Secured Loans

If you have an unexpected expense one option could be to use your valuables to get a secured loan. Using a pawnbroking service for a secured loan means you can unlock the cash in your assets to borrow money straightaway. You can also take advantage of a lower lever of interest* in comparison with other types of short-term lending  as the assets you have pawned act as security.

You risk losing your item if you fail to repay by your due date. Your item will be sold to cover the cost of the loan, you will not be liable to repay any shortfall.

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148% APR representative

How a secured loan works

Find your local store

Pop into your local Money Shop with your assets to get a free quotation on a secured loan. ID is required.

Get your cash

If our requirements are met and you agree to the loan amount we offer, then you could receive the cash for your secured loan the same day.

Paying back your loan

Pay back your secured loan within 7 months and reclaim your item. Repaying early can reduce the overall cost of the loan.

What is a secured loan?

Secured loans are a type of loan where the borrower is required to use an asset as security against a loan in order to borrow money. The asset used as security is usually something valuable such as car, jewellery, antiques or property and the items accepted may vary from lender to lender.

Secured loans could be a suitable option for short-term use if you have a high value item you can use as security and need cash quickly. Secured loans usually have a lower rate of interest compared to unsecured lending, which can make it a more attractive option in some circumstances.

Once you have paid back your secured loan and the interest due, you can reclaim your asset.

Why use The Money Shop for a secured loan?

If you need cash suddenly, then a secured loan could be an option, enabling you to unlock the cash in your assets. We offer competitive rates on secured loans on the high street, simply ask in-store for more details.

Whilst in our care, your assets are fully insured and kept in our safe for the duration of the loan. Once the loan and interest is fully paid we will return your item to you.

What can be used as security?

For a secured loan we lend against silver, gold, platinum, diamond jewellery and a wide range of top-brand watches. To get a free quotation, just bring your items into your nearest Money Shop store. Our staff are trained in assessing value fairly and are normally able to provide a valuation on the spot.

If you meet our requirements, you agree to the loan amount we offer and the terms, you can receive the cash the same day. Proof of identity and address is required, please ensure you bring this with you when applying for a secured loan.

What happens to my asset?

When you take out a secured loan with us, we will keep your asset locked in our safe for up to seven months. At the end of the loan term, you have three options:

  • Pay back your loan and interest to redeem your asset
  • Renew your loan – you will receive a new secured loan contract
  • Forfeit the item. We will then try and sell the pawned asset for the best price as quickly as possible, and this will go towards settling your loan and interest.

Paying back your secured loan

You will be charged interest on your secured loan. Whilst your loan agreement will be for seven months, you can repay the loan sooner, which will reduce the overall cost for you, as we calculate interest daily. If you wish to settle the loan early, you'll need to provide 28 days notice. Your asset(s) will be returned once the loan has been repaid.

So if you need a fund quickly to help out in an emergency, you may want to consider a secured loan that unlocks the cash in your assets.

Remember that you should take time and think carefully before applying for a secured loan. If you are experiencing financial difficulty, please click here to find information on non-charging agencies that can provide independent advice.

*Comparison based on representative APR between short term loans and pawnbroking loan on on 25/07/17

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