7 Common Myths of Pawnbroking

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The pawnbroking business has been around for almost 1000 years and yet it’s surprising how many of us know so little about it. Now that the business seems to be moving into the digital space it seems only fitting to address the myths that many of us hold about the process.

With payday loans commonly being a dangerous place for borrowers, it seems that a safer haven for those in need of quick cash would be to turn to a pawnbroking loan. Although I’d of course recommend only pawning items you could afford to lose!

Below are seven common myths about pawnbroking, I was pleasantly surprised that 85% of pawned items are redeemed by their owners!

Pawnbroking Infographic

I was also surprised to see the number of Brits that have used a pawnbroker recently – 2.5million! The process seems to be more accessible now, you can use online pawnbrokers to get loan against luxury assets rather than needing to go into a small pawnbroker shop where trust can often be an issue.

What are your thoughts on the new era of online pawnbroking?

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