If you are struggling to repay your pawnbroking loan, please call in to your local store to see how we can help you. If coronavirus has affected your ability to repay your loan, we may be able to grant you a 3 month payment deferral. Please note that interest will continue to accrue during this period.
What is a Pawnbroking Loan?
A Pawnbroking Loan is a short-term loan secured against items of gold, silver, diamond jewellery or quality watches. The amount of the loan is dependant on the item(s) provided as security.
Simply take an item of value in to your local Ramsdens branch, our trained staff will value your item and agree a loan amount with you that you feel comfortable about repaying. We give you the cash and keep your items safe and secure until you come back to repay your loan.
During the term of the loan you can make payments of any amount and at any time to suit you. By making these payments you will reduce the cost of your loan. When you make your final payment to repay the loan you will receive your item(s) back.
Interest accrues on a daily basis therefore the sooner you repay the loan the cheaper it is. Our monthly interest rates are lower than our main competitors and our representative APR is 154.08% for a primary 6 month loan term.
Ramsdens also provide Pawnbroking Loans to small and medium size business owners.
How much can you borrow against your item(s)?
At Ramsdens you can borrow from £10 to £100,000 subject to the assessment of your item(s). Ramsdens could lend up to 75% of the pre-owned item value dependent on the quality of the item(s).
What does a Pawnbroking Loan cost?
Our interest rates are variable depending upon how much you borrow. Contact us for more information or visit your local branch.
Total amount of credit £200.00 for 6 months
Total amount payable £318.80
Total charge for credit £118.80
Interest rate 118.80% pa (fixed) equivalent to 9.90% per month
Representative APR 154.08%
What is an APR?
An APR (Annual Percentage Rate) is the cost of credit expressed as a yearly rate. A Pawnbroking Loan is not designed to be a long-term loan. A Pawnbroking Loan charges interest daily which means the cost of credit could work out to be cheaper than unauthorised bank fees. (Representative APR 154.08%)
What happens if the loan is not repaid?
In the event of you being unable to repay your pawnbroking loan, your item(s) will be sold in order to repay the amount outstanding. If the proceeds of the sale are greater than the amount due under the loan, including the costs incurred for selling the items, these monies will be repaid to you.
What do Ramsdens lend against?
At Ramsdens you can borrow cash against your gold, silver, diamond jewellery and quality watches. Some of the more common items we regularly lend against for our customers include: Ladies Rings, Gents Rings, Diamond Rings, Earrings, Necklaces, Bracelets, Bangles, Anklets, Pendants, Chains, Chokers, Pure Gold, Brooches, Victorian Gold, Gold Coins, Antique Gold, Gold Bars, Vintage Gold, Ingots, Asian Gold, Gold Watches, Diamond Set Pendants. Gents and Ladies Watches from brands including Rolex, Breitling, Omega and Cartier.
Please contact us if you have any queries regarding the items listed above.
How do I get a Pawnbroking Loan?
Visit one of our branches or apply online to get a pawnbroking loan.