What is Pawn Broking?

Pawn Broking is an affordable alternative to bank loans and overdrafts

Pawnbroking is a serious alternative to using the services provided by the high street bank. Customers realise that borrowing money against goods they already own is an affordable alternative to a bank overdraft or other type of loan. W Phillips & Co will lend from as little as £10 to many thousands of pounds in one easy, quick transaction that requires no credit checks or lengthy meetings or form filling. So how does it work?

Pawn Broking in Four Easy Steps
  • Step 1Visit our store with the item(s) of jewellery you wish to pawn & bring with you at least one form of official identification. The identification must have your name & home address on it. It must also be dated within the last three months. Acceptable forms of identification are a utility bill (gas, electricity), driving license, bank or credit card statement.
  • Step 2We will inspect your item(s) of jewellery and decide together the amount of money you will be able to borrow based on the value of your item(s).
  • Step 3Next we will draw up a credit agreement that will show the amount you have borrowed and the terms of your repayment. You will be required to sign this agreement. This agreement then becomes known as your 'pledge receipt' where pledge means your jewellery.
  • Step 4 Next we give you the cash and place your pledge in our secure vaults.

Frequently asked questions

Q: How can I get my jewellery back?

A: To claim your jewellery back, simply bring your pledge receipt at anytime during the agreed period and settle what you owe as per the agreement. Once you have settled your agreement your jewellery will be returned to you. This process is known as 'redeeming'.

Q: What happens if I can't 'redeem' my jewellery at the end of the agreed period?

A: If the value of your loan is under £75 or under then we will keep your pledge. If you have borrowed more than £75 then we are entitled to sell your plegde in order to recover the debt. The pledge still remains yours until it is sold and accordingly the loan will remain outstanding and will incur interest until your pledge is sold. If the value of your loan is £100 or more we will contact you in writing to inform you of our intent to sell your pledge.