Bridging the short-term loan gap

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Central London pawnbrokers, Hopkins and Jones, has a long history of taking good care of the precious items that are left with them in return for secure fixed loan lending, but they reveal that there’s more to pawnbroking than diamonds and pearls.

While only 4% of the UK’s adult population use a pawnbroking service, this figure includes more women than men. Pawnbroking is one of the oldest forms of money lending in the world, so it’s not surprising that there are many great human stories behind the loans.

Pawnbroking is a financially sound and secure way to borrow money, leveraging items of value when you need a cash flow injection quickly. Jewellery, including rings and watches, are commonly used to secure fixed price loans but Hopkins and Jones have had some very interesting items in their care over the years.

“We treat our customers’ loan propositions with the respect they deserve. We look at every element of what they are offering and will make a sound and valued loan offer based on what we see. Some items attract a loan because of the quality of their brand, while others are valued for their rarity”, states Kris Parish of Hopkins and Jones.

He continues, “ We may even agree a fixed price loan on a large object, such as a classic sports car or speedboat or an objet d’art which must remain in situ.2

Typically, borrowers have had to turn to banks when they experience an issue for cash flow, but – since the financial crash of 2008 – it has proved increasingly more difficult to secure a short-term loan to help people bridge a financial gap.

The financial crisis is also responsible for the upturn in self-led businesses, which can bring with them good earning potential but also unpredictable payment terms. Fixed term pawnbroking loans can help smooth over the cracks in cash flows.

Most pawnbroking customers have assets behind them and are supported by wealth but accessing these funds at short notice can prove difficult at times. Using an item of value can help clients to increase cash flow just in time to pay school fees or to take care of an unpredictable vehicle. Reasons behind loans can extend from securing some spending money for the holiday of a lifetime to simply making sure that an electricity bill can be paid.

Kris explains, “Pawnbrokers are increasingly fulfilling the role of the traditional high street bank manager. Customers used to be able to make an appointment with their manager to discuss any financial issues, however with the dramatic rise in online banking, it’s likely that most people find themselves without a named person to talk to at their bank. At Hopkins and Jones, we enjoy working with our clients to help them secure the loan that they need. We’re delighted when they come to see us with an item for loan but we’re just as pleased when they return to redeem their item again.

Hopkins and Jones is a Pawnbrokers based in central London at 7 William IV Street, London WC2N 4DW. Call for a free quote 0207 379 7080.

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On September 15, 2017
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Hopkins & Jones Ltd is a trade member of The NPA (The National Pawnbrokers Association). Hopkins and Jones Limited, Company registration Number 433606. Registered Office, 7 William IV Street, London, WC2N 4DW. Hopkins and Jones Limited are authorised and regulated by the Financial Conduct Authority licence No 6520002 for the provision of pawnbroking loans.