Sapphire Pawnbrokers


Are you confused by the pawnbroking process? You’re not the only one who feels this way. According to studies, more people would pawn if they knew how the process worked. In this blog post, we will break down the steps involved in taking out a loan from a pawnbroker.


In contrast to a bank loan, which uses the customer’s credit rating as collateral, a pawnbroking loan uses the customer’s valuable personal property. You’ll need a valuable item in order to take out a pawnbroking loan. The pawnbroker you visit will hold onto the item for safekeeping until you can repay the loan, so choose something you won’t need or want to use during the loan period.

Do some research to determine the value of an item once you have chosen it. It can save you from wasting a trip if you discover the piece isn’t as valuable as you thought. Obtain as many provenance documents as possible – that is, documents that prove your ownership and legitimacy of the piece. You are now ready to take your item to a pawnbroker.


If you want to pawn an item, you must select a pawnbroker that is suitable, and take it there to be valued. Some pawn shops (like ours) accept only certain types of items, while most pawn shops are generalists.

Having found a suitable pawnbroker, you should arrange a valuation with them. A value will be assigned to the piece based on the item’s current market value, which is determined by their experience in the field. If you do not pay off your loan, the pawnbroker will be able to sell the piece for this amount. The pawnbroker may provide you with a value higher or lower than what you originally paid for the item.


A pawnbroker will then make you a loan offer based on the valuation (usually for the same amount as the valuation). If the valuation and/or loan offer is not to your liking, you may walk away with your object. An honest pawnbroker will not charge you for a valuation, so there is no risk for you.


A contract detailing the terms and conditions of the loan will be drawn up by the pawnbroker if you accept it. Keep an eye out for two things here: the length of the loan, and if an extension is allowed. These two points will be discussed in more detail later. After you’ve signed the contract, the pawnbroker will take the item into their care and give you the amount they offered. If your item is relatively low value, some pawnbrokers will give you cash, rather than a bank transfer.


During the loan period, you have the freedom to do whatever you wish with the money. You have until the end of the loan period to repay the entire loan and get your item back. The contract will also state whether the loan period can be extended. Once the loan period ends, you can decide whether to extend it or not. Otherwise, the date when your loan period ends is the last day to repay your loan and reclaim your item. Typically, the repayment period for pawnbroking loans is determined by the pawnbroker and the client based on the item and loan amount. The majority of people who choose not to pay back their loans do so out of choice rather than necessity.


When your loan period ends, you have three options. If you pay off the loan, your item will be returned to you. Secondly, if your contract allows, you can extend the loan to give yourself more time to pay it off. Finally, you can choose not to pay off the loan, in which case the pawnbroker will sell the item to recoup the loan amount.

If you are looking to pawn your luxury assets, pop into our Manchester Central store with your items to get a valuation within 30 minutes and walk away with cash!

Book your appointment now

28 Mason Street, Manchester M4 5ey

0161 273 3227

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