Gone are the days when pawning jewellery in Port Elizabeth meant visiting a dingy back-street pawn shop.
Why consider an online pawnbroker/asset-based lender?
Today, large numbers of legitimate, registered financial service providers offer cash loans backed by high-value assets – and many of these businesses operate online.
In fact, online asset-based lending has evolved into a massive contributor to national economies, worldwide. This type of financing includes providing loans against all types of assets, from jewellery or antiques to business properties.
It’s a modern, more regulated and more transparent equivalent to the dusty old pawn shop.
The safest way to pawn jewellery in P.E.
A key advantage of dealing with a regulated short-term loan provider over the internet is maximised security.
In a country such as ours, security is the single-most important element to consider when it comes to pawning jewellery or other high-value items.
To secure a loan offer against jewellery from Lamna, for example, you simply complete an online loan application process. This eliminates the need to carry valuable jewellery on your person, from one pawn shop or potential buyer to another.
With Lamna, you’ll also avoid the risk of scams or dodgy lending practices. We’re a properly accredited, registered financial service provider with multiple physical branches across the country, and have been operating for many years as a reputable lender.
Why pawn jewellery in Port Elizabeth?
The main advantages of pawning jewellery in PE through lamna are that:
- you can access funds straight away, with no waiting
- the transaction has no effect on your credit rating and is completely discreet
- you don’t need to complete a lengthy or invasive application process
- you don’t have to say goodbye to your jewellery.
You can borrow money against a ring, pendant, necklace or other item of valuable jewellery. You hand over the item for safekeeping throughout the loan period, as a form of collateral.
The jewellery won’t be accessed by any third party or offered for resale unless you find you can’t repay the loan – a situation that’s undesirable for both parties.
Once the loan and agreed interest are repaid, the item of jewellery is returned to you. You can then choose to sell it at a later date, wear it yourself or keep it to pass on to the next generation.
You could also use your jewellery to secure another loan, at a later time. Gold and diamond rings, and bracelets, broaches and necklaces made from sterling silver, gold or platinum can help raise the funds you need to cover unexpected expenses – not once, but any number of times.
How to get a fair price when pawning jewellery in PE
When pawning jewellery, you obviously want the best deal possible. That entails borrowing an amount of money that is fair and as close to the market value of the piece as possible.
Here are four tips that will ensure you get full benefit from jewellery as security for a loan.
1. Repair, refurbish and polish to a high gloss
Mint condition jewellery obviously yields a higher loan amount, and at better terms.
By spending a bit of time and money repairing any dings, dents or scratches, and cleaning the piece so that it sparkles and shines, you can optimise your chances of securing the amount of money you require, over the short-term, to settle your debt.
DIY jewellery cleaning tips
Fortunately, you don’t have to spend a fortune on the jewellery cleaning process. Ordinary household items, found in the pantry or under the sink, can remove built-up dirt and grime, and return the dazzle to a diamond, and the lustre to gold.
One of the easiest ways of cleaning jewellery is to pop the piece into a bowl of tepid, soapy water, and leave it to soak for a few minutes. Once the grime is soft and malleable, you can lightly wash the item using a soft flannel cloth, and remove any stubborn dirt with an old toothbrush. A quick rinse, and you’re done!
Ensure you dry the piece thoroughly with a dish towel, as residual moisture can leave water marks on precious metals.
2. Assess demand
When pawning jewellery in Port Elizabeth, it is always a good idea to assess the demand, and average asking price, for second-hand jewellery, similar to yours in material and design.
The easiest way is to visit online marketplaces like Gumtree, Olx and Cash Converters – there are always pages and pages of pre-owned jewellery for sale, in Port Elizabeth and further afield.
3. Have the piece appraised
Having your jewellery professionally appraised is of paramount importance.
It not only confirms what you can get for the piece in current market conditions, it gives you a powerful negotiating tool when it comes to discussing the amount and terms of a loan.
As all reputable jewellers offer jewellery appraisal services at a rate you can afford, it really is a no-brainer to get your high-value item properly valued.
4. Choose a trusted pawn company
When pawning jewellery in Port Elizabeth, it is essential to deal with an honest and dependable company – one that is registered with the National Credit Regulator (NCR).
Any pawn business, broker or loan provider that does not have a walk-in branch in Port Elizabeth, or is not listed on the NCR website, should be avoided at all costs.
Benefits of pawning jewellery in Port Elizabeth with Lamna
At Lamna, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or artwork.
We have a physical branch in Port Elizabeth, as well as multiple branches in Cape Town, Wynberg/Sandton, Durban and Gabarone, Botswana.
Client borrows R10,000 for 90 days.
Total Cost of Loan
Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.