Pawnbroker H&T says demand for its services has 'gathered momentum' during cost of living crisis

Consumers are increasingly turning to pawnbroker H&T to access cash, the business said on Tuesday, as households continue to be battered by high living expenses.
By Greg Wright
Published 8th Aug 2023, 08:28 BST

The company said demand for its services had “gathered momentum” in the first six months of the year, as its profit jumped by nearly a third.

It said borrowers were also taking out bigger loans – on average around £423 each, compared with £405 in December last year.

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However, despite the pressures people are facing, around 85 per cent are still paying off their loans and reclaiming the items they pawned, which is “above historic levels”, H&T said.

People are increasingly turning to pawnbroker H&T to access cash, the business said on Tuesday, as households continue to be battered by high living expenses. (Photo by Dominic Lipinski/PA Wire)People are increasingly turning to pawnbroker H&T to access cash, the business said on Tuesday, as households continue to be battered by high living expenses. (Photo by Dominic Lipinski/PA Wire)
People are increasingly turning to pawnbroker H&T to access cash, the business said on Tuesday, as households continue to be battered by high living expenses. (Photo by Dominic Lipinski/PA Wire)

Customers are also paying off their loans quicker – within 97 days compared with the long-term average of 108 days, the business said.

“Demand for pledge lending continued to gather momentum during the first half of 2023, as customers’ increasing need to access small sums of short-term credit comes at a time of reduced market supply following the departure of several firms from the unsecured lending market,” H&T said on Tuesday.

“Demand for lending has been growing consistently through the period, across all customer segments and all geographies.”