appraisers
There are many pawnbrokers in London and with the growth of online pawnbroking, it can be hard to know which pawn shop to use. Most importantly, you need to have your luxury item(s) valued by an expert if you want to receive a good loan amount. While many pawn shops will offer a loan against your Rolex or engagement ring, you’ll be able to borrow more from a pawnbroker who is an expert in their field as they will be able to provide you with a more accurate valuation. For example, a Kashmir sapphire is worth thousands more than a Burmese sapphire but look very similar.
4. Certificates and Paperwork Can Increase The Valuation
If you have a certificate of sale or any papers that record information about your jewellery or luxury watch, this could increase the value. It’s important to bring this documentation with you when you visit a pawn shop.
5. Know the Details of Jewellery You Want to Pawn
It’s important to know the details about your jewellery. A ring or necklace is often made of the same components:
- Carat (Gold)
- Stone Weight
- Stone Carat
- Makers Mark
Enquire About a Pawn Loan With Suttons and Robertsons
If you need a pawnbroking quote, please get in touch. With our specialist team and access to over 200 experts from jewellers through to gallery curators, we can provide you with the best quote.