FREQUENTLY ASKED QUESTIONS
What happens at an appointment?
We always start by discussing with you how much you are looking to borrow and establish some information about the asset(s) that you bring in for appraisal. Where possible, we conduct the appraisal there and then; otherwise we issue a detailed receipt and have the item fully valued by one of our skilled professionals as promptly as possible – usually within a few working hours, depending on the item.
How much do you loan?
We offer loans from £1,000 to £250,000. The amount we can loan to an individual is completely determined by the personally owned asset that they wish to leave in our care as security. Typically we offer a loan amount of 50%-70% of the trade value of the item(s). We use highly skilled professional valuers to assess items and consequently are often able to offer up to 3 times more than a traditional high street pawnbroker.
How much interest do you charge?
We typically charge between 3% and 7% per calendar month, depending on the asset and the amount being borrowed. Overall interest is calculated in simple terms up to the 7-month term. To add to the transparency of the process we issue an early redemption calculation sheet at the time of the loan, clearly detailing what is due to be repaid on every day of the loan period.
What items do you loan against?
See Assets Accepted
In short, we are open to issuing loans against any luxury or antique assets with a minimum trade value of around £2000, but only on items which the borrower has clear and full ownership. For vehicles we prefer to deal with prestige, sports or classic ranges with a trade value of not less than £5000. If you are ever unsure whether your asset would qualify, you are always welcome to speak with one of our professional decision makers, who will be able to advise on its suitability.
How quickly will I get funds?
As soon as your asset has been appraised and accepted, and a loan agreement signed, we can transfer funds to a bank account of your choice within one hour. Alternatively, we can arrange for the loan to be made available in cash if required, for a small handling fee.
What identification is required?
It is a legal requirement for us to take TWO forms of identification from you at the time of the loan. One of them needs to be a photographic government-recognised document such as a passport or a driving licence and the other must be a utility bill, bank statement or council tax invoice which is less than three months old with your full name and address on it.
What is the loan period?
We offer all of our loans on a 7-month basis. There are no minimum loan periods and loans can be redeemed (paid off in full) at any point during the 7 months without penalty. You are also welcome to make part payments at any time during the loan period. If at the end of the 7 months you wish to continue your loan, we require interest accrued to date to be cleared off and we will issue another 7-month loan agreement for you to sign.
Where will my items be stored?
We store different items in different ways to suit their needs. Jewellery and watches are stored in our own insurance-approved vaults, which have 24-hour monitored security and constant CCTV surveillance. The items are individually boxed (if they are not already) and assigned a unique barcode for easy identification. They are under lock and key for the entire duration of their time with us. Motor vehicles are moved by a fully insured and independent specialist motor transport company to our dedicated car storage facility in Sussex. All vehicles are individually covered and the storage premises have
24-hour security monitoring and are temperature controlled to ensure that all vehicles are stored in optimum conditions. Car registration plate documents are all stored within our secure vault. Art and antiques are stored at the premises of carefully selected third parties who are specialists in the field of antique and art storage. We also only use the fully insured transportation services offered by these companies.
Will the loan affect my credit rating?
Absolutely not. We only require your identification to validate ownership and satisfy the Anti-Money Laundering requirements. This data is not shared with any third parties whatsoever and no credit checking is ever necessary at any point of the process. Even if the loan is never redeemed, there is no comeback on you as an individual and we will never pursue you.
How do I repay the loan?
We are happy to take part payments at any time during the length of the loan. We accept payments by cash, card, cheque or bank transfer. As soon as the loan has been repaid, the goods will be made available for collection at our premises.
What happens if I can't repay the loan or interest at the end of the loan period?
Ultimately, the worst that can happen if you are unable to pay the interest or loan at the end of the 7-month period is that the asset is sold and your loan is cleared by the funds raised – we will always work hard with you to avoid this happening. If we have to sell the item on your behalf, the funds will cover the loan value and all interest accrued plus the cost of the sale itself. All surplus funds will be returned to you.
Are you regulated by any laws or official bodies?
Yes, businesses like ours are licensed and strictly controlled by the Financial Conduct Authority. We must abide by the Consumer Credit Act 1974 and a number of other regulations, which fully protect your rights. We also offer a Client Resolution service. (See below)