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The Rise of Online Pawnbroking

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

By: Sumeet_Manhas


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.

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