The Online Pawn Shop – Discretion Guaranteed!
The year 2008 will perhaps be remembered as the year that Lehman Brothers collapsed and nearly brought down the global economy with it.
However, 2008 was also the year that saw the rebirth of the pawn shop in London- pawn shop 2.0 if you will.
Now, in the annuls of history, this may not be up there with the Lehman Brothers fall from grace, however, in years to come we may come to look at this development as being significant in the world of personal finance at least.
At this point, you may be thinking ‘Pawn shops? Why on earth would I even consider going to one of these dirty, dingy, unpleasant places?’
However, as previously stated, 2008 was the year that pawn shop 2.0 was born.
By this we mean the new, high-end, online pawn shop. These are not places where you can raise £50 from selling a PlayStation, these are places where you can secure a £5,000 loan against your Rolex or a £15,000 loan against your classic Jaguar.
Pawn Shops for the Middle Class
There are few groups who can say they have escaped the effects of the economic downturn unscathed.
The middle and upper classes have been severely hit by the anemic global economy and many find themselves in a position where they have a Ferrari in the garage but no food in their fridge.
Such a situation will not do, but for many, the thought of going into a pawn shop with the chance of a neighbor seeing is unthinkable.
Thanks to the internet and online pawn shops, this is not an issue.
A high-end pawnbroker can provide loans against a range of assets, with everything from diamond rings to yachts taken into consideration.
The online application process is incredibly easy – you simply fill in the application form, send your valuables in to the valuation team and if you are happy with the price quoted, take out the loan.
This process ticks three important boxes – it is easy, quick and most importantly of all, it is extremely discreet.
The neighbors have no way of knowing you have applied for a short-term pawnbroker loan, so you do not need to worry about the rest of the street whispering about your personal affairs.
Some Important Points About Pawn Shop Loans
Pawnbroker loans are loans at the end of the day so you need to know about interest rates, repayment periods and the rest.
The APRs associated with pawn shop loans are higher than those attached to bank loans, however, they are designed to be short-term products, so you need to look at the APR and work out the monthly interest rate to know what you are paying.
In terms of the repayment period, such loans are typically taken out for between one and six months, although some lenders may be willing to extend the repayment period where necessary.
A Word of Caution
As the interest rates are high, the longer you take to repay the loan, the more expensive they become, so be careful.
Running into financial problems is nothing to be ashamed of, particularly if they are temporary in nature.
Many people are struggling, even those who on the surface appear to be doing well.
Online pawn shops can help ease your short-term cash flow problems, so why not explore how they can help you?
Readers, have you ever been to a pawnshop? Did business with one?