How this Islington pawnbroker can help you get a loan

They also have a large selection of pre-loved jewellery and watches for sale in their Islington and Hatton Garden retail stores, alongside an established jewellery and watch repair business.

We speak to Scott Donovan from RPM Pawnbrokers, who explains how their services work and what the benefits are. 

RPM Pawnbrokers can offer an instant loan for your valuables (Image: RPM Pawnbrokers)

Q: How does pawnbroking work? 

A: We value a customer’s item or items and lend them a percentage of the trade value as an Instant loan which can be paid either by cash or Bank Transfer. Once agreed the customer is given a contract to sign which lasts up to seven months and they can collect the goods at any time during this period. If they do collect their items before the seven months, they will only pay the interest they owe at that point along with the initial loan amount.

Q: What interest is paid on the loan? 

A: The interest rate will vary depending on how much you borrow. Our rates are very competitive and can range from four per cent to eight per cent per month.

Q: How is the item valued and how long does it take?

A: Most items can be valued immediately. An exception would be if it’s a large diamond or coloured gemstone. In this case, the stone would need to be assessed by our stone specialists in our Hatton Garden shop to be valued, which in most cases can be done on the same day.  We have a similar process for watches also as all watches must be checked by our Horologist.

Q: What items can be pawned? 

A: At RPM Pawnbrokers, we specialise in jewellery and watches of varied value. This can be anything from a pair of Gold earrings that cost £50 to a Rolex watch worth £50,000. 

Q: What are the benefits of using a pawnbroker? 

A: Pawnbroking is a quick and hassle-free way to receive an immediate cash loan and ease financial pressures. Customers will often leave the shop with their money within five minutes. Pawnbroking is also a more accessible way to borrow money compared to bank loans as there’s no official credit check involved – all you need is two forms of ID. Please check in advance what specific ID is required.

Unlike most bank loans, where additional costs are usually involved, if you pay the loan off early, there are no penalties. If you want to pick up your item sooner than agreed, you won’t be overcharged.  

With pawnbroking, you’re also borrowing money against your possession, which reassures people – it’s a bit like taking equity out on your house.

Visit the RPM Pawnbrokers store in Islington. (Image: RPM Pawnbrokers)

Q: What happens if you can’t repay the loan? 

A: Just before the seven-month contract ends, we will send out a letter stating the contract is expiring. When the contract runs out, a second letter is sent stating that your contract has expired and that there is a two-week notice of sale period. If the goods are not collected by the end of this period we are legally allowed to sell the goods to obtain the loan and interest we are owed, although anything over this amount will be given to the customer named on the contract, unless there are any additional sales fees.

However, our aim is always for customers to get their items back and we will endeavour to try and help make this happen. A good line of communication between us is key, the contract can always be extended by paying the interest only on the item and starting the contract again. Our goal for our clients is to help where and when we can, rather than selling goods.

Q: What makes RPM stand out from other pawnbrokers?  

A: We’re a family-run company and pride ourselves on our personal and honest communication. We have our customers’ best interests at heart and handle their items with care. Our competitive rates and prices on loans mean we have one of the best reputations in the business and customers who regularly return to us again and again.  

As well as pawnbroking, we offer a purchasing service where you can sell your goods for a fair market price and receive instant payment. We also have our own gold refinery and can make bespoke items of jewellery and carry out repairs via our professional workshop.

RPM is regulated by the Financial Conduct Authority and is part of the National Pawnbroking Society, so customers can rest assured that they’ll receive a professional service. We also follow strict money laundering procedures.

To find out more about RPM’s pawnbroking services, visit london-pawnbrokers.com. The Islington Branch is located at 8 Essex Road, London, NP1 8LN. Call 020 7704 8305 or email islington@rpmpawnbrokers.com to speak to a team member.