As a Pawnbroker its not only my job ( or should I say Passion) to help people when they need it, it is also to educate people in New Zealand the benefits of Pawnbroking loans over other forms of borrowing.
The great thing about Pawnbroker Loans is that they are non-recourse, which means theres no obligation to repay the loan if you don’t want to! and, the Pawnbroker won’t chase you for the debt (what other lender would give you that option?) and “Guess what” you decide when you want to pay the loan back, again can you imagine the bank agreeing to those terms? (I dont think so do you?)
Firstly, the banks and other lenders want to know a lot of your personal information, like, how much do you earn! what are your current outgoings! what is your credit like! do you have enough security and heaps of other information and then they go away and consider wether they wish to do business with you!(which can take days if not weeks) and you can absolutely guarantee they will conduct a credit check, and while all this is being done your sat with your fingers crossed hoping they come back with a yes! (but what if its a NO!!) …. the only thing they don’t ask is the colour of your underwear!! – well at least I dont think they ask that.
While the banks and other lenders are taking their time in considering if they want to do business with you, you would have already walked out of a Pawnbrokers with the cash you need on the sameday, if not the same hour or even minutes!!
You see pawnbrokers are not interested in what your income is, what your credit score is, what your outgoings are etc, because a Pawnbroker isnt lending against you, the Pawnbroker is lending against your asset, your Jewellery, Ring ,Watch etc. can you imagine walking into a bank or finance company and asking for a loan on your jewellery or some other item! I am sure theyy would give you a funny look before escorting you off the premises. !
The reason is, Pawnbroking is effectively, borrowingng from yourself! You already own the asset your looking to use, whether that be your Diamond ring, or other Jewellery, Watch or other valued item, your just passing it to the Pawnbroker for safe keeping, in return he’s not only loaning you the cash you need, he’s also safely storing it and charging you a storage fee untill you collect it! (simple)
Another great thing about Pawnbroker Loans is that the debt will never spiral out of control unlike some other loans out there! – you can just walk away, (where else can you do that?) you see the pawnbroker will sell your item to recoup the loan, but its not over, because if the pawnbroker sells it for more than it owes him the pawnbroker has to return any surplus dollars back to you after a small marketing fee is deducted. Hows that for customer servce!
Well I have given you a little insight and education about pawnbroker loans and I hope that you can now see the benfits of using a pawnbroker over other lenders.
If you want to know more why not visit the website or give us a call.
Premier (New Zealand’s) favorite Pawnbroker