Question 1

What is a pawn pledge?

Accepted Answer

It’s an item of value that’s used as security against a loan.

Question 2

What is pawnbroking?

Accepted Answer

Pawnbroking is simply a form of credit offering a safe and efficient way of releasing capital from your luxury valuables. These can include anything from jewellery, watches and gold to silverware, fine artwork and antiques.

Question 3

How can I get my luxury assets to you?

Accepted Answer

There are several ways we can proceed with a valuation: In-store – Bring your items(s) into one of our London pawn shops today. Courier Collection – Have your item(s) collected receive your money within 24 – 48 hours from the comfort of your home. Staff Collection – Have your high value item(s) collected by one of our staff members at a convenient time and place for you. Home Visit – For high value loans, our specialists can come to you to value your item(s).

Question 4

How do I redeem my pledge?

Accepted Answer

The asset is held for the duration of the pledge agreement. You need to bring the pledge agreement to repay the money owed, including any accrued interest, to the branch where you made the pledge. We’ll then return the pledged asset to you.

Question 5

How much time do I have to redeem a pledge?

Accepted Answer

Within our standard six month pledge agreement, you can redeem your pledge at any time, provided you repay all outstanding money, including the accrued interest. If you do not redeem your item before the expiry of the term, your item(s) may be sold. However, you are able to redeem your item(s) at any time prior to the sale of your item(s).

Question 6

How quickly can I get a pawnbroking loan?

Accepted Answer

Pawnbroking is a fast, efficient service with many personal asset loans usually being agreed within an hour. Certain items such as classic cars, artwork and antiques may require an additional expert valuation, this typically takes two to three days. You risk losing your item if you fail to repay by your due date. Your item will be sold to cover the cost of the loan, you will not be liable to repay any shortfall.

Question 7

What is the meaning of luxury pawn shop?

Accepted Answer

At Suttons and Robertsons, we are a world away from this old-fashioned, pre-conceived notion of a pawnshop. Although we are here to help people who may need some financial support with liquidity – for school fees or to invest in a new business, we tend to work in much bigger loan amounts and only deal with luxury items, such as Rolexes, high-end luxury jewellery, classic cars, fine wine collections – one of today’s most rewarding items to pawn – designer handbags. Having undergone a total transformation, the pawn industry is now home to the ‘Luxury Pawn Shop’. With a greater number of pawn loans being made against luxury items than ever before, people are much more likely to trust a reputable luxury pawnbroker, like Suttons and Robertsons, with their valued luxury assets.

Question 8

Can I pay back my pawn loan early?

Accepted Answer

If you have taken out a pawn shop loan, it is likely that you will have set a loan period of 6 months. If you would like to repay your pawn loan early, you will have the option to settle your loan before your six month loan period has ended. It will mean that you will not need to pay as much interest as scheduled as your pawn shop loan period will end early. Pawnbroking can be a flexible option for many people, with early repayment on your pawn shop loan a great option.

Question 9

Can you extend a pawn loan?

Accepted Answer

Typically, your loan agreement period will be set for a period of six months. Full payment in return for your asset is expected by the end of the loan period. However, if you find that you are unable to pay your pawn shop loan back within the agreed repayment period, please contact us. We review all repayment issues on a case by case basis and may be able to agree on a renewal plan.

Question 10

What happens to my item(s) during a pawn loan?

Accepted Answer

Most of our pawn shop loan items are small in size, such as Rolex watches or Cartier jewellery. Once you have handed your loan asset over to us and payment is on its way to your bank account, we will securely lock your item in our safe. If you are pawning larger items that require specific storage conditions, such as fine art or fine wine, we will ensure that the correct type and condition of storage is put in place.

Question 11

Do pawn shops ask for ID?

Accepted Answer

Yes, in the UK when taking out a pawn shop loan, you must prove two things: your identity and proof that you live at the address you supply. A document, such as a valid passport or driving licence, can be used a proof of identity. In order to provide proof of your address, you must provide a document, such as a utility bill, a bank or building society statement or a tenancy agreement, which is dated within the last three months.

Loan Amount	Monthly Interest Rate	APR % (Annual Percentage Rate)
£0 – £4999.99	6.5%	93.21%
£5,000 – £14,999.99	6.0%	84.96%
£15,000 – £49,999.99	5.0%	69.00%
£50,000+	4.0%	53.76%

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