Discreet, Confidential & Prompt Loan Financial solutions.
Edinburgh Asset Finance offer confidential loans which are secured against high value luxury items. In many cases our loans can be in place within hours and we can lend from £1,000 to £500,000.
We operate very differently to high street pawn shops in that we offer an appointment only service, loan a minimum of £1,000 and have no retail element to our business whatsoever. We are committed to offering confidential, prompt and professional pawnbroking service to individuals who find themselves temporarily asset rich but in need of short term funding.
Loans Secured Against High Value Assets
Many of our clients are seeking a short term loan and own high value items such as art, vehicles, jewellery and watches which we can securely hold within our own vault and warehouse. These items can be used to secure your loan and will be returned upon completion of your final payment.
Solve Cash Flow Issues
Our clients are often business owners looking to resolve a short term cash flow issue. These are individuals who understand money and are looking for a prompt and cost efficient solution to their current cash shortfall. Edinburgh Asset can offer such a solution.
STEP 1:
CONTACT US
Email or call to give us some details of the assets you are considering using to secure a loan. We can normally give an indicative loan amount straight away.STEP 2:
APPOINTMENT
We will have one of our skilled professional valuers to appraise your asset and we will base a firm loan value against this.STEP 3:
OFFER OF LOAN
We will produce a formal loan offer for you to sign. Once this is signed, funds will be made available immediately.STEP 4:
REPAY LOAN AND COLLECT
You can repay the loan plus any interest accrued at any time and with no early redemption penalty.Essentially we are regulated in the same way as a pawnbroker, aimed at discerning individuals who would never consider a traditional pawn shop. Our rates are typically one third of those charged by the high street and we pride ourselves on the personal and professional service that we offer.
All pawn loans are for a fixed maximum term of 7 months with no minimum term. Minimum APR: 32.25% – Maximum APR: 69%
Representative Example: Total Credit: £25,000. Loan term: 7 Months. Monthly interest rate: 3% (fixed). Interest for 7 months: £5250. Amount repayable in one instalment: £30,250. 38.4% APR. No other costs are applied and interest is always calculated in simple terms.
There are no background or credit checks. Not one. The entire loan decision is based on the trade value of the asset which you are looking to leave as security. This allows us the flexibility to act extremely quickly – funds are normally in place and in your account within 24 hours. It also means that no loan from us will ever affect an individual’s credit rating.
We cover the whole of Scotland, including Edinburgh, Glasgow, Dundee and Aberdeen. Our head office is in Edinburgh.
Frequently Asked Questions
We will always start by discussing with you how much you are looking to borrow and establish some information about the asset(s) that you have brought in for appraisal. Where possible we will conduct the appraisal there and then, otherwise we will issue a full receipt and have the item fully valued by one of our skilled professionals as promptly as possible – usually within a few working hours depending on the item.
We offer loans from £1,000 to £250,000. The amount we can loan to an individual is completely determined by the personally owned asset that they wish to leave in our care as security. Typically we will offer a loan amount between 50%-70% of the trade value of the item(s). We use highly skilled professional valuers to assess items and consequently we are often able to offer up to 3 times more than a traditional High Street pawnbroker.
We typically charge between 4% and 7% per calendar month (typical APR 50%), depending on the asset and the amount being borrowed. Overall interest is calculated in simple terms up to the 7 month term. To add to the transparency of the process we issue an early redemption calculation sheet at the time of the loan, clearly detailing what is due to be repaid on every day of the 7 month loan period.
The answer to this question is largely covered here. In short, we are open minded to loan against any luxury or antique assets with a minimum trade value of around £2000 and only on items which the borrower has clear and full ownership of the item. For vehicles we prefer to deal with prestige, sports or classic vehicles with a trade value of not less than £5000. If you are ever unsure, you are always welcome to call to speak with one of our professional decision makers who can advise on the suitability of an item for a Personal Asset Loan.
As soon as we have been able to appraise your asset and a loan agreement is signed, we will be able to fast transfer funds to a Bank Account of your choice within 1 hour. Alternatively we can arrange for the loan to be made available in cash if required, for a small handling fee.
It is a legal requirement for us to take 2 forms of identification from you at the time of the loan. One piece will need to be a photographic government recognised document such as a passport or a driving License and the other must be a utility bill, bank statement or Council tax invoice which is less than three months old with your full name and address on it.
We offer all of our loans on a 7 month basis. There are no minimum loan periods and loans can be redeemed (paid off in full) at any point during the 7 months. You are also welcome to make part payments at any time during the loan period. If at the end of the 7 months you wish to continue your loan, we require interest accrued to date to be cleared off and we will issue another 7 month loan agreement for you to sign.
We will obviously have to store different items in different ways. Jewellery and watches will be stored in our own insurance approved vaults, which have 24 hour monitored security and constant CCTV surveillance. The items themselves will be individually boxed (if they are not already) and assigned a unique barcode for us to easily identify them. They will be under lock and key for the entire duration of their time with us. Motor vehicles will be moved by a fully insured and independent specialist motor transport company to our dedicated car storage facility in Fife. All vehicles are individually covered and the premises themselves have 24 hour security monitoring and are temperature controlled to ensure that all vehicles are stored in optimum conditions. Car registration plate documents are all stored within our secure vault. Art and antiques are stored at the premises of carefully selected third parties who are specialists in the field of antique and art storage. We will also only use the fully insured transportation services offered by these companies.
Absolutely not. We only require your identification to validate ownership and satisfy the Anti-Money Laundering requirements. This data is not shared with any third parties whatsoever and no credit checking is ever necessary at any point of the process. Even if the loan is never redeemed, there is no comeback on you as an individual and we will never pursue you.
We are happy to take part payments at any time during the length of the loan. We accept payments by cash, card, cheque or bank transfer. As soon as the loan has been repaid, the goods will be made available for collection at our Edinburgh premises.
Ultimately, the worst that can happen if you are unable to pay the interest or loan at the end of the 7 month period is that the asset is sold and your loan is cleared by the funds raised – we will always work hard with you to avoid this happening. If we have to sell the item on your behalf, the funds will cover the loan value and all interest accrued plus the cost of the sale itself. All surplus funds will be returned to you.
Frequently Asked Questions
Registered in Scotland. Registered Office: 7 Hopetoun Crescent, Edinburgh, EH7 4AY. Company Number: SC451837. For your privacy, we are registered with the Information Commissioners Office under Registration Number ZA014565.
