The Money Shop - Pawnbroking Loans

PureHSS

Has anybody ever done this with The Money Shop?

How exactly does it work? Did they need to do a credit check? Did they need details? I don't have the receipt with me (was a bday prezzie) - will that be a problem?

Did they value the item and then borrow you the exact amount that it's worth?

Thanks in advance

PureHSS

BTW, the jewelry that I have is presently £229 retail price.

Stupid_Question

They don't credit check you, if you don't pay back they keep the jewellery.

That's the retail value, they wont give you that. They'll give you a % of the resale value.

jonesMUFCforever

You will be lucky to get 30% of retail - and interest on top!

PureHSS

Stupid_Question wrote: »

They don't credit check you, if you don't pay back they keep the jewellery.

That's the retail value, they wont give you that. They'll give you a % of the resale value.

Cheers for the answer.

So what is normally the percentage of the retail price that they'll give as a loan?

Also, will I need proof of purchase or something - as I said, I don't have that.

bobobins

I'm not sure how the money shop will work this out but a common way of doing it is this: Take the retail value, half it, take off the V.A.T and half it again for a figure. Might not be perfectly accurate but its a good rule of thumb.

InsideInsurance

bobobins wrote: »

I'm not sure how the money shop will work this out but a common way of doing it is this: Take the retail value, half it, take off the V.A.T and half it again for a figure. Might not be perfectly accurate but its a good rule of thumb.

So 25% of the net retail value then?

Prices vary depending on what it is and its condition etc. Probably 25% of the value isnt a bad guide but it will depend on the brand (if any), condition etc. For many jewellary items you are only going to be getting a modest percentage of its scrap value

27col

PureHSS wrote: »

Has anybody ever done this with The Money Shop?

How exactly does it work? Did they need to do a credit check? Did they need details? I don't have the receipt with me (was a bday prezzie) - will that be a problem?

Did they value the item and then borrow you the exact amount that it's worth?

Thanks in advance

No, they don't borrow you anything. They lend you money. You borrow money.