H&T – the UK’s leading pawnbroker today announced it is moving its Pawnbroking Loans to a daily interest charging structure.
With the new approach, customers will only pay interest for the days that an item used for a pawnbroking loan is with H&T.
Mark Harrold, Operations Director, explained: “We are really pleased to be able to further support our customers by moving to daily interest charges. We recognise the financial challenges our customers have faced as a result of the Coronavirus pandemic and – alongside the waiving of interest during the period we were closed – we believe this will give them much more flexibility when they are using our pawnbroking service. With daily interest customers only pay for the time their items are with us, which should ultimately save them money.”
With the move to daily interest:
- There are no changes to interest rates.
- Customers have more flexibility to pay in a way that suits them – they can also continue to make partial payments or pay off their loan at any point that they want.
- The approach can be more economical with an average saving of £9 on a £350 loan (over a six-month period)
“We’re delighted to offer daily interest to our pawnbroking customers. We understand the importance of flexibility and that our customers want to manage their loan in a way that suits them,” noted Sue Kelly, Head of Pawnbroking.
The interest rates for H&T pawnbroking loans vary dependent on the amount borrowed – ranging from 9.99% per month on a loan up to £500 and 3.50% per month for loans between £50,000 and £100,000. Representative 155.8 %APR
H&T – Not what you’d expect from a Pawnbroker.