Pawnbroking is once again back in favour as a serious alternative to borrowing from a bank. A lack of willing lenders on the high street, the length of time it can take to arrange a loan, and inflexible terms and conditions, has made this age-old form of lending one of the more accessible ways of raising a short-term loan.
Not only that, those who pawn their goods to borrow the cash they need, can do so in the knowledge they will not be getting get into debt, can repay the loan as soon as they are able without penalty since the loan is secured on an item of value they already own.
And whilst the practise of pawnbroking is almost as old as the hills, the type of goods that a quality pawnbroker will lend against is seeing some new opportunities.
Hopkins and Jones who centrally located London offices at 7 William IV Street WC2 prides itself on its highly professional and confidential service. In the past year, the retailer has seen a significant increase in high-end goods being pledged by both business and personal borrowers to meet short term needs including business and cash flow issues, property deals school fees and premium holidays to name just a few.
These clients are using luxury watches with brands including Rolex, Cartier, Patek Phillippe, IWC, Audemars Piguet, certificated diamonds, jewellery, valuable antiques, quality art and even memorabilia to borrow sums of money which typically range from £1,000 to £20,000.
Having operated in central London for over a century, Hopkins & Jones was established in 1853 as Hayward & Sintzenich with premises in Sackville Street, London W1. When the business was purchased by the two leading members of staff, Louis Hopkins and Llewellyn William Jones in 1941, the premises moved to Regency House in Piccadilly, then to Carlos Place, Mayfair. In 1979 Hopkins & Jones moved to our present address in William IV Street,
Contrary to both people’s perceptions of pawnbroking and perhaps the lower end of the market, Hopkins and Jones redemption rates are high, and many customers bring repeat business using the same items as and when their needs arise.
Part of the success of Hopkins and Jones is the calibre and experience of its team of valuers. Running a successful jewellery business alongside its pawnbroking offering, Hopkins’ team make quick decisions and have the confidence to offer the best possible loan to value.
Speaking about the service, Hopkins and Jones Director, Kris Parish, who has worked in the pawnbroking industry 15 years, said; “the demand for a quality pawnbroking offering is increasing in all parts of the countries as people continue to face the challenges of the current financial climate. Assets that have been amassed during the boom years are now becoming an important currency for business people and those who are considered well off, in helping maintain their cash flow.”
With credit challenges set to continue, Kris concluded: “It’s good for people to know that there is a quick, discreet and easy solution to financial pressures which do not involve you having to get into debt, or jump through hoops with your bank manager”.