Pawnbrokers in the UK
A loan against the gold chain to get through the month with no credit check, a watch pawned for the deposit and redeemed a fortnight later, the broken jewellery sold for its scrap weight at a fair price, a second-hand engagement ring at half the shop price, or a pawnbroker who explains the interest before you sign: find the pawnbrokers near you.
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Finding a good pawnbroker in the UK
A pawnbroker lends money against something valuable you leave with them — gold and silver jewellery, diamonds, watches, and at some, electronics, tools, instruments and designer goods — for a fixed period, usually six months, at a monthly interest rate, with no credit check and nothing reported to credit agencies; you redeem the item by repaying the loan and the interest at any time, extend by paying the interest, or let it go and the pawnbroker sells it, returning any surplus above what you owe on larger loans. The same shops buy gold and jewellery outright, sell the unredeemed and bought stock second-hand, and often offer cheque cashing, foreign exchange and watch and jewellery repairs.
Using one well is a matter of understanding the cost and the terms: interest runs from about 2 to 10 per cent a month depending on the loan size and the shop, so a £500 loan for six months costs £60 to £300 in interest, cheap against a payday loan and dear against a bank; the credit agreement must state the rate, the charges and the redemption date, and pawnbrokers are regulated by the Financial Conduct Authority and must be licensed and treat customers fairly. Take proof of identity, expect the loan to be a third to two thirds of the item's resale value, ask the rate and the charges up front, and keep the ticket safe — it is what gets the item back.
The listings here show each pawnbroker's services, what they lend against and buy, interest rates and terms, jewellery and watches for sale, other services, hours and contact details, so you can see who is nearby, who lends on what you have, and where people in your town go for a fair loan or a fair price.
What pawnbrokers do
Pawn loans: cash against jewellery, gold, diamonds and watches, and at some shops electronics, tools, instruments and designer items, for six months at a monthly rate, redeemable at any time.
Buying gold and valuables: outright purchase of gold, silver, platinum and jewellery by weight and quality, coins, watches and diamonds, paid on the day.
Selling: second-hand and unredeemed jewellery, watches and goods at well below retail, often with a guarantee, and new jewellery at some.
Other services: cheque cashing, foreign currency, money transfer, small personal loans, jewellery and watch repairs and valuations.
The rules: FCA regulation, a credit agreement stating the rate and charges, a minimum six-month redemption period, notice before sale and the return of any surplus on loans over £75.
Before you pawn or sell
- Ask the monthly rate, any set-up or storage charges and the total to redeem at six months, in writing.
- Compare two shops; loan offers and gold prices vary, and the gold price is published daily.
- Take photo ID and proof of address; the law requires it.
- Decide whether you want to redeem or sell; a loan costs interest, a sale is final but pays more.
- Keep the ticket and the redemption date safe; you can extend by paying the interest.
- For a sale, know the weight and carat of your gold and check the day's scrap price first.
What pawning costs in the UK
As a rough guide, pawn loans charge 2 to 5 per cent a month on larger loans and 5 to 10 per cent on small ones, so £100 borrowed for a month costs £5 to £10 and £1,000 for six months £120 to £300, with no other fees at most shops and the loan usually a third to two thirds of the item's resale value; selling gold pays 70 to 95 per cent of the day's scrap price by weight and carat at the better shops and less at the postal cash-for-gold services; second-hand jewellery and watches sell at 30 to 60 per cent of retail; cheque cashing costs 3 to 6 per cent; and a watch or jewellery valuation £20 to £60. Unredeemed items over £75 are sold and any surplus after the debt and costs is owed to you.
A £300 loan on the gold chain for a month costs about £20 and no credit search; the same money from a payday lender costs more and follows you round.
How do I find a pawnbroker near me?+
Look at the pawnbrokers listed for your town, which show what they lend against and buy, interest rates and terms, what they sell, other services, hours and reviews; most towns have a national chain branch and many an independent, and the independents often lend on more kinds of item. Compare two offers before you sign.
How does pawning work?+
You bring the item and ID, the pawnbroker values it and offers a loan of roughly a third to two thirds of its resale value for six months at a monthly interest rate, you sign a credit agreement and take the cash and a ticket, and you get the item back by repaying the loan plus interest at any time; extend by paying the interest, or leave it and the pawnbroker sells it after notice, paying you any surplus on larger loans.
How much interest do pawnbrokers charge?+
Typically 2 to 5 per cent a month on larger loans and 5 to 10 per cent a month on small ones, with no credit check and usually no other fees, so £500 for six months costs £60 to £300; the agreement must state the rate and the total to redeem. Cheaper than payday lending and overdraft charges, dearer than a bank loan for anyone who can get one.
What can I pawn?+
Gold, silver and platinum jewellery, diamonds and gemstones, watches and coins at every pawnbroker, and at many independents electronics, cameras, tools, musical instruments, designer bags and collectables in good condition with proof of ownership; the item must be yours and worth reselling. Jewellery and watches get the best loans because they are easy to value and sell.
Is it better to pawn or sell?+
Pawn if you want the item back and can repay within six months; the interest is the price of keeping it. Sell if you do not, since a sale pays more than a loan — 70 to 95 per cent of scrap value for gold at a good shop — and there is no interest or deadline. Many people pawn first and sell only if they cannot redeem.
Are pawnbrokers regulated?+
Yes, by the Financial Conduct Authority under the Consumer Credit Act: they must be authorised, give a credit agreement stating the rate and charges, allow at least six months to redeem, give notice before selling an unredeemed item, return any surplus on loans over £75 and treat customers fairly, with complaints going to the Financial Ombudsman. Most belong to the National Pawnbrokers Association and follow its code.
How do I get my business listed?+
It is free. Add your business in about two minutes to appear on this page and your local town directory. Upgrade to Featured for £2.49 a month to sit above the free listings.