Thursday, December 1, 2011
How Does the Process of Pawning Valuables Work?
By making the decision to pawn your valuables in order to get a short-term loan, you will see that the process of obtaining money is fairly quick. Whatever you need cash for, applying for credit from a pawnbroker can be fast and hassle-free.
Although it is possible to take your items to a pawnbroker's offices to get a loan, many people choose to pawn online as this can be more convenient.
First, you will need to fill out and submit an application form where you set out the details of the items you wish to borrow against.An account manager will then get in touch to discuss your application and establish the best way to collect your valuables for appraisal.
Before you can take out a short-term loan, your items need to be assessed to confirm how much they are worth. This will impact on the amount you are able to borrow and - depending on the valuables in question - you could borrow up to 70 per cent of their resale value.
You can visit a pawnbroker in person to have your goods valued, or you can arrange for them to be picked up by a courier.
Upon receiving your valuables, an expert will examine their condition, age, model and brand in order to determine how much you will be able to borrow.
This sum will be emailed to you and, provided you are happy with this, you can accept online and the cash will be transferred into your bank account. Alternatively, if you are visiting a pawnbroker in person you can get your loan in cash.
However, before you can receive your money you will need to have your identity confirmed.This can be done by providing a pawnbroker with your passport, driving licence or a utility bill.
Unlike when applying for a loan from a bank, you won't be subject to a credit check and so the process of pawning items to get finance moves much more quickly.
Once you've accepted an asset lender's quote, the money will be transferred into your current account that same day, allowing you quick access to the funds.
Normally, you will have around six months to pay off your loan - although you can apply for this to be extended - and while items are in a pawnbroker's possession they will be kept in secure facilities. After your repayments have been completed, your valuables will be promptly returned to you by courier.
In having an understanding of how the process of pawning items works, you can be confident that borrowing against your valuables will enable you to get the cash you need quickly and effectively.
If you're looking to take out a short-term loan, make Borro your first port of call. As a leading pawnbroker, we can offer you a competitively-priced short-term loan within 24 hours of applying.