A loan from a pawnbroker works in a similar way to a bank loan, with interest being charged on the loan. The key difference is that to secure a loan from a pawnbroker, an item of value must be pledged as security.
As New Bond Street Pawnbrokers is an independent pawnbroker, we always have an expert available to appraise your item. Once a loan price has been agreed, a contract can be drawn up. We and the National Pawnbrokers Association of the UK require that all new clients have photographic ID (passport, identity card or driving licence) and proof of current address (a council tax or utility bill no less than three months old). We do not share this information with any third party. We do not run credit checks before approving a loan, and loans from us will not affect your credit rating. All loan transactions are private and confidential.
As we are a member of the National Pawnbrokers Association of the UK, all our contracts are for the regulated term of up to seven months. No contract has a minimum term period and each item pawned (used to raise finance) can be redeemed (reclaimed by repaying the loan) at any point within the seven-month contract. Interest is charged on the date of the loan and then on the same day of each subsequent month throughout the period of the contract.
Items pawned remain with us throughout the time of the contract, but remain your property until the contract expires. After seven months, you can extend the loan contract. You must pay in full all interest that has accrued (in cash, or by cheque or bank transfer). When we have received payment, we can then renew the contract for a further seven months, under the same terms.