Pawning jewellery, antiques, watches or other items is a very quick and secure way of getting a much needed short-term loan.

Pawnbroking is a completely safe and quick way to make the most of your valuable items, with the guarantee that they’ll be returned to you on final payment of the loan.

So how does it work? The role of a pawnbroker or pawnshop is to provide secured loans for anyone with valuable items to use as collateral. After both parties have reached a contractual agreement about the loan amount, the pawnbroker will hold the item and give a loan against its value. The full loan amount (plus interest) must be repaid before the agreed date in order for the items to be returned to their owner.

So, once you’re at the pawnbrokers shop and they’ve examined your item, they’ll offer you a loan amount and a rate of interest for the duration of the short-term loan period. If you accept this offer, you should receive your money fairly quickly and you’ll need to repay it within the agreed time period in order to get your valuables back. However, if you find yourself unable to repay the loan, the pawnbroker has every right to keep your hold of your items and to sell them on to recover their costs. It’s as simple as that!

Pawnbroking online Thanks to the growing popularity of pawnbroking, many pawnbrokers can now be found online. This gives the customer the option to pawn valuable items without the trouble of having to go into a pawnbroker’s shop. With so many different pawnbrokers now trading online, a huge range of items are accepted as collateral for secured loans.

The online application process is very fast and easy. An online estimator is usually used to estimate the value of the commodity and if the customer accepts the offer, a pre-paid insured envelope for the delivery of the goods will be sent out. Once the items have been received by the pawnbroker, the money is usually transferred to the specified bank account the same day.

In the event of unforeseen circumstances preventing repayment of the loan there is usually no penalty fee, but it’s always best to check the policies of the individual pawnbroker as they may differ. In this case, the pawnbroker will most likely seek to settle the loan on the customer’s behalf by selling the items. Plus, if the pawnbroker receives more money through the sale of the item than the original loan amount, the difference will be returned to the customer.

What’s the difference between pawning my valuables in-store and using an online pawnbroker? In principle, there’s no difference between traditional pawnbrokers and ones who trade online: in fact, a lot of pawnbroking shops are now getting in on the act and setting up their own websites too. But, there are two main differences which make online pawnbroking seem more attractive than its less hi-tech predecessor.

Although antiques are usually defined as valuable or rare artefacts produced over a hundred years ago, many pawnbrokers may also consider more contemporary furniture, artwork and decorative items to have antique value, and would be willing to accept them as collateral for a secured loan.

When in need of a short-term secured loan, many people choose to pawn gold, silver or platinum jewellery to raise some much-needed cash. For gold jewellery, its price will be valued according to its weight, with the most common gold items used as collateral being necklaces, bracelets, rings and earrings. As jewellery is one of the most popular products pawned, most pawnbrokers have a great deal of expertise in valuing these items, meaning that customers are usually offered a very reasonable loan amount.

Similarly, pawnbroker loans secured against fine watches are just as straightforward as those secured against jewellery. However, it’s important to be aware that most pawnbrokers will not accept designer branded watches (such as D&G, Gucci and Prada) as collateral; most will only accept fine watches such as Rolex, Seiko and Accurist. Although most pawnbrokers would still take fine watches which were slightly 12, damaged or scratched, these items would have a lower retail value and would as a result have a lower loan amount offered against them.

When most people think of antiques, they think of century old vases and paintings that sit in attics or basements just gathering dust. Although pawnbrokers are of course used to valuing and lending against stereotypical antiques, many also accept more contemporary artworks, furniture and decorative items which are seen to have ‘antique’ value.

Although most of us would just discard gold, silver or platinum items if they were broken, pawnbrokers still accept scrap items as collateral for unsecured loans. Depending on the weight and type of scrap gold, silver or platinum, a considerable amount could be borrowed against their value.

So, it seems that pawnbroking has had a much-needed makeover. It’s no longer the out-dated, irrelevant practice it used to be, as many people are now seeing it as a simple and straightforward way of raising funds as quickly as possible. Also, with online pawnbroking businesses going from strength and the changes in the way we think about borrowing money, online pawnbroking is coming to be seen as a viable solution to many people’s money worries.

Uncles money is one of the biggest online pawnbrokers in the UK, Uncles will offer you the most competitive rates on valuables, such as; Jewellery, gold and some art. You can also get short term loans from Uncles.