Pawning stuff in at Cash-Converters

willsonline

Hi people, bit short of cash at the moment and basically thinking about pawning my beloved iPhone in at Cash-Converters has anybody done this and over what time length can it be done?

Whats the interest charges like (i think i no the answer!!)???

What sort of price do they give for your item?

Are there any other organisations which offer a better service?

Im looking at pawning it for roughly 3 months at most. Any help would be much appreciated!

Will

Pobby

Don`t have the full details but I do have contacts with the company. I think that they will give you about a quarter of the new value. Also the interest charged will not be cheap.

willsonline

Pobby wrote: »

Don`t have the full details but I do have contacts with the company. I think that they will give you about a quarter of the new value. Also the interest charged will not be cheap.

Huh? A Quarter of the new value?

The phone costs new £342.33 Ive had the phone 6 months... *confused* Are you sayin they would only lend me £80 against the iPhone. What a waste of space that company is...

Pobby

:eek: :eek: I think it works like this. They will look at the worse way and assume you don`t collect. These companies generally work on a 100% profit margin. So say it was £80 you were offered they would retail at £160 plus the v.a.t. I might be wrong so check them out. If you can find another solution I would take it. I have worked in the second hand business and it`s generally a poor deal for the seller. We would offer around one third of the new price!

If you have a car you can get a log book loan. Again the interest rate is pretty scary but you get to keep your car whilst you are paying back the loan.

This is all very " sub prime " lending.

willsonline

Hi Pobby

I wont be touching the Log Book Loans offer with a barge-pole haha. Thanks anyway.

Im working on the assumption that I WILL be buying back the iPhone, theres too much on there for me not too But obviously the shop will probably give me the worst offer. Might be worth enquiring though!

jamesd

They aren't in the business of charity. They have to consider what second hand price they can quickly get for it if Apple introduces a new model that makes yours obsolete.

Pobby

Op, unless it`s total desperation I would really try to avoid dealing with pawn brokers.

brightonman123

on the flip side, you could alos find some 'bargains', compared to retail prices.. if you are k with having 2nd hand goods.

willsonline

brightonman123 wrote: »

on the flip side, you could alos find some 'bargains', compared to retail prices.. if you are k with having 2nd hand goods.

The focus here is on getting cash not spending it on s/h goods lol.

Poppy: I agree, may well end up selling it on eBay and buying another one when the time is right. But im off to CAB tomorrow for a chat.

Pobby

Great idea talking to CAB. I have just attended a course on debt with them.

Swans1912

Is the phone yours to sell, if still in contract?