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0843 309 39 39 |
moneyshopinfo@dfguk.com |
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What is Pawnbroking?
 Pawnbroking is a loan agreement of up to 7 months secured against jewellery, diamonds, and prestigious watches. The Money Shop also has a few stores that accept items such as cameras, laptops, musical instruments and electrical goods. We lend against the value of the item(s) which are returned to you when the loan is fully repaid.
Here's a simple way to explain it …
You leave your items with us as security for a short-term loan. Pawnbroking is an alternative, friendly, way to solve a short-term cash flow need.
How does it work?
Once your item is presented in the store, our trained staff will make an on-the-spot valuation to determine how much we are able to lend against the item. Once the loan amount is agreed, our staff member will complete a pawnbroking contract with you. We will explain all repayment and redemption options to you in full. If accepted, you will be asked to sign the contractual agreement for the loan and agree the terms and conditions. You will leave the item with us and walk away with your loan amount in cash. It’s that simple. The Money Shop is proud to be a member of The National Pawnbroker’s Association. The NPA is a central organisation for pawnbrokers to promote and maintain high standards of business conduct and professional competence. The National Pawnbroker’s Association reports that over 88% of customers redeem their pledged goods and a recent survey shows that 95% of users were satisfied with their pawnbroking services. For more information visit www.thenpa.com.
Pawnbroking Loan Flexibility
Our loans carry the following three options:
1. Repay your loan – you can collect your item at any time within 7 months of your contract by paying the amount borrowed plus interest as per our terms and conditions
2. Easy Pay Extension – You can make regular one-off payments against your loan amount plus the interest due at that time. This will renew the contract for a further 7 months at a lower amount. You may do this monthly, every two months or as often as you like to suit your needs and each time the daily interest is calculated on the new loan amount. So your loan amount plus interest reduces each time you make a payment. This plan means that you sign a new pawnbroking agreement each time you make a payment.
3. Use a Repayment Plan – Using our repayment plan enables you to pay off your loan in smaller installments by paying a set amount each month. This would include your monthly interest plus a minimum payment of £5.00 against your original loan amount. With this plan you keep your original 7-month contract.
 Important Pawnbroking Facts
- No credit check is required
- Customers must be aged 18 or over
- Each 'pledge' has a maximum 7-month contract period
- Interest is applied and charged on a daily basis
- No administration or handling fees at the time of initial contract
- The item must be your own property, with full rights to use the item(s) for security of a loan
Questions? For more information about our pawnbroking services, please contact consumer.education@dfguk.com.
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Information provided on the consumer education portal of this website is believed to be accurate and reliable when placed on this site. The Money Shop cannot guarantee it is accurate, complete or current at all times. Information on this site is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. You should seek guidance from a certified financial advisor or credit counselor for advice that is applicable to your specific situation.
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| At the Money Shop we believe that you should get your hands on cash when you need it. So why wait? We offer a fast, friendly and confidential service with the best deals around. For instant cash, come to the leading cheque cashing company in the UK. We are the UK's No.1 for Cheque Cashing, Payday Loans (Cash 'til Payday) and Cash Loans. We have over 450 Stores across the UK. Call in today! |
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