If you thought pawn broking is not for the rich, but people that are desperate, then think again. There are a lot of asset-rich individuals who need access to cash but cannot go through the tedious bank loan process. There are pawnbrokers who are asset rich and cash poor. It is a viable option because anyone can get the quick cash they need without hassle. Whilst banks and other money lenders will make you go through a lengthy process and possibly decline your loan because of a poor credit history, pawnshops don’t.
There is a new breed of pawnbroker, the high-end, high-street pawn broker who buy and sell high end merchandise like gold bullion and designer brand watches like Rolex’s. High-end usually means well off customers who need cash to finance things that come up unexpectedly. You may need some cash injection to maybe, finance a trip, renovate your home, start a family and do so many other good things. There are many rich people living the high life who may need cash for various reasons. If you have invested in gold, but find that you need to gold pawnbroker to get that emergency cash then it pays to be aware of what the process of pawning gold is like.
High-end pawn brokers do more than buy and sell common pieces of gold. They sell custom jewellery and stuff you wouldn’t find elsewhere. They offer loans against your valuables without the misery of having to part with the valuable items
One successful man who had been in some financial trouble and was refused a loan or an overdraft by his bank found out that he could get himself out of that bad situation by raiding his gold stash. The loan that he got for taking his goal to a pawn shop gave him a way to get himself out of the financial hole he had been in for a while. The man was able to raise the cash he needed without needing to prove his credit worthiness or submitting his proof of income or having to wait for approval. High-end pawnbrokers take more than just gold jewellery but they have been known to take big ticket items like art, designer watches and luxury brand handbags as well a luxury cars, boats and more.
You may think that a person who owns luxury items and fancy cars and boats does not need to find a gold pawnbroker, but often this is not the case. The common assumption is that they can walk into a bank and ask for the loan they need. The thing is, banks aren’t particularly flexible, especially if flags about your bad credit record come up. Again, you might have to explain yourself to a bank. Say, for instance, you own a fast food restaurant and you want to expand to the food-truck market. Some banks will want to weigh the risk by looking at what you need the money for, so if they think your idea is not viable, they may be less inclined to give you the loan you need. This is why pawn shops are great