Sparkle Money Consumer FAQ's
-
What do you loan against?
We loan against most types of jewellery, including all pieces containing gold, platinum and diamonds. We also lend on luxury and fashion brand watches, antiques including furniture and collectables, art and other luxury items, such as cars.
-
What items don’t you accept?
We don’t accept any electrical items, e.g. mobile phones, laptops or mp3 players or any item with a resale value of less than £1000.
-
How do I send the valuables to you?
We use Royal Mail Special Delivery service and have the highest insurance cover in the market, of up to £30,000 in transit. We will send you a pre-paid, fully-insured Special Delivery pack for you to send us your items in via your local post office branch.
-
How fast is the process?
The process can take as little as 48 hours from the point of contact. Once you have sent the item and we have received and valued it, identification checks are run and the money can be transferred immediately.
-
Will my credit rating be affected?
Your credit rating will not be affected. As part of our legal compliance we are required to carry out identity checks, however these are not credit checks.
-
Where will my goods be stored? Are they insured?
Your goods will be stored safely in the vaults at our prestigious Hatton Garden headquarters in central London. We have the highest comprehensive insurance policy in the market, meaning that items can be insured for up to £30,000 in transit and for an unlimited amount in the vault.
-
Who values the items?
We have highly qualified, specialist valuers based in Hatton Garden who are fully trained and hold qualifications from industry bodies, including the National Association of Goldsmiths.
-
What’s the minimum/maximum amount you will lend?
The minimum amount we lend is £500, and there is no maximum.
-
What interest rate will I have to pay?
Our interest rates vary depending on the amount borrowed. For loans under £1,000 the interest rate is 5% a month. For all loans over £1,000 we charge a market leading rate of 4% a month.
-
When does the loan have to be redeemed?
The standard duration of the loan is 6 months, however after this time period it is possible to extend the loan, subject to approval.
-
What happens if I can’t repay the loan?
In the event that you can't repay the loan, your item will be sold for the best price achieved to recover the amount borrowed, any outstanding interest and any costs incurred in selling the item. Your credit rating will not be affected and any surplus is sent back to you. However, it is also possible to extend the loan for another 6 months, subject to your account being brought up to date.
