One of the easiest way to get a fast cash loan is to use your jewelry as equity. There are many payday lending companies, pawn shops, and cash for gold shops that will be able to process your transaction within a matter of minutes. But there are still some things you should know before you head down to the store -- such as which items to take and how to prepare them.
1. Bring Gold and Diamonds
Gold and diamonds are by far the best types of jewelry to bring to a shop because they have very easy-to-calculate value. Other precious gems such as emeralds, rubies, and sapphires may be more complex for the lender to calculate out. If you don't want to have to negotiate about price, bring gold.
2. Look for Your Broken or Damaged Jewelry
Broken or damaged jewelry is the perfect thing to bring to a cash for gold shop. These shops don't care whether or not your jewelry is damaged because they're lending out based on the value of the materials rather than the item itself. It's not likely you'll get any use out of a broken item, but they can.
3. Bring an Appraisal If You Have It
If your item of jewelry is in pristine condition, an appraisal will significantly impact its amount of perceived value. This is especially true for jewelry that has more than just its melt or scrap value, such as jewelry that's made by a known designer or jewelry that has been in your family for some time.
4. Forget the Wedding or Engagement Ring
Unless you absolutely have to, it's probably not a good idea to take a loan out on or sell a wedding or engagement ring. These types of rings are highly marked up by jewelers because of the sentimental value associated with them -- you're not likely to get even a fraction of what you paid, and you'll probably be distressed if you can't get it back. It's a better idea to sell a wedding or engagement ring to someone who is getting married.
Don't forget that you can also outright sell your item rather than take out a loan. Often you can get more for the item if you sell it -- and it will be far less complicated, as you won't need to make payments and calculate out interest. This is especially useful for items that you don't even want anymore, such as broken gold jewelry.
For more information, contact a company like Executive Loan Service.Share
20 May 2016
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