What identification do I need?
One Government issued Photo ID (e.g. Current Passport, Drivers License, Proof of Age Card) or at least 2-3 forms of other ID (e.g. Birth Certificate, Health Care Card, Medicare Card, Bank Card, Pension Card). All identification must be originals (photocopies are not accepted) and current/unexpired.
Do I need to make an appointment?
No you don’t! However, as we do have certain busy periods, it can be helpful for you to phone ahead just to give us an idea of when you will be coming in, particularly in the event that you are looking for a loan of over $1000, so we can have the funds ready for you when you arrive. Larger loans ($5,000-$50,000+) typically need to be arranged/requested in advance.
What conditions are there on goods that you deal in?
Whether you are selling goods or loaning against them, all items must be in full working condition and at least reasonable physical condition, with any essential accessories as required (e.g. laptop chargers). The goods you offer must also be owned by you and free of debt; we do not accept items on hire purchase agreement, rental/rent to buy, contract, consumer mortgage, 12 months interest free or any other encumbrance. In tIn the case of Swiss Watches, especially if you do not have the original purchase receipt and/or papers, watches must be independently authenticated/checked prior to loan/purchase. We can usually arrange this on the day when you come in, but typically is only available Monday - Friday before 4pm. NB: Current model electronics goods which are physically damaged and/or not working are sometimes still accepted on a 'for parts only' basis, at a lower amount than the equivalent items in working condition (please call to enquire).
Instant Cash Loans:
How much can I borrow?
Technically, there is no restriction on the maximum loan amount subject to suitable security. In short, we can lend almost any amount provided that the assessed loan security value is high enough to cover the amount of money you need. We assess loan value based on wholesale/current second hand resale value, NOT retail price.
Keep in mind that price ≠ value; if you have ever been shopping on Boxing Day sales & bought a necklace at 70% off, or purchased a $2000 laptop second hand on eBay for $500, you will appreciate how a $1000 mobile phone bought only two months ago, may only be worth a couple hundred dollars on loan. Feel free to contact us if you have a specific item query (NB: jewellery items cannot be quoted over the phone, as we do need to inspect the goods).
What is the minimum/maximum loan term?
The minimum loan term is 7 days (as required by law in Victoria), however there is no maximum; pawn loans are calculated on a month to month basis, so you can extend the loan for as many months as you need, provided that the interest is paid each month by the anniversary/rollover date in order to extend it.
What payment methods do you accept?
We prefer cash; however we also accept EFTPOS, VISA, Mastercard & Bank Deposit/Bank Transfer (credit card payments incur a 3% surcharge). NB: Bank Deposit/Bank Transfer payments must include your name and/or your loan/customer number to confirm payment, as we receive hundreds of payments to the bank account for very similar amounts. Payments received without an identifiable reference/description may result in your loan being forfeited/sold due to non-payment.
What if I don’t live in Melbourne?
No problem! We have many interstate and international customers; provided that you can supply the required identification and keep your loans current (paid on time), we are able to lend you money and hold the goods until you are ready to collect them.
Can my friend/relative/partner pick up my loan if I am unable to?
Friends/relatives/partners can make payments on your loans on your behalf if you are unable to. However, for security reasons, the only person who can actually sign for and collect a loan is the person who took out the loan and is named on the loan contract. This protects you in case you lose your pawn ticket, as nobody else can collect your goods but you.
I forgot about my loan/missed a payment and it is now overdue; can I still get it back?
Whilst we may attempt to contact you regarding overdue items on occasion, this is a courtesy service, and is not guaranteed; it is always YOUR responsibility to ensure your loans and payments are up to date. If we do not receive at least the monthly interest charge by the loan expiry date (one calendar month from the date the loan was initiated), under the terms of the loan contract, your goods may be forfeited and sold recoup the funds owed. However, we appreciate that unexpected circumstances may come up, and we always prefer that you get your goods back and maintain a good credit history/redemption rate with us. Therefore, we have a fairly substantial grace period, provided that you stay in communication and advise us before the item is overdue. We cannot assist you if we are not made aware of what the circumstances are.
That being said, in the event of non-payment and non-communication, your loan(s) will be forfeited and listed for immediate sale to redeem the funds owed. However, if the goods have not yet been sold, you can usually reinstate a forfeited loan by paying all outstanding interest plus a penalty charge of one month’s interest.
I previously forfeited one of my loans; does that mean I will not be able to borrow money from you in the future?
Whilst we always aim to maintain 100% redemption with our customers, we appreciate that this is not always possible. So provided you have adequate loan value security in the goods you are loaning against, we are always able provide a loan against your goods, although the amount loaned may be more conservative than customers with a 100% redemption/credit history with us.
Selling Your Gold and Goods:
What percentage of retail price will I get?
We do not assess items based on a ratio or percentage of retail pricing. All goods are assessed on the basis of current second hand resale value and/or wholesale value depending on the item(s). Some goods will retain their value more or less than others e.g. technology items decline in value very quickly. We’ve all seen a 70-80% off sale at a jewellery store on Boxing Day or Stocktake Sales; this is because gold & jewellery items as an industry have a relatively high retail markup: Raw material value + labour cost + overheads + retail profit markup = “Price” you have paid. Second hand dealers only take raw material value into consideration with regard to precious metals, based on the wholesale pricing we already have access to as a business.
Do you pay for diamonds or gem stones?
Unlike a lot of gold dealers, we do take diamonds and certain gem stones into consideration in our jewellery buying (subject to size and quality). However, as a business, we are able to access wholesale diamond pricing (which is always significantly less than you may have paid from a retail perspective) and this is the basis for how we assess what we can pay for stones.
Diamond “chips” (very small diamonds) often have a negligible diamond value and are calculated as part of the gold weight, however lager stones (usually 10-20pts and above) will usually attract a small premium. Large stones (over 0.50ct) will have a more significant value, and it is always of benefit if you can provide a valuation and/or diamond or gem certificate.
What if I have a valuation?
There are many different types of valuations that can be done on your jewellery. The most common valuation is done for insurance purposes, and is usually identified on the certificate as an “Insurance Valuation” or “Retail Replacement Valuation”. Insurance valuations do not indicate current second hand market value, and are intended for insurance purposes, in calculating payout for retail replacement of lost or stolen items. Therefore these (retail) valuations should not be used as an indication of price for resale to a second hand dealer (who will assess on wholesale value).