Short term Pawning of Gold - Pawn shops ?

forgotmyname

2.5% for someone who wants to borrow a lot and doesnt actually need their services?

Much less than the scrap value gold. Thats what they are likely to offer. You can haggle on the price or %. They will say no or yes.
Always worth asking.

But are you prepared to just leave it with them if you dont have the money in 5 months?

Do you REALLY need the money now? Maybe do a SOA for someone to have a look at and see if you can save money elsewhere.
Or increase your income.

100smiles100

dealer_wins wrote: »

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

What do I want YOU to say ? Nothing !
Perhaps try READING what information -I want ? can you give it ?
No ? I asked for VERY specific information regarding Rates and Terms - I can get cheeky unhelpful comments anywhere .

dealer_wins wrote: »

and by the looks of your posts it is going to not be repaid !!

What do you have a crystal ball ? I have a job interview next week , How do you know I won't get it ?

100smiles100

forgotmyname wrote: »

2.5% for someone who wants to borrow a lot and doesnt actually need their services?

Much less than the scrap value gold. Thats what they are likely to offer. You can haggle on the price or %. They will say no or yes.
Always worth asking..

Ok thanks - What kind of % should I aim for ? The one the average person -would get not very high value ?

But are you prepared to just leave it with them if you dont have the money in 5 months?

Yes - but I really hope it wont come to that .

forgotmyname wrote: »

Do you REALLY need the money now? Maybe do a SOA for someone to have a look at and see if you can save money elsewhere.
Or increase your income.

As per 1st post - 2 job interviews within next 11 days .

samsmoot

100smiles100 wrote: »

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

I'll post an example tomorrow.

DCFC79

100smiles100 wrote: »

As per 1st post - 2 job interviews within next 11 days .

Have you had any interviews recently ?
How long you been out of work ?

BugsyBrowne

Now that's one job I would love to do own a pawnbrokers but Unfortunately I only know about quality watches and nothing else.

Mind you I suppose I could hire some staff.

100smiles100

DCFC79 wrote: »

Have you had any interviews recently ?

Thanks for the question,
I've had several interviews in the past few months, Last month I got to 2nd interview stage (Again) - It was between me and only one other candidate - So you could argue , it was a 50/50 or 1in2 chance. of course that's not accurate.

Anyway I didn't get it, as an idea - My disposal income after ALL outgoings would have been c. £1700 pm.

My specialism is highly technical - Therefore I should command a very good salary.

I have been a high earner and hope to be again.

The interviews in the next few weeks would both leave me with in excess of £1k pm ( Estimate - salary's negotiable )

I understand that nothing is guaranteed, So have started applying for jobs at Royal mail and Xmas retail jobs, however as I have no retail / hospitably experience and I have to go up against 1000's of people applying for 1 job , I doubt my chances are going to increase greatly - I would be left with a very small disposable income.

I'm in contact with Careers specialists/ advisor's , So I don't want this thread to go off in tangents. I would start another thread for that.

I can usually find lots of specific data on the forum, without having to ask questions.

However I can not find the kind of specific information I've requested.

Hopefully the thread won't go off on a tangent and I will be able to get the kind of example data - previous experiences info - that I need in order to help me make the decision or at least go to the pawn brokers for a quote - armed with as much info as I can get .

Thanks for all the help - Hopefully I will now get some specific info regarding - Terms / % / experiences .

100smiles100

samsmoot wrote: »

I'll post an example tomorrow.

That would be great !

Thanks

paddyrg

The way pawnbroking works is this -

You take in an item
They value it based on what they can sell it for
They offer to lend you money - less than they can sell it for including the interest
You pay the interest periodically to keep it in pawn
If you keep paying they keep your items safely
If you don't pay the interest, they sell the items to recoup their principal

There will be variations on this theme - if you don't want to pay interim interest to keep the items in pawn, they'll lend you a lower amount upfront to account for the interest payments.

Interest may be compounded, so 5 months at 2.5% would be 13.1% premium, not 12.5%. 5% monthly means repaying 27.6% premium.

Be very clear about the arrangement and so on fees, check if any extra fees apply to recover your goods.

100smiles100

paddyrg wrote: »

The way pawnbroking works is this -

You take in an item
They value it based on what they can sell it for
They offer to lend you money - less than they can sell it for including the interest
You pay the interest periodically to keep it in pawn
If you keep paying they keep your items safely
If you don't pay the interest, they sell the items to recoup their principal

There will be variations on this theme - if you don't want to pay interim interest to keep the items in pawn, they'll lend you a lower amount upfront to account for the interest payments.

Interest may be compounded, so 5 months at 2.5% would be 13.1% premium, not 12.5%. 5% monthly means repaying 27.6% premium.

Be very clear about the arrangement and so on fees, check if any extra fees apply to recover your goods.

Thanks for the info !

Can I just clarify my understanding based on the figures given.

If I borrowed £100 choosing not to pay any interest for the 5 months then I would have to pay £127.60 in order to get the item back after 5 months ?