You never know when you're going to be faced with a financial emergency. Unfortunately, if you're not prepared, you might not have the funds you need to cover the expense. You could go to your bank for a loan, but those types of loans aren't easy to qualify for. Payday loans are only good for short-term emergencies. That's where a collateral loan comes into the picture. If you have a diamond engagement ring, you can use it to obtain a loan. If you've never taken out a collateral loan before, here are some reasons you should use one to fund your emergency.
No Credit Check Needed
If you need cash in a hurry but you don't have good enough credit for a personal loan from your bank, you need a collateral loan. One of the benefits of this type of loan is that it doesn't require a credit check. That means that you'll have access to the funds you need regardless of your credit history.
Get Money When You Need It
One of the problems with taking out a bank loan is that the application process can be lengthy and time-consuming. Unfortunately, when you're facing a financial emergency, you don't have time for a lengthy application process. With a collateral loan, you won't have to worry about the lengthy application process. Simply send your ring in for appraisal and receive your loan offer. Once you approve of the offer, you'll receive your funds.
Ensure a Fair Appraisal
If you've been thinking about taking out a loan on your engagement ring at a local pawn shop, you should know that you might not receive a fair appraisal. Unfortunately, without the fair appraisal, you might not be able to borrow as much as you need. However, when you take out a collateral loan on your engagement ring with the help of a diamond brokerage, you'll have the peace of mind in knowing that you've received a fair appraisal. You'll also have the peace of mind in knowing that you can borrow the funds you need for your emergency.
Retain Ownership of Your Ring
If you need money in a hurry, you may be thinking about selling your engagement ring. Unfortunately, if you do that, you'll lose your ring forever, even if you only need money for a short-term emergency. Instead of losing your ring forever, take out a collateral engagement ring loan on it. Once you pay off the loan, your engagement ring will be returned to you.
Share28 March 2019
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