The UK's largest pawnbrokers have reported soaring revenues this year as well as growing demand for their services.
Pawnbrokers are raking in record profits as Scots households struggle to deal with the cost-of-living crisis.
A pawnbroker offers secured loans against people's personal possessions - most often items like electronics or jewellery.H&T Group - the country's biggest pawnbroker - reported its pre-tax profits were up 31 per cent in the first half of this year compared to the same period in 2022. Ramsdens reported its pre-tax profit in the six months to March was up 68 per cent on last year. Electrical goods such as phones or laptops are the most commonly pawned items, with the average loan being around £300. Across the industry about 85 per cent of items are redeemed by customers.
"CAS advisers get incredible results for people, with one in six people who sought advice last year seeing some sort of financial gain, with the average value of those gains being over £4,200. That could be absolutely life changing money for people struggling with their finances, and our advice is free, impartial and confidential. We don’t judge, we just help."
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