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Frequently Asked Questions


Pawning is a simple process whereby you use valuable items as collateral to raise short-term funds. After receiving the funds from your collateral lender partner, you have a fixed period of time with which to pay back the money lent to you plus the agreed rate of interest. You have until the end of the agreed period to return the money plus interest, at which point, providimng thata the loan was not paid off, the item becomes property of the pawnbroker who will re-sell it to recover the funds lent.
Pawnshop definition: A shop where members of the public can leave their possessions as collateral against finance / funds. In some pawn shops members of the public are also able to buy items left by others that have unpaid loans against them.
There are several things that will factor into pawning a luxury asset. Firstly, it is important that your asset is considered a luxury item if you wish to take a loan with us. This is how to borrow funds against your item: First, you must make an appointment for a consultation which will then lead to a valuation. Appointments allow us to know a little bit about your item before offering a valuation, and also means that we are able to ensure that the right experts are available to value your item when you require. If you are looking to make an appointment, you can call us or contact us online to arrange this. You should also ensure that you locate any papers or other forms of provenance relevant to your item before coming to your appointment as we will need this to correctly and accurately value your asset. If our valuers consider your asset to be a valuable luxury item, you will be offered the opportunity to take out a loan by using the item as collateral. The value of the financing can vary depending on many different factors including the condition of the item and ability to guarantee legitimacy. Once we have given a valuation, you will have the opportunity to fill in paperwork and agree to any loan terms. If you are looking to find out more about how do pawn shops work, do call us today.
Are you wondering "Do pawnshops check credit scores?". No, and getting a loan from a pawnbroker is also a good idea if you have a poor credit score. Although raising funds against luxury items may come with a slightly higher interest rate than those from a bank, it will not affect your credit score and poor credit history won't stop you from being able to pawn your item. As a lender will use your asset as collateral, there is no need for credit checks. You are lent money based on the value of items that you already own, this means that even if you are unable to pay the loan back, the value is covered by the item that you have pawned. Repaying a pawnbroker loan is more flexible than standard bank or payday loans. If you are able to pay the loan back earlier than expected, you will be able to reclaim your item, without the worry of early repayment fees. If you are unable to pay back your loan then you won't get chased by debt collection agents, instead, your asset will be sold to cover the debt incurred. In a nutshell, the answer to the question "Do pawnshops check credit?" is no.
Why should you borrow capital on your asset instead of selling it? If you are looking to sell a luxury item, you may choose to sell it on an auction site. Luxury items should not be sold without being appraised if you really intend to receive the true value of the asset. If you do decide to sell your item online through an auction site, you are unlikely to receive the true value of the asset as many people are put off from buying luxury items online, as they have not been appraised by an expert.Luxury items can also hold high sentimental value, especially if they are family heirlooms, jewellery or other personal items. This means that you may not want to sell the item and instead, you simply need a short-term loan. If this is the case, then a pawnbroker loan can be a good option if you know that you will be able to pay back the sum lended to you and reclaim your asset.
Is taking a loan from a pawnbroker near me better than a payday loan? Yes, payday loans are dangerous to take out. They often have ludicrously high interest rates that mean you will spiral into debt if you are unable to pay them back. Some payday lenders will offer loans with an APR of up to 1500%, which will clearly land the customer into serious debt if they fail to pay back the loan on time. Pawnshops, on the other hand, do not offer lending with an interest rate even close to this. Furthermore, the fact that you are able to use your asset as collateral means that even if you are unable to pay back your loan, you won't have creditors chasing you as you would if you took out a payday loan. In addition to this, taking a payday loan out of this kind would mean that you would likely be paying the interest off for a very long time. By contrast, a pawn shop loan is a much less risky financial decision. In a nutshell, payday loans should be avoided, and the various ethical issues around it means that the rules around them are constantly changing, and legislation is being put in place to regulate the unreasonable interest rates associated with these type of financing.
When you borrow money from a pawnbroker, the amount is determined by the value of your asset. The pawn store will offer a loan based on the value of the item, this will usually be a percentage of what the item is worth. This is known as loan to value (LTV). The LTV could be 70%, so in this case, a loan against a £10,000 item with an LTV of 70% would be £7,000. Because of the way in which pawnshop lending works, there is some room for negotiation in regard to loan prices and interest rates. For example, you may be able to negotiate a loan with a higher LTV such as 80%, which against an item worth £10,000 would mean you'd be given a loan of £8,000. Negotiation is very much an accepted part of pawnbroking, a pawnbroker may be open to offering a better price on items depending on your personal circumstances, loan length, and other factors. Pawnshop interest rates are reasonable compared to other forms of finance and are more flexible than determining the value of an item of the LTR of a loan.
When it comes to collateral lending, many people are unaware of the luxurious nature of the items that pawnbrokers loan against. Unlike other shops that buy second-hand goods from members of the public and sell them on, at New Bond Street Pawnbrokers we lend money against luxury high-end items. This means that we will not offer financing against an asset without a comprehensive appraisal. So, what can you pawn? We accept many items including fine watches, jewellery, art, antiques and collectables, wine, and even classic cars.
No, pawnshops cannot buy or lend against stolen items. We are regulated by the Financial Conduct Authority, and are members of the National Pawnbroking Association so we will not consider buying or borrowing against goods without substantial proof of ownership. We may require you to provide evidence of how you acquired the item that you wish to pawn to us before offering financing against it.
Yes, you will need ID to pawn something. We cannot offer a loan without a form of identification. Therefore, you must ensure that if you intend to raise credit against an item, you can provide us with an acceptable form of ID. No UK pawnbroker will lend money to any individual that cannot provide ID.
The exact rates of interest and the terms of the loan agreement will be laid out upon appraisal. New Bond Street Pawnbrokers offers one of the best interest rates in the industry (5% monthly).
If you are based in London, and asking the question “Which pawn shop is open today near me?”, look no further than New Bond Street Pawnbrokers. Located on Blenheim Street in Mayfair, we are in the heart of London. As a high-end pawnbroker with extensive online presence in London, we finance a wide range of luxury items including watches, jewellery, diamonds, fine art and even cars. So, in answer to your question “What pawnshop is open today near me?”, don’t hesitate to pay us a visit at New Bond Street Pawnbrokers and we’ll be happy to take your enquiry regarding appraising your luxury items, or taking out a collateral loan against a high-value piece.
We are the best pawn shop in London, with the best interest rates and also a huge number of awards under our belt. These include UK Financial Business of the Year, Best Pawnshop in London, Best Pawnshop in the UK, and Best Pawnbroking Employer. In fact, to date we have won no less than five National pawnbroking Association awards in 2023, 2022, 2020, 2019 and 2008. This isn't all that makes us the best London pawnshop, unlike many others, we offer auction-based valuations. Our team of experts will always strive to provide the best price for your asset, we care about our customers and we are driven by our highly ethical values. Our reputation for being a trustworthy and highly successful pawnbroker is what sets us aside from the rest. We are a London pawnbroker that deals in the highest quality items and we put our customers at the heart of everything we do. Our interest rates are affordable as we understand that many people that borrow against their luxury items want to claim them back.
If you are looking for a pawn shop near me open now, New Bond Street Pawnbrokers have been operating in the collateral lending of high-end items for over 30 years. At our Central London collateral financing store in Mayfair, London, we operate an ethical pawnbroking service, offering borrowing on a diverse range of luxury items. Our team has more than 60 years' experience between them in the industry, and every second of those years is poured straight into the service we offer. Ours is an trusted, award-winning pawnbroking service, providing more than £35 million in asset loans for our exclusive clientele over the past 5 years alone. We work with many high-end items, including classic cars, diamonds, fine art, vintage wine collections, antiquities, collectibles and more. If you are looking to borrow quick funds against your fine assets, you can contact New Bond Street Pawnbrokers and arrange a no-obligation valuation from our in-house experts. Every appraisal our team makes is processed with the utmost diligence and discretion. We put the client first in every transaction and can offer expert advice and top-of-the-range security for you and your assets throughout the entire collateral lending process. We are one of the most trusted pawnbrokers UK and London asset investors turn to when they need to unlock capital from their possessions, because they know they will always get a fair appraisal and a fast, quality financing service every time. If you live in London and are searching for high-end pawnbrokers near me, get in touch with New Bond Street Pawnbrokers today. A member of our friendly, professional team will talk you through the process and arrange an appointment for you to bring your possessions to be valued. We are a genuine Oxford Street based pawn store, operating with the supreme level of service you would expect of a deluxe, central London service. You won't find better rates anywhere, and we offer generous repayment periods on our fair, accurate loan agreements so you can enjoy the unlocked capital with the peace and liberty you deserve.
By law, we can only loan against items to individuals aged above 18 years old. Please bring suitable identification with you (passport or driving license for example) to effectively identify yourself. Also, bring any documents or provenance you own relating to the item (e.g. proof of purchase, service history or any certificates of authenticity).

Authorised and Regulated by the Financial Conduct Authority