Online Pawnbrokers Information Library

ONLINE PAWNBROKERS

Find useful information and answers to FAQs below.

What is an Online Pawnbroker?

Online pawnbrokers offer quick secured loans for people who want a straightforward way to borrow – no credit checks carried out.

Similar to high street pawnbrokers, these companies can lend you money against a range of personal possessions, including:

• Gold
• Jewellery
• Art and Antiques
• Cars

The pawnbroker will then use the value of your item to offer you a loan amount. They will take your chosen item – say, a watch – and will keep it in a secured storage unit until you have finished paying back the loan.

If you pay the loan back on time, your items will be returned to you. If you cannot keep up with repayments, you risk losing your possession.

How can I Apply?

Bad Credit Good Solutions lists a range of online pawnbrokers, so you can compare them. Have a look at what items they can lend against and what their payment options are (how they will pay you the loan).

Once you have found a company which suits you, just click on 'Apply' to continue – you are under no obligation by doing so and you can turn back at any time until you choose to apply directly for the loan.

How Much can I Borrow?

The online pawnbroker will offer loans of around £100 to £1,000 based on the value of your items.

Will I receive a Credit Check?

Unlikely. Online pawnbrokers are offering what is basically a secured loan – if you fail to meet your repayments, they can keep your items – so they don't need to make sure your credit rating is in good condition. Therefore, if you have a low credit score you can still get a loan.

How do I Qualify?

Most online pawnbrokers will need to know the following:

• You legally own the items you want to borrow against
• OR you have permission to use them
• Proof of ID
• You must be at least 18 years old
• Items are free of claims
• You are a UK resident

What are the Benefits?

Using an online pawnbroker is one of the easiest ways of borrowing money – via a quick application process and just by using a possession you already own, you can borrow up to £1,000.

Here are some more benefits:

• People with bad credit, CCJs, arrears/defaults can borrow
• Wide range of items to borrow against
• Easy process
• Flexible terms

What are the Disadvantages?

Generally, online pawnbrokers can only offer you up to between 40% and 60% of the retail value of your items – so you can't borrow as much as it would be worth in the shops.

Another factor to bear in mind is that you risk losing your possession if you cannot make the loan repayments. This is a very important thing to bear in mind before you apply for an online pawnbroker loan.

Remember that while your credit rating may not be a deciding factor when you get the loan, it could become damaged if you do not pay back the loan back on time.

If you are desperate to borrow money, consider the options and think about seeking independent financial advice. There are many options available to people who want to improve their cash flow or debt situation. Have a look around Bad Credit Good Solutions for more ideas on making money and saving.