Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Dow Stock Market Short-term and Long-term Trend Analysis - 28th Nov 20
How To Spot The End Of An Excess Market Trend Phase – Part II - 28th Nov 20
BLOCKCHAIN INVESTMENT PRIMER - 28th Nov 20
The Gold Stocks Correction is Maturing - 28th Nov 20
Biden and Yellen Pushed Gold Price Down to $1,800 - 28th Nov 20
Sheffield Christmas Lights 2020 - Peace Gardens vs 2019 and 2018 - 28th Nov 20
MUST WATCH Before You Waste Money on Buying A New PC Computer System - 27th Nov 20
Gold: Insurance for Prudent Investors, Precious Metals Reduce Risk & Preserve Wealth - 27th Nov 20
How To Spot The End Of An Excess Market Trend Phase - 27th Nov 20
Snow Falling Effect Christmas Lights Outdoor Projector Amazon Review - 27th Nov 20
4 Reasons Why You Shouldn't Put off Your Roof Repairs - 27th Nov 20
Further Clues Reveal Gold’s Weakness - 26th Nov 20
Fun Things to Do this Christmas - 26th Nov 20
Industries that Require Secure Messaging Apps - 26th Nov 20
Dow Stock Market Trend Analysis - 25th Nov 20
Amazon Black Friday Dell 32 Inch S3220DGF VA Curved Screen Gaming Monitor Bargain Deal! - 25th Nov 20
Biden the Silver Bull - 25th Nov 20
Inflation Warning to the Fed: Be Careful What You Wish For - 25th Nov 20
Financial Stocks Sector ETF Shows Unique Island Setup – What Next? - 25th Nov 20
Herd Immunity or Herd Insolvency: Which Will Affect Gold More? - 25th Nov 20
Stock Market SEASONAL TREND and ELECTION CYCLE - 24th Nov 20
Amazon Black Friday - Karcher K7 FC Pressure Washer Assembly and 1st Use - Is it Any Good? - 24th Nov 20
I Dislike Shallow People And Shallow Market Pullbacks - 24th Nov 20
Small Traders vs. Large Traders vs. Commercials: Who Is Right Most Often? - 24th Nov 20
10 Reasons You Should Trade With a Regulated Broker In UK - 24th Nov 20
Stock Market Elliott Wave Analysis - 23rd Nov 20
Evolution of the Fed - 23rd Nov 20
Gold and Silver Now and Then - A Comparison - 23rd Nov 20
Nasdaq NQ Has Stalled Above a 1.382 Fibonacci Expansion Range Three Times - 23rd Nov 20
Learn How To Trade Forex Successfully - 23rd Nov 20
Market 2020 vs 2016 and 2012 - 22nd Nov 20
Gold & Silver - Adapting Dynamic Learning Shows Possible Upside Price Rally - 22nd Nov 20
Stock Market Short-term Correction - 22nd Nov 20
Stock Market SPY/SPX Island Setups Warn Of A Potential Reversal In This Uptrend - 21st Nov 20
Why Budgies Make Great Pets for Kids - 21st Nov 20
How To Find The Best Dry Dog Food For Your Furry Best Friend?  - 21st Nov 20
The Key to a Successful LGBT Relationship is Matching by Preferences - 21st Nov 20
Stock Market Dow Long-term Trend Analysis - 20th Nov 20
Margin: How Stock Market Investors Are "Reaching for the Stars" - 20th Nov 20
World’s Largest Free-Trade Pact Inspiration for Global Economic Recovery - 20th Nov 20
Dating Sites Break all the Stereotypes About Distance - 20th Nov 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

The Rise of Online Pawnbroking

Personal_Finance / Money Saving Jul 17, 2020 - 03:06 PM GMT

By: Sumeet_Manhas

Personal_Finance

Are you running low on funds and need a few hundred extras immediately? The lengthy procedure at the bank and no assurance of loan approval can genuinely tire you out. Luckily, since years pawn shops have been stepping in from where the banks are stepping back. Getting quick cash by pawning some of your equally valuable possessions is called pawnbroking. There are many reliable pawnbrokers in London, including online services by companies like Unbolted.


Pawnbroking: What does history say?

Pawn Shops have always reported profits, irrespective of the market condition. Keeping the rich heritage of the UK in mind, here are some quick facts about the history of pawnbroking:

  1. Pawnbrokers in London started over 3000 years ago in England, running a successful chain of business opportunities.
  2. The Pawnbrokers Act of 1872 in England protects pawnbrokers from any legal rulings.
  3. Today, there are huge pawnbroking options available in the world, with small shops operating in almost every street.
  4. The pawnshops account for about $400,000 to over 1.5 million dollars in revenues annually.
  5. As of 2020, we have ventured into the era of online pawn shops, which ensure profits and availability of money in all market conditions.

Process of online pawnbroking

With the onset of recession and slow industry developments, pawnbroking is back in conversations again. And this time, it is no longer the traditional method, but in an online avatar. The process of getting money in return for your valuable item can take from a few minutes to a few days, with the following procedure:

  1. Post your item(s) with clear pictures on the application.
  2. Wait for the pawnbroker to assess your upload and quote a value.
  3. You can either accept the quotation or negotiate.
  4. When accepted, your valuables will be stored in a safe locker until you pay back the loan amount.
  5. At the end of your chosen term (3-6 months), you get back the item if you have cleared the loan. If not, the pawnbroker will move ahead with selling your product to recover the defaulted amount (+profit).

Advantages of pawnbroking

While it is an easy process, pawnbroking had several advantages, listed below:

  1. Lower interest rates
  2. Simple online process from smartphones, tablets or PCs
  3. Loan disbursement within minutes.
  4. Confidential transaction
  5. No records in the credit history
  6. Early repayment options

Alternative in difficult times

With the market growing tighter with employment and cash flow, people are naturally looking for alternatives to make money. They need to pay off the monthly bills and rents, with a limited or almost no source of income in the recession. This is why, most of them are turning to pawnbroking, particularly online pawnbroking with its reliable and flexible terms and conditions.

A general survey says that 90% of the people who go for a pawnbroker are college-educated or have their own houses. They are in dire need of money to maintain their resources and the bank funds seem to have dried up, at this point in time. Therefore, it is justified to head to pawnbroking in the recession.

Also, the meltdown of the economy results in unprecedented soaring of the prices of gold and other valuables. With different reality shows talking about pawnbroking, even the affluent audience has now started respecting this business. They find it the best to churn out some extra cash that they can pay off later, with the gold that they have.

Pawn Shops mostly focus on the small loans which banks generally tend to ignore. With the benefits as mentioned earlier and a reasonable rising point during recess, online pawnbroking sites like Unbolted are growing exponentially. They are easy to use and can be trusted if you are looking to get quick money from the comforts of your own home.

By Sumeet Manhas

© 2020 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules