Million Pound Pawn on ITV takes us into the world of highly lucrative high-end pawnbrokers. What items does a pawnbroker take?
What interest do they charge? And are they all rich?
Everything you need to know about Million Pound Pawn and the world of the pawnbroker is here!
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What is a pawnbroker?
A pawnbroker is a person who borrows money for interest for the security of a pledged item – or buys items for “cash”.
Potential sellers hand their item (known as a pawn or pawn) to the pawnbroker who will evaluate it.
You can redeem the farmer at any time by paying what you owe and getting the item back.
If you fail to repay the loan during the repayment period, the pawnbroker can sell it to recover the money.
In Million Pound Pawn, wealthy or savvy customers hope to sell their wares at a reasonable price – but pawnbrokers want their cut too.
With the current pandemic, the pawnbroker business is making a lavish trade.
The British have turned to their valuables to get them through a difficult time financially.
Pawnbrokers can be “a real lifeline for the rich and the poor”.
What does a pawnbroker take?
A pawnbroker takes whatever he thinks he is selling.
You can pawn pretty much anything valuable – but sellers often think their items are more valuable than they really are.
Some stores only accept items like gold or jewelry, but most look at other valuable items that can be sold, like electronics, power tools, and musical instruments.
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What interest does a pawnbroker charge?
A pawnbroker is doing you a disservice – he is trying to get the maximum profit possible for himself.
The pawnbrokers at Million Pound Pawn don’t disclose what percentage of the sale they keep – but it’s fierce when their smile is something to want!
Pawnbrokers usually charge between three and ten percent per month, depending on the size of the loan and the particular company.
They are charged more than a bank for a loan but less than payday loan providers.
The advantage is that there are no credit checks, which is attractive to some customers with cash problems.
Also, pawn loans do not affect a person’s creditworthiness.
When Black Lace’s Dene Micheal tries to sell a Rolex, they offer to buy it for £ 2,500 or give him a £ 1,500 loan, the fees of which would be £ 70 a month.
Are Pawnbrokers All Rich?
Most pawnbrokers make a decent living, but those in Million Pound Pawn deal with much larger numbers.
In the first episode, Dan buys jewelry for £ 155,000 – but refuses to disclose what percentage she took off the transaction.
Let’s just say his suit looks expensive!
All pawnbrokers do some of their business, and obviously high-end companies get more money.
Can you trust a pawnbroker?
According to the single mother and divorced Fran, who appears in the first episode, pawnbroker is not to be trusted.
She tells the camera, “We all need pawnbrokers because we need the money, but I wouldn’t trust them as far as I can throw them.”
She is right about the need as there are currently more than 800 pawnbrokers in the UK.
However, Fran believes her jewelry is worth around £ 17,000, and pawnbroker Dan has a big surprise for her.
Million Pound Pawn on ITV1: What is it about?
Million Pound Pawn is a three part series that explores the high end of the pawnbroking business.
This isn’t about dusty old jewelry, it’s about art, Lamborghini’s, £ 60,000 bottles of whiskey (yes, really!), Tiffany jewelry, and Rolex watches.
Episode one reveals the heartbreaking story of single mother Fran, who hopes to fund medical treatment for her son.
She has to part with a pair of diamond earrings and a possible Patek Philippe watch, possibly to save her son’s life.
But is the jewelry as expensive as she hopes? Or are they fakes?
And can she trust Sheffield-based third generation pawnbroker Dan Hatfield?
We meet pawnbroker Ray in London, who meets a man who is hoping to sell his Lamborghini.
Kathy is now one of the few pawnbrokers in the business in affluent Cheshire.
She meets former ’80s pop star Dene Michael who is hoping to raise money to help guide him through these troubled times.
Million Pound Pawn will air Tuesday, February 23, 2021 at 8 p.m. on ITV1.
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