Why use a Pawnbroker?
Before we can answer that question, we think it’s important to understand what a Pawnbroker is, what do they do and how can they help you.
A pawnbroker – what they do.
A pawnbroker is a money lender who can offer you a loan that is secured against your valuables which have been valued.
Your valuables are held by the pawnbroker as security against the loan. The valuables can be collected once the full loan amount and interest has been paid.
How long does it take to pawn valuables?
Spanish Pawnbrokers have a shop where you take your valuables to get your items valued. The process can take a few minutes, to a few days subject to a higher-value asset that may require an appraisal.
The Spanish Pawnbroker always offers a fair amount for customers valuables; however, you can then accept or negotiate the offer if you wish.
If you accept the loan offer your valuables will be kept in safe storage by the pawnbroker until the loan is paid back within the loan term.
At the end of the loan term, the agreement requires that the total loan amount and interest to be paid to recover your assets. If the full loan amount isn’t paid, the pawnbroker has the right to sell the item/s to recover the loan amount.
How do Spanish Pawnbrokers value items?
Spanish Pawnbrokers value items based on the secondhand market value, or how much an item would fetch if sold at a public auction or alternatively sold directly to the trade.
Subject to the valuable being pawned, Spanish Pawnbrokers may use external specialists to get an improved estimate and can then offer you the largest possible loan.
What items can you pawn?
Spanish Pawnbrokers Pawn brokers accept a wide range of assets and valuables as security against loans.
Gold, Silver, Jewellery, Diamond, Gemstones, Coins, Luxury watches including Rolex, Omega, Cartier, Breitling, Tag Heuer, antiques and collectables, are amongst the most common items to borrow against.
What are the advantages of pawnbroking?
Spanish Pawnbrokers make the whole process fast and simple, so our customers get money when they need it.
- There is less paperwork required than other alternatives, if you have proof of ID and in some cases proof of purchase, to verify the asset’s authenticity.
- There are no credit checks, as we lend money against your assets. If you meet the loan criteria.
- You can get your valuable item back
- Using Spanish Pawnbrokers has no impact on your credit history
- If you can’t repay the full loan amount, your pawned asset will be sold to recover any potential losses, however your credit history won’t be affected.
- No credit checks required
It is a wonderful way of releasing the value in your valuables, old or new, without having to sell them and losing them forever.
You can usually recover your pawned items early once you have paid the full loan amount and interest charges up to that day.
The standard term for pawnbroker varies, although it can be extended, or loan contracts renewed by repayment of interest.
Risk losing your item
Remember the valuable item you have pawned is used as security against the loan you have received, should you be unable to repay the loan, the item is sold to recover the debt.
Are Spanish Pawnbrokers safe?
Spanish Pawnbrokers is a family run business located in Quesada, Rojales, Costa Blanca, Spain and has all the secure storage required, high security cameras and insurance for all valuables retained.
How do pawn shops make money?
Pawnshops are in the business of lending monies and make money through the interest they charge on sums lent out.
What interest rate do pawn shops charge?
The interest rates for pawnbrokers vary, but you can usually expect to pay between 3% and 10% per month, dependant on the size of the loan and the individual company.