Standard Online Terms & Conditions of Business
 
Prior to Confirming a Loan Agreement

1.Pawnbrokers Online has a Consumer Credit Licence issued under Number 282058. We are regulated by The Office of Fair Trading. Throughout these Terms & Conditions, the word “you” represents the borrower and the words “we / us / our” represents Pawnbrokers Online as the lender.

2.Our provisional offer is based on the original pledge description received from you. We value the pledge in good faith, according to accepted industry standards and prevailing market rates, and on the assumption that the description provided by you is completely accurate.

3.Our provisional offer is not contractually binding.

4.On receiving the pledge from you, we inspect the pledge, and compare the actual pledge to the original description supplied by you, in order to confirm that they match.

5.Should a pledge vary from the original description in a manner which affects the valuation, we reserve the right to adjust the loan offer either upwards (in the case of higher actual quality compared with original description) or downwards (in the case of lower actual quality compared with original description).

6.Confirmed loan offers are subject to contract, and are not legally binding until after we have physically inspected the pledge, made a confirmed and, if necessary, adjusted loan offer to you by e-mail, and you have signed and returned to us the Fixed Sum Loan Agreement and Pawn Receipt regulated by the Consumer Credit Act 1974.

7.In order to set up the loan, we require a photo ID (e.g. passport, national identity card or driving licence), and documentation verifying your current mailing address (e.g. a utility bill, council tax bill or bank statement less than three months old).

8.The maximum loan period is 7 months. However, you may pay off your loan at anytime during the loan period under Clause 17. Interest is calculated and applied on the amount of your loan at the end of each contract month and if you redeem the pledge early, interest will be charged to the end of the contract month period in which you redeem. A contract month means the period of a month commencing on the date of commencement of a confirmed loan agreement and each consecutive period of a month thereafter during the term of the confirmed loan agreement (ie. for example 17th June to 16th July).

9.Before the maximum loan period has expired, you may request an extension of the loan period. Any extension must be agreed in writing between us, and at our sole discretion. However, before an extension is agreed, you will be required to pay, at least, the interest accrued to date.

 


10.We offer a pre-paid shipping service.

11.If you choose to make your own shipping and insurance arrangements, you are totally responsible for all dealings with your shipping agent.

12.If you choose to use our pre-paid shipping service, each consignment will be fully insured up to a replacement value of £12,500. (If the replacement value of any single consignment is likely to exceed £12,500, please contact us to discuss special arrangements).

13.It is your responsibility to obtain and retain a receipt for shipping from the shipping agent. This receipt should include a unique tracking code. This receipt is required for any insurance claim.

14.It is your responsibility to keep safe any documentation relating to your item(s) that would be useful in support of an insurance claim, including, but not limited to any purchase receipts, shipping receipts, certificates, valuations, insurance documents or photos.

15.If you choose to use our optional pre-paid shipping service, you are authorising us to act for you in appointing a shipping agent on your behalf to ship your item(s) to and from our premises.

16.To redeem a pledge, you are obliged to pay off all outstanding amounts, including the loan and all the interest charges due up to the date of redemption.

17.Should you not redeem your pledge within the 7 month loan period, you will be informed in writing of our intention to sell the item(s) in order to recover any losses relating to the loan agreement.

18.On selling the goods, we will deduct the cost of the outstanding loan, interest, and any other sales expenses arising from the proceeds of the sale. Any surplus amount will be returned to you.

19.All confirmed loan offers include details of the APR.

20.Should there be any variance between the replacement value of the item(s) as judged by you prior to shipment to us, and our assessment of the replacement value of the item(s) after inspection by us on receipt, you will be informed of our valuation as soon as is reasonably possible after receipt.

21.Should any insurance claim arise because of any loss or damage suffered in shipping any item(s) back to you, the replacement value(s) claimed will be according to our valuation of the item(s) as described in Clause 20 above, whether we withdraw a loan offer after receipt and inspection of the item(s) or not, and whether you accept any loan offer or not.