Get a Loan on Your Watch: How it Works & What to Know

When you need funds, the thought of selling a treasured luxury watch can be heartbreaking. These pieces are often family heirlooms or symbols of a major life achievement, carrying sentimental value that money can’t replace. But what if you could access its financial worth without saying a permanent goodbye? This is where a loan on watches offers the perfect solution. You can get the cash you need quickly and discreetly, and once the loan is repaid, your watch is returned to you safely. This article explains how you can use your timepiece as collateral, giving you financial flexibility while preserving ownership of your valuable asset.

Key Takeaways

• Get Cash Without Selling Your Watch

  : A watch loan lets you borrow against your timepiece's value for quick access to funds. Since the loan is secured by the watch itself, your credit history isn't a factor, and you get your watch back after repayment.

• Preparation Increases Your Loan Offer

  : The loan amount is tied directly to your watch's appraised value. You can get a higher offer by cleaning your watch, gathering its original box and papers, and having any service records ready for the appraisal.

• Protect Yourself by Choosing the Right Lender

  : A trustworthy lender will provide a clear contract outlining all terms, interest, and fees. Confirm they offer fully insured, secure storage to guarantee your watch is safe while it's in their care.

What Is a Watch Loan?

If you own a luxury watch, you’re holding a valuable asset that can provide quick access to cash—without having to sell it. A watch loan is a straightforward way to borrow against your timepiece's value when you need funds for an unexpected expense or a new opportunity. It’s a secure and private process that puts you in control. Let's break down how it works, clear up some common misconceptions, and see what kind of watches qualify.

The Basics of How It Works

A watch loan is a type of collateral loan. In simple terms, you use your high-end watch as a guarantee to borrow money. The best part? You aren't selling your watch. Once you repay the loan, including any interest, your watch is returned to you, safe and sound. It’s a fast way to get funds, often within a day or two, making it a great alternative to traditional bank loans that can take weeks to process. Depending on your watch's value, you can typically borrow from $2,500 to over $5,000,000. The entire process is handled discreetly by professionals who understand the value of your asset.

Clearing Up Common Myths

One of the biggest myths about watch loans is that you need a perfect credit score. The reality is, your credit history usually isn't a factor. Because the loan is secured by the value of your watch, many lenders do not check your credit score. The watch itself is the collateral, which simplifies the approval process for you. You might also wonder if it's better to just sell your watch. While selling is an option, a loan is ideal if you have a sentimental attachment to your watch or see it as a long-term investment. It gives you financial flexibility without forcing you to part with a valuable piece you love.

What Kinds of Watches Qualify?

Lenders typically accept a wide range of luxury watch brands known for holding their value. Think names like Rolex, Patek Philippe, Cartier, Omega, Audemars Piguet, and Hublot. The amount you can borrow is a percentage of your watch's current market value, not its original purchase price. For instance, a Rolex with a market value of $17,000 might secure a loan of around $11,000. This is known as the loan-to-value (LTV) ratio. Most reputable lenders will consider well-known luxury watch brands that are in high demand, ensuring you get a fair offer based on what your timepiece is truly worth today.

Find Out What Your Watch Is Worth

Figuring out what your watch is worth is the first step toward getting a loan. It’s not just about the price you paid; it’s about its current market value, which is influenced by several key factors. A professional appraiser will give you the final number, but you can get a solid idea of what to expect by looking at your watch through the eyes of an expert. Understanding these elements will help you feel more confident and prepared when you apply for a loan. Let’s walk through the five main things that determine your watch's value.

The Importance of Brand and Model

The name on the dial is one of the biggest factors in determining your watch's value. Luxury brands like Rolex, Patek Philippe, and Audemars Piguet are known for retaining—and often increasing—in value over time. But it’s not just about the brand; the specific model matters, too. A Rolex Daytona, for example, typically commands a higher value than a Datejust from the same year. When you seek a loan, lenders will determine your watch's fair market value and usually offer a percentage of that amount. A strong brand and a desirable model create a higher appraised value, which directly translates to a better loan offer for you.

How Market Demand Affects Value

Just like with art or classic cars, the watch market runs on supply and demand. Some models are incredibly popular, with long waitlists at authorized dealers, making them highly sought-after on the secondary market. This demand can significantly increase your watch’s value. Lenders consider this when determining your loan-to-value (LTV) ratio, which is the percentage of your watch’s value they’re willing to lend. If you have a "hot" watch that everyone wants, you’ll likely be offered a more favorable LTV, allowing you to borrow a larger amount. Market trends can change, but classic, iconic models tend to always be in demand, making them reliable assets for a collateral loan.

Assessing Your Watch's Condition

Take an honest look at your watch. Are there scratches on the bracelet? Dings on the case? Is the crystal clear? Every detail of its physical condition will impact its value. A watch in mint or near-mint condition will always be worth more than one that shows heavy signs of wear. It’s also important to know if all the parts are original. Any aftermarket modifications, like a custom bezel, can sometimes decrease its value. When you apply for a loan online, you’ll likely need to submit photos. Presenting your watch with clear, high-quality images is the first step to getting an accurate initial quote.

The Role of Age and Rarity

While a brand-new watch is valuable, age can sometimes add to a watch’s worth, especially when combined with rarity. A vintage timepiece from a renowned brand can be incredibly valuable, particularly if it’s a rare or discontinued model. Limited editions or watches with a unique history are also highly prized by collectors and lenders. Don’t assume that just because your watch is used it isn’t valuable. Even pre-owned watches can secure a significant loan, provided they are authentic and in good shape. If you suspect your watch might be a rare find, a good collector's guide to vintage watches can be a great starting point for your research.

Why Authentication Is Key

Before any lender makes an offer, they must confirm your watch is 100% authentic. This step is non-negotiable, as it protects both you and the lender. The best way to support your watch’s authenticity is by providing its original box and papers, often called a "full set." These documents—including the warranty card, manuals, and original receipt—serve as your watch's birth certificate and can significantly increase its value. If you don’t have the papers, a professional can still authenticate your watch by examining the movement and serial numbers. This verification ensures the lender is securing a genuine asset, allowing them to offer you the best possible loan terms.

How to Apply for a Watch Loan

Getting a loan using your luxury watch is a straightforward process designed to be quick and secure. When you work with a trusted lender, you can expect transparency every step of the way. From the initial paperwork to the final appraisal, each stage is meant to accurately determine your watch's value and get you the funds you need without hassle. Think of it less like a complicated bank loan and more like a simple, private transaction based on an asset you already own. Let's walk through exactly what you can expect when you apply, so you can feel confident and prepared.

What Documents You'll Need

To get started, you’ll need to provide some key information about your watch. Having the right documents on hand not only makes the process smoother but can also increase your loan offer. Gather any original paperwork you have, including the warranty card, sales receipt, and service records. The original box is also a major plus. These items help establish your watch’s history and provenance, which is a big part of its value. Taking clear, high-quality photos from multiple angles will also be necessary for the initial online assessment. Having a complete set of box and papers proves authenticity and shows the watch has been well-cared for.

The Professional Appraisal Process

After you submit your watch's details, an expert will conduct a professional appraisal. This isn't just a quick look; it's a detailed evaluation of several key factors. The appraiser will examine the watch's brand, model, age, and overall condition, looking for any signs of wear, damage, or repair. They will also assess the current market demand for your specific timepiece. This comprehensive appraisal process ensures you receive a loan offer that accurately reflects what your watch is worth. Even if your watch is pre-owned, its value can be substantial, especially if it's a sought-after model in good condition.

Verifying Your Watch's Authenticity

A critical part of the appraisal is verifying that your watch is genuine. Lenders have experts who are trained to spot even the most convincing fakes. They will carefully inspect the movement, dial, case, and bracelet, comparing them against manufacturer standards. This step is essential for protecting both you and the lender. An authentic watch secures a much higher loan amount, while a counterfeit has no collateral value. This focus on authenticity verification is a hallmark of a reputable lender and gives you peace of mind that you're dealing with true professionals who respect the value of your item.

Keeping Your Watch Safe and Secure

One of the biggest concerns people have is what happens to their watch after they hand it over. Reputable lenders understand this and take security very seriously. Once your loan is approved and you accept the terms, your watch will be stored in a highly secure, climate-controlled vault. These facilities are often monitored 24/7 and are fully insured. Your timepiece will be carefully cataloged and stored individually to prevent any damage. The goal is to return your watch to you in the exact same condition you left it in once the loan is repaid.

Understanding Insurance Coverage

While your watch is in the lender's possession, it should be fully insured against theft, loss, or damage. Before signing any agreement, you should confirm the details of the lender's insurance policy. A trustworthy lender will be transparent about their coverage and provide documentation if requested. This insurance protects your valuable asset throughout the loan term, offering an essential layer of security. Understanding your options for insuring valuables can also give you a better sense of what to expect from a lender's policy, ensuring your watch is protected no matter what.

A Guide to Loan Terms and Costs

Once your watch has been appraised, the next step is understanding the financial details of the loan. Getting familiar with the terms, interest rates, and repayment structure will help you make a confident and informed decision. Let’s walk through the key financial components you’ll encounter.

How Much Can You Borrow?

The amount of money you can get for your watch loan depends directly on its value. Lenders typically offer a loan amount that is a percentage of the watch's appraised market value, usually between 60% and 80%. For example, if your watch is appraised at $10,000, you could expect a loan offer in the range of $6,000 to $8,000. This structure ensures the loan is secured by the value of your item. The final offer will depend on factors like your watch's brand, condition, and current market demand. Understanding the process of getting loans against watches can help you set realistic expectations for what you can receive.

A Breakdown of Interest Rates and Fees

Interest is the cost of borrowing money, and for watch loans, it’s usually calculated on a monthly basis. Rates can vary, but they generally fall between 3% and 10% per month. To put that in perspective, if you take out a $5,000 loan with a 5% monthly interest rate, the interest cost would be $250 for that month. It’s important to have a clear picture of these costs, as they are a key part of your repayment plan. Reputable lenders are always transparent about their rates and any associated fees, so you should never hesitate to ask for a complete breakdown before you agree to the luxury watch loan. This ensures there are no surprises down the road.

What Is a Loan-to-Value Ratio?

You'll likely hear the term Loan-to-Value (LTV) ratio, and it’s simpler than it sounds. The LTV is the percentage of your watch’s appraised value that the lender is willing to offer as a loan. For instance, if your watch is worth $20,000 and you’re offered a $14,000 loan, the LTV is 70%. This ratio is how lenders manage their risk. A higher LTV means you can borrow more against your watch, but the specific percentage will depend on the lender’s policies and the desirability of your specific timepiece. It’s the core metric that connects your watch’s value directly to your loan amount, making it a key part of understanding the loan process.

Your Repayment Options

One of the best features of a collateral loan is the flexibility in repayment. Lenders understand that everyone's financial situation is different, so they often provide adaptable plans. Most commonly, you’ll have the option to make monthly payments to cover the interest, which keeps your loan in good standing. When you’re ready, you can pay back the original loan amount in full to retrieve your watch. Always talk to your lender about the available options. A good partner will work with you to find a repayment schedule that fits your budget and helps you successfully get your watch back as collateral. This collaborative approach makes the process much less stressful.

Looking Out for Additional Costs

It’s smart to prepare for every scenario, including what happens if you can’t repay the loan. With a collateral loan, your watch is the only thing at risk. If you default, the lender will sell the watch to recover their funds. Here’s the important part: if the watch sells for more than what you owe, you are entitled to the surplus cash. If it sells for less, you don’t owe anything more. The debt is cleared, and it won’t affect your credit score. This is a key feature of pawnbroking loans, as it protects you from falling into further debt and gives you peace of mind throughout the loan term.

Where to Get a Watch Loan

Once you’ve decided that a watch loan is the right move for you, the next step is finding a lender you can trust. You have several options, from local, family-owned experts who can appraise your watch in person to national online companies that handle the process remotely. Each has its own approach, so it’s worth exploring a few to see which one aligns with your needs for speed, service, and security.

Choosing a lender isn't just about getting the best offer; it's about feeling confident that your valuable timepiece is in safe hands. Look for businesses with a strong reputation, transparent terms, and expertise in luxury watches. A good lender will take the time to explain the appraisal process, answer your questions about the loan terms, and provide a secure, insured location for your watch. Whether you prefer a face-to-face consultation or the convenience of an online service, the right partner will make the process smooth and straightforward. Here are some reputable places to consider for your watch loan.

Signature Gold Loans

As a family-owned business with over 35 years of experience in Montreal, we pride ourselves on providing a trustworthy and personal service. At Signature Gold Loans, we handle your valuables with the utmost care and expertise. We offer collateral loans on a wide range of luxury items, including high-end watches. Our in-house experts provide fair, accurate appraisals to ensure you receive top dollar. Because we’re a local business, you get the benefit of a direct, in-person consultation, allowing you to ask questions and understand the process completely. We believe in building relationships with our clients based on transparency and respect.

Borro

Borro is an online lender that specializes in loans using luxury assets as collateral. According to their website, they offer a fast and discreet way to get a loan without a credit check or extensive paperwork. You can typically receive your funds in one to two business days. Borro’s process is designed for convenience, allowing you to secure a loan against your luxury watch from the comfort of your home. They handle the appraisal and logistics remotely, making them a popular choice for those who prefer a digital-first experience and need cash quickly.

Luxury Asset Capital

Luxury Asset Capital operates similarly to Borro, providing collateral loans on a variety of high-value items, including fine watches. They cater to clients who need quick access to capital by leveraging their luxury assets. Their process involves an initial online estimate followed by a formal appraisal once they receive the item. They focus on providing a secure and confidential service, ensuring your watch is insured and stored safely throughout the loan term. This option is another solid choice for those looking for a reputable online lender with experience in the luxury market.

The Loan Companies

The Loan Companies is another player in the collateral lending space, offering loans against assets like jewelry, gold, and luxury watches. They provide a straightforward online application process where you can submit details about your watch to receive a preliminary loan offer. If you accept, you’ll ship your watch to them for a final appraisal and verification. They aim to provide a quick turnaround, with funds often available shortly after the final agreement is signed. Their service is built around making the lending process accessible and efficient for asset owners across the country.

Watch Trading Co

While primarily known for buying and selling luxury timepieces, Watch Trading Co also offers services that can help you leverage your watch's value. They provide options like consignment or direct sale, but some traders in this space also facilitate loans or buy-back programs. It's a great place to get a sense of your watch's market value from specialists who live and breathe horology. If you're considering selling but want to explore a loan first, their experts can provide valuable insights and potential pathways to get the cash you need.

Diamond Banc

Diamond Banc offers quick cash loans using your luxury watch as collateral. They make it clear that you retain ownership of your watch and get it back once the loan is repaid. According to their site, they accept a wide range of high-end brands, including Rolex, Cartier, Omega, and Patek Philippe. Their process allows you to get cash for your watch fast by starting online and then completing the transaction at one of their physical locations or via mail. This hybrid model offers both digital convenience and personal service.

Ramsdens

Ramsdens is a UK-based pawnbroker that offers short-term loans against valuable items, including gold, jewelry, and high-end watches. Their model allows you to get cash without permanently selling your item. As they state, the amount you can borrow is based on the value of your watch. They accept prestigious brands like Rolex, Omega, and Cartier. With a long-standing history and numerous physical locations, Ramsdens is a trusted option for those in the UK seeking a traditional pawnbroking loan with the security of an established high-street brand.

Why Choose a Watch Loan?

When you need access to funds, a traditional bank loan isn't your only option. If you own a luxury watch, you have a valuable asset that can provide a flexible and straightforward financial solution. A watch loan, also known as a collateral loan, lets you borrow against the value of your timepiece without having to sell it. This path offers several distinct advantages, especially when you need to act quickly or want to avoid the hurdles of conventional lending. It’s a practical way to leverage an asset you already own while keeping it in your possession for the long term.

Get Cash Quickly

One of the most compelling reasons to consider a watch loan is the speed. When you're facing an unexpected expense or a time-sensitive opportunity, waiting weeks for a bank to approve a personal loan isn't always feasible. With a watch loan, the process is built for efficiency. Because the loan is secured by your watch, the appraisal and approval can happen remarkably fast. In many cases, you can walk in with your watch and leave with the funds you need on the same day. This immediate access to cash provides a crucial lifeline when you need financial flexibility without delay.

No Credit Check Needed

If you have a less-than-perfect credit history, securing a traditional loan can be a frustrating experience. Watch loans offer a welcome alternative because your credit score typically isn't a factor in the approval process. The loan is secured by the value of your watch, which serves as the collateral. This means the lender’s risk is tied to the item itself, not your financial past. This accessibility makes watch loans a viable option for many people who might otherwise be turned away by banks, allowing them to get the funds they need based on the value of the asset they own.

You Still Own Your Watch

Perhaps the biggest emotional benefit of a watch loan is that you don’t have to say a permanent goodbye to your timepiece. Many luxury watches are more than just accessories; they’re family heirlooms, milestone gifts, or treasured investments. Selling such an item can be a difficult decision. A loan allows you to tap into its monetary value without giving up ownership. Once you repay the loan, your watch is returned to you. This arrangement gives you the best of both worlds: you get the cash you need now while ensuring your valuable and sentimental item remains yours for years to come.

Enjoy Flexible Terms

Unlike the rigid structures of many bank loans, a loan against your watch often comes with more adaptable repayment terms. Lenders in this space understand that every client's financial situation is unique. They can often work with you to create a repayment schedule that fits your budget and timeline, usually involving manageable monthly payments. This flexibility can reduce the stress of borrowing and give you a clear, achievable path to repaying the loan and retrieving your watch. It’s a more personalized approach to lending that puts your needs at the forefront.

Benefit from Secure, Professional Storage

It’s natural to worry about the safety of your valuable watch while it’s out of your hands. Reputable lenders take this concern seriously and provide professional, secure storage for your item throughout the loan period. Your watch will be kept in a protected, insured vault, safe from theft, damage, or loss. This gives you complete peace of mind, knowing that your asset is being cared for by experts until you’re ready to reclaim it. You can handle your financial needs with confidence, assured that your timepiece is in good hands.

How to Protect Yourself and Your Watch

Using your watch for a loan can be a fantastic financial move, but like any decision involving a valuable asset, it’s smart to go in with your eyes open. Protecting your watch—and your finances—is all about being prepared and working with a lender you trust. Think of it as doing your homework to ensure a smooth, secure process from start to finish. A reputable lender will be transparent and prioritize the safety of your timepiece, but knowing what to look for will give you complete confidence. This isn't about being scared; it's about being empowered to make the best choice for your situation.

Know the Potential Risks

Let’s be real: any financial agreement comes with potential risks. When you use your watch as collateral, the main risk is that you could lose it if you’re unable to repay the loan. That’s why it’s so important to have a clear repayment plan before you commit. Beyond the financial side, there are practical concerns. Your watch is a delicate, valuable item. You want to be certain it’s protected from damage or loss while it’s in the lender’s care. This is where a lender’s reputation and security protocols really matter. A professional establishment will have secure, insured storage to keep your watch safe until you’re ready to retrieve it.

What to Look for in the Contract

The loan agreement is your most important tool for protecting yourself. Before you sign anything, take the time to read every line and ask questions about anything that isn’t crystal clear. A trustworthy lender will be happy to walk you through the details. Pay close attention to the Loan-to-Value (LTV) ratio, which is the percentage of your watch’s appraised value that the lender will offer as a loan. Typically, you can expect an LTV between 60% and 80%. Also, look for a clear breakdown of the interest rate and any associated fees so you understand the total cost of borrowing. Finally, make sure the repayment schedule and the conditions of default are explicitly stated.

Strategies to Prevent Loss

The best way to prevent the loss of your watch is to set yourself up for success from the very beginning. Start with the appraisal process. To get the highest, most accurate valuation, provide the lender with as much information as possible. This includes submitting clear, high-quality photos and any original paperwork or boxes you have. A weak presentation can sometimes lead to a lower offer. The most critical strategy, however, is to borrow responsibly. Before accepting a loan, map out your repayment plan. Knowing exactly how you’ll pay it back ensures you can reclaim your watch without any stress. Keep open communication with your lender and hold on to all your paperwork for your records.

The Importance of Insurance

You wouldn’t leave a luxury watch uninsured at home, and you shouldn’t accept a loan from a lender who doesn’t insure it either. Any professional lender will have comprehensive insurance that protects your watch against theft, loss, and damage the entire time it’s in their possession. Don’t be shy about asking for proof of their insurance policy. This is a standard part of the business and a key indicator that you’re dealing with a legitimate, professional company. Knowing your watch is fully insured provides essential peace of mind while it’s out of your hands. It's a simple step that makes a world of difference.

What Happens If You Default?

While it’s a scenario everyone wants to avoid, it’s important to understand what happens if you can’t repay your loan. With a collateral loan, the process is straightforward and designed to protect you from further debt. If you default, the lender will sell your watch to recover the outstanding loan amount. Here’s a crucial detail: if the watch sells for more than what you owe, you are legally entitled to receive the difference. On the other hand, if it sells for less, the remaining debt is forgiven. This is a feature of non-recourse loans, meaning the lender cannot pursue your other assets to cover the shortfall. This protection is one of the key benefits of a collateral loan.

Get Your Watch Ready for a Loan

Getting a loan on your watch is a straightforward process, but a little preparation can make everything go smoother and potentially increase your offer. By taking a few simple steps, you can present your timepiece in the best possible light and walk into the appraisal with confidence. Think of it as setting your watch up for success. Let's go over what you need to do to get your watch ready for its close-up.

Bring It to Top Condition

First impressions matter, even for a watch. Before you bring it in for an appraisal, take a few moments to give it a gentle cleaning. Use a soft, dry cloth to wipe away any fingerprints, smudges, and dust from the case, crystal, and bracelet. A clean watch not only looks better but also shows that it’s been well-cared for. If you're starting the process online, submitting clear, high-quality photos is key, as blurry or dark images can negatively impact your loan value. Presenting your watch properly demonstrates its quality from the very start.

Gather Your Paperwork

Having the original box and papers can significantly increase your watch's value and the loan amount you're offered. Lenders look for these items because they help prove authenticity and provenance. Before your appointment, gather everything you have related to the watch, including the original sales receipt, warranty card, and any service records. This documentation helps streamline the appraisal process and gives the lender a complete picture of your watch's history. It’s not always a deal-breaker if you don’t have them, but it certainly helps build a stronger case for a higher value.

Prepare for the Appraisal

The appraisal is where an expert determines your watch's current market value, which in turn determines your loan offer. The appraiser will carefully examine several factors, including the brand, model, age, rarity, and overall physical condition. They will also consider the current demand for your specific watch in the pre-owned market. This professional evaluation is crucial for setting a fair loan amount. At Signature Gold Loans, our experienced appraisers will walk you through every step, explaining how they arrived at their valuation so you feel completely informed and comfortable.

Transport Your Watch Safely

When it's time for the appraisal, you want to make sure your valuable timepiece gets there in one piece. If you're working with a local lender like us, the best and safest option is to bring it to our Montreal office in person. This allows for a face-to-face conversation and an immediate, transparent appraisal. If you must ship your watch, ensure it's securely packaged in a sturdy box with plenty of padding to prevent any damage during transit. Many online lenders provide an insured shipping label for this purpose, but nothing beats the peace of mind that comes with handing it over yourself.

Care for Your Watch After the Loan

One of the most common questions we hear is, "What happens to my watch during the loan?" Reputable lenders will store your timepiece in a highly secure, fully insured vault. It will not be worn or handled unnecessarily, ensuring it remains in the exact condition you left it in. The loan agreement is designed to protect both you and your asset. Once you've repaid the loan according to the agreed-upon terms, your watch is promptly and safely returned to you. Think of it as a secure vacation for your watch while you get the funds you need.

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Frequently Asked Questions

What if I don't have the original box and papers for my watch? While having the original box and paperwork can certainly add to your watch's value, it's not a deal-breaker. A professional appraiser can still authenticate your watch by examining its movement, serial numbers, and other specific details. The most important thing is that the watch itself is genuine. So, even without the full set, you can still secure a loan based on the watch's market value.

Will getting a watch loan impact my credit score? No, it won't. Watch loans are a type of collateral loan, which means the loan is secured by your watch, not your credit history. Lenders typically do not run a credit check to approve the loan, and your repayment activity is not reported to credit bureaus. If you are unable to repay the loan, the lender simply keeps the watch to settle the debt, with no negative mark on your credit report.

How long does the whole process take, from appraisal to getting the cash? One of the biggest advantages of a watch loan is the speed. The entire process is designed to be fast and efficient. Once you bring your watch in for an appraisal, you can often receive a loan offer on the spot. If you accept the terms, it's possible to complete the paperwork and receive your funds on the very same day.

Is my watch safe while it's with the lender? Absolutely. Reputable lenders understand that they are holding a valuable and often sentimental item. Your watch will be stored in a high-security, climate-controlled vault and will be fully insured against theft, loss, or damage for its entire appraised value. It will not be worn or displayed; it is simply kept safe until you repay your loan.

What happens if I can't repay the loan on time? If you find yourself unable to repay the loan, the lender will sell the watch to cover the amount you owe. This is the full extent of your obligation. Your other assets are not at risk, and it will not affect your credit. If the watch sells for more than the outstanding balance, you are entitled to the surplus amount. This structure protects you from falling into further debt.