Pawnbroking
The core business of Cash 22 is pawnbroking, which typically involves lending money on a six month contract with gold held as security. The loan amount is set at a discount to the value of the item pledged (usually gold).
When a customer redeems their pledged item they pay the principal plus accrued monthly interest. If the pledge has not been redeemed or renewed after seven months (including a notice period) Cash 22 sells the item to realise its principal plus interest.
Gold buy
Cash 22 also buys gold, usually in the form of jewellery, from customers. We then sell this in bulk to gold refiners or as a retail item. This offers an attractive alternative to customers looking to raise cash ‘’on the spot’’ and who may not wish to be bound to redeem the item.
Payday loans
These short term bridging loans are popular with customers from all walks of life. Cash 22 has developed procedures to optimise the return after taking account of bad debts.
Retail jewellery
Cash 22 stores sell some new or second hand jewellery and watches that are typically sourced from unredeemed pledges. By pooling the inventory of our network, we ensure each store has a balanced and attractive display.
Cash services
To complement the cash-focused nature of its business and attract footfall, Cash 22 also offers cheque cashing, international money transfer and foreign exchange services.
Additional services
Cash 22 is part of the Chequepoint group which has a long history of innovation in retail financial services. The Company recently launched one of the first prepaid card products, which are available from Cash 22 stores.
Further product and services are continually being developed by Cash 22 and its affiliates. Where appropriate these are always tested and proven in company stores before rolling out to franchisee or joint venture stores.