They keep the item as security in case you are unable to pay the loan back. People are struggling to pay for things they previously could afford, such as holidays, school fees and tax bills.' 'Customers need cash to pay for the groceries or for an emergency purchase such as new washing machine when the old one breaks down,' he adds. He shows me row upon row of the most collectible items all pawned by customers in need of cash. There is a 32-carat diamond ring worth at least £500,000; a dozen Rolex submariner watches valued at about £100,000.

Source: Daily Mail May 14, 2022 22:35 UTC