Frequently Asked Questions

What do we loan against?

We loan against any items made of gold including GOLD BULLION, scrap gold, Kruggerand coins, Maple Leaf coins, Sovereign coins and ingots. Even if the item(s) are not hallmarked we will lend against them. We can offer this facility because of our vast experience in the jewellery business. We are the first online pawnbrokers specialising in 22ct gold and 24ct gold jewellery therefore even lending against Rani haars, sets, punjanglas, jadao, kundan & antique jewellery. We do not loan against watches, platinum or silver jewellery. Back to top

Is there a minimum amount of money we will lend?

Yes, the minimum amount of money we will lend is £100 as any amount under this will not be feasible for us. Back to top

How do I know if my item is made of precious metal?

Look for a small stamp on the item, often found on the inside of rings or on the clasp of a chain or earring. Some of the more common stamps read 375, 585, 750 or 916. If you can’t find the stamp but you sincerely think an item may be made of precious metals, provide us with as much detail as you can in the first instance and we will value it. Back to top

Does it matter if my items are broken, incomplete or out of fashion?

No, we loan against the weight and quality of the item (e.g. the size of the diamond or the weight & quality of the gold that makes up the item) so we are still able to loan against broken or incomplete items. Back to top

Can I use your service to value my items?

Yes. We offer a valuation service for insurance purposes. For further information please email us your details to goldfactory@tiscali.co.uk. Back to top

How will I ship the item to you?

We have a number of different courier options. For most items we use Royal Mail’s Special Delivery Courier Service, guaranteed next day delivery, fully tracked and provides electronic proof of delivery. Your Special Delivery Pack is issued to you as part of your welcome pack. Back to top

What will the shipping cost me?

The shipping cost with insurance will be between £5 - £10 depending on the weight of the parcel and the amount of insurance taken out. Please see our Service Terms & Conditions. Back to top

Where is my nearest Post Office?

Click here for the post office branch locator. Back to top

Where will my item be stored?

Your item will be stored in fully secured, alarmed and insured vaults. Back to top

What happens if my goods get lost or are stolen?

This is very unlikely to happen. If it does, your item(s) is/are fully insured from the moment you hand it over to the delivery service provider (Royal Mail Special Delivery) to the moment that you sign for your goods once they have been returned to you after you have paid-off your loan. If in the unlikely event the goods get lost or stolen in our care, we will recompense you according to the secondhand value. Back to top

How quick is the loan process?

If you send us your goods today we will value them tomorrow, and you will receive your cash the same day. Back to top

Will my credit rating be affected?

No. We carry out identity checks as part of our legal compliance as a financial service provider but this is not a credit check. Your credit rating remains unaffected. Back to top

How do I qualify for a loan?

To qualify for a loan you must meet the following criteria:

You are the legal owner of the Item(s) that you wish to borrow against
You are at least 18 years old
You are able to provide suitable proof of identification including a passport number or driving license and utility bill details
Your Item(s) are free of any and all claims, liens, or anything else that might adversely affect the value of your Item(s) or your ability to borrow against it, such as a hire purchase agreement
You are located in the United Kingdom and are legally capable of entering into a binding agreement such as this one.
You are not acting as another's agent or representative for this sale

See here our full Terms & Conditions. Back to top

Why do I need to provide proof of identification?

Our loans must adhere to the OFT requirements of the Consumer Credit A License. Proof of identification is one of these requirements. Back to top

Why do you need to collect my address details?

There are two reasons. The first is for ID purposes. The second is so that we know the address to send your item back to when you pay-off your loan. Back to top

How safe is it providing you with my details such as my bank account number online?

We take the security of your details very seriously and all sensitive information is collected through a secure area of our website. Back to top

How much do you lend?

We will typically lend you 60% of the secondhand value of your item. This is more than many pawnbrokers who lend around 40% of the secondhand value. Back to top

What interest rate will I pay?

You will be charged 6% per month of the loan amount, that’s it, THERE ARE NO HIDDEN CHARGES!

In what circumstances should I use Gold Factory Limited?

If you want to borrow money for 1-7 months, Gold Factory Limited is the cheapest available service. Back to top

What is the duration of the loan?

The duration of the loan is 7 months. Back to top

Can I payback my loan early?

Yes you can payback your loan at any point in time. Once you have paid back your loan you will receive your item back within 2 days. Back to top

Can I extend my loan?

Yes. To extend the loan at the end of your initial 7 month term, you will need to payback the interest that you have accrued. We will then create a new agreement for the amount that you have borrowed. Back to top

Can I change my mind about taking out a loan?

Once we have received your item(s), we will carry out a detailed valuation and provide you with a loan offer, including full details of terms and conditions and interest rates. You can then chose whether or not to take out the loan. Once you have contacted us to accept the loan, this then becomes a binding credit agreement which you will need to honour. Back to top

Why are you better than a high street pawnbroker?

There are four benefits. Firstly we will more accurately value your goods than the majority of high street pawnbrokers especially 22ct and 24ct gold jewellery, this means that typically we can lend you more. Secondly, our monthly interest rates are lower. Thirdly, our service is online and is therefore discreet and finally you are more than welcome to come to our premises in SOUTHALL should you wish to deal in person. Back to top

When will I receive my cash?

We have made the loan process quick and easy to make sure that you receive your loan as soon possible. Once we have received and valued your item(s) and you have agreed to take out the loan, we will send you a cheque. For a £25 charge we can transfer the funds directly to your bank account (most major banks are now able to accept same day transfers - please check with your bank). You will receive an email notifying you that the loan has been credited to you. Back to top

I don’t have a bank account. Can I still get a loan?

We can send you a Postal Order for your loan amount. Postal Orders are secure and now carry your name so only you can cash them, just like a cheque. There is a charge to receive your money via a Postal Order, this will form part of your redemption fee. The charge is not added to your loan amount and will not be subject to interest charges. Back to top

How do I pay off my loan?

You can transfer money into our bank account from your bank account or send us a cheque. Back to top

How quickly will I receive my item back?

Once we have received your payment, we will immediately ship your item back to your home address. You will receive the item by 1pm the next day. You will need to sign for your item. Back to top

How will the item get shipped to me?

We use the Royal Mail’s Special Delivery Courier Service for all items with a second hand value of under £2500. This service is fully insured, fully tracked, and electronic proof of delivery. Back to top

What proportion of people pay-off their loan?

"Around 88% of loans are redeemed – it is not in the lender’s interest for items not to be redeemed" Daily Express. Back to top

If I don’t pay-off my loan will my credit rating be affected and will I have a bad debt?

No. If you don’t pay off your loan, your credit rating is not affected and there will be no bad debt. We simply sell your item to recover the amount you borrowed, the outstanding interest and any costs incurred in selling the item, such as auction fees. We will send you any surplus. Back to top