Collateral Loans for Pieces of Jewelry
Jewelry is class. It shows elegance. It can elevate your looks. However, did you know that you can get a loan against your pieces of jewelry? Well, it’s a fact. Jewelry is highly-priced and valued. That’s why lenders can accept it as collateral when advancing loans to people. Here are a few things to keep in mind when applying for loans against pieces of jewelry.
The Requirements
Once the lender has examined your jewelry, he or she will make an offer. It’s up to you to decide whether or not to accept the loan offer. Upon reaching an agreement, your items will be secured and placed in a safe place.
If you aren’t able to pick up the items within 90 days, you’re at liberty to rewrite your loan by paying the interest, and then you’ll be given another 90 days to make your repayment. Once you pay back the principal amount plus the interest, you’ll get your jewelry back. However, if you choose not to reclaim your items, the loan defaults, and your jewelry items go out for sale. The good news is that this doesn’t affect your credit score.
When to Get a Loan on Jewelry
While collateral jewelry loans might not be the best choice for everyone, there are numerous reasons why these loans might work for you. Are you in need of a short-term loan? Do you have valuable jewelry? Are you in need of quick cash and aren’t comfortable with a bank loan? If that’s the case, then get a collateral jewelry loan.
Acceptable Types of Jewelry
Some of the jewelry items accepted for loans include fine watches, precious stones, precious metals, rings, rare jewelry, and women’s jewelry.
- Luxury watches: Is your watch made of gold, silver, or platinum? Well, you can comfortably use it as collateral for your jewelry loan. Watches that are made of precious stones are also great for collateral loans.
- Rings: Engagement rings are some of the most popular options. However, all other types of rings can be used as collateral for a jewelry loan.
- Precious Metals and gemstones: Jewelry containing emeralds, diamonds, sapphires, or rubies can be utilized as collateral. Precious metals such as gold, platinum, and silver are all acceptable for loans. You may also want to use gold and silver bullion coins.
- Women’s Jewelry: With items such as rings, earrings, necklaces, and bracelets, you can easily qualify for a jewelry-backed loan. Different lenders accept different brands, so be sure to ask about this. Rare jewelry pieces like vintage jewelry and family heirlooms are also accepted.
The Bottom-Line
Money moves things. It moves the world. It makes life better. However, the lack of money can be distressing. That’s why you should get a loan to finance your lifestyle. And one of the best collaterals you can use is your treasured jewelry. Don’t let the lack of money affect your life. Get collateral loans on jewelry. The above facts will help you secure the best loan using jewelry as collateral.