Short term Pawning of Gold - Pawn shops ?

100smiles100

I'm in need of a short term quick loan .
I don't have a job at the moment but have a few interviews lined up . I really hope to get a job soon especially with Christmas coming up - Lots of temp jobs going at the moment.

I really hope my problems are only going to last a few months .

I've been refused credit by my bank as no income and ccj.

I have some inherited gold jewellery. that I really don't want to sell - none of its broken, I love it and it has meaning.

I have already sold some of my inherited gold at Ramsdens a while back, and was shocked at what they initially offered me - A tiny fraction of what Tesco and others offer.

Eventually after haggling I sold it for a bit less than the Tesco - online quote ( Really to save any postage problems )

Anyway apart from a crisis loan - That would take too long even if I was approved.

I only have the option to pawn the remaining gold.
I've never had to pawn anything before - but it looks like an attractive deal , well in my situation anyway ! - If I understand correctly ? I don't pay anything back for 5 months and then you can retrieve the items at the end of the 5 months if you can afford the loan and the interest - or sooner and pay less interest.

I have a few questions .
1, Does the gold ever get "lost"?

2. I have diamond engagement rings from my great grandmother and grandmother - will I only get the gold value ? or do I haggle ?

3.On Ramsdens website it says FROM xx% - I'm guessing this has to be haggles as well - what is an acceptable rate .

I know I'm playing with fire - if things don't improve in the next few months - but I have to believe that things will get better soon.

Already sold everything else worth any value on Ebay.

Any advice would be great thanks .

jonesMUFCforever

They will only pay what it is worth to them - family heirlooms don't come into it.

How will you get the money to buy back?

100smiles100

as per post the plan rests on getting a job - soon.

Not guaranteed , I know !
If I can secure any job even at the low end of my salary scale - I should have a good disposable income.

Obviously I may not get a job - then I would not be able to get it back. I understand that.

Tixy

What do you need funds for?

Maybe people could suggest alternatives rather than having to pawn items of sentimental value.

samsmoot

Don't worry about pawning your gold, apart from repaying the loan. Pawn shops are pretty good in my experience and things don't just get lost.

I like Albemarle and Bond, as they seem to offer a better deal than some others. The offer you get will be take it or leave it. They also have a 14 day cancellation policy (as do they all, I imagine) - don't know if that could be taken advantage of in any way.

100smiles100

samsmoot wrote: »

Don't worry about pawning your gold, apart from repaying the loan. Pawn shops are pretty good in my experience and things don't just get lost.

I like Albemarle and Bond, as they seem to offer a better deal than some others. The offer you get will be take it or leave it. They also have a 14 day cancellation policy (as do they all, I imagine) - don't know if that could be taken advantage of in any way.

Thanks - I will need the funds for several months - The 14 days cancellation policy ,no use to me
Do you only get the gold price ? Even though none of its scrap .

What kind of interest rate would be a "better deal" ?

[Deleted User]

samsmoot wrote: »

Don't worry about pawning your gold, apart from repaying the loan. Pawn shops are pretty good in my experience and things don't just get lost.

I like Albemarle and Bond, as they seem to offer a better deal than some others. The offer you get will be take it or leave it. They also have a 14 day cancellation policy (as do they all, I imagine) - don't know if that could be taken advantage of in any way.

A&B are in trouble with their own banks needing a £35 million loan to keep going last week,and thats not the first time this year
and OP remember gold has fallen in value this year,personally i see no sentiment in gold only ££££

100smiles100

woodbine wrote: »

A&B are in trouble with their own banks needing a £35 million loan to keep going last week,and thats not the first time this year

Thanks for that info .

woodbine wrote: »

and OP remember gold has fallen in value this year,personally i see no sentiment in gold only ££££

I understand why some people might not - I do .
The items have gone through - war's - Recessions / Financial Hardship and none of the previous generations ever needed to part with them . not only is it sentiment but principle of it .

My situation is hopefully very temp . If I still had a job - I wouldn't consider parting with the items in a million years.

The items get worn / used , I like them.

samsmoot

Five months worth of interest will be costly so perhaps you could consider selling an item or two on ebay instead as an alternative. That way at least the other items are safe and you get a fairly realistic price.

100smiles100

samsmoot wrote: »

Five months worth of interest will be costly so perhaps you could consider selling an item or two on ebay instead as an alternative. That way at least the other items are safe and you get a fairly realistic price.

I've already sold the items that I felt I could part with easily , Yes in theory its a good plan , but I don't want to part with any of it . Not forever .

on the Ramsdens website it says :

"At Ramsdens Pawnbrokers we specialise in short-term pawnbroking loans with rates starting from 2.5% a month. We believe in making our Pawnbroking ..."

2.5% a month x 5 - doesn't sound unaffordable, Considering they give you 5 months to pay it back , A lot can change in 5 months .

I take it they don't give people 2.5% and the "starting from " is actually loads more ?

That's why I really want / need- some figures / info , on how it ACTUALLY works ! From real life experiences .
Thanks

dealer_wins

You are going to pawn it, regardless of how much you "value" it. And by the look of your posts it is going to not be repaid!!

What do you want us to say... ahh its only a metal, no sentimental value!!