Bills and life have you strapped for cash, so if you are like a lot of people, your first thought will be to pawn an item so you can get enough money to carry you over until payday. Pawn shop loans are a quick and seamless route to getting fast cash, and many pawn brokers will accept everything from power tools to electronics. However, it can be a better idea to obtain a collateral loan with a piece of jewelry by finding a jewelry store who offers this kind of service. There are a lot of reasons why it is a logical decision to seek a collateral loan for your jewelry when you need extra cash. Here are two that you should know.
Jewelry holds its value well even if it is not in the greatest condition.
There is a good reason why there are jewelry stores and pawn shops willing to offer collateral loans for most types of fine jewelry: jewelry holds its value incredibly well even if it is not in the best shape. Because fine jewelry is made from quality materials, such as gold, silver, platinum, diamonds, and other gemstones, even if the jewelry piece seems to show a lot of wear, it can usually be brought back to life. And, if it is not salvageable, the materials themselves are of value because they can be repurposed. Therefore, even if you have a piece of fine jewelry that is not in good shape, it could potentially be used as collateral for a loan.
Jewelry pieces are always desirable to lenders.
If you take an electronic device to a pawnbroker or other lender to use as collateral, you never really know if they will accept the item or not. Lenders who offer collateral loans on tangible property and items usually pay for items according to how in demand they are. If there is a chance that an item placed up for collateral will not garner a return of their money if you default on the loan, they will probably not be interested. On the other hand, jewelry is a consumer item that is almost always in high demand, which means you will probably not have a hard time finding a lender who is willing to accept your piece.
At the end of the day, offering up a piece of jewelry as collateral to get the money you need can be a really good idea. For more information about how to get a collateral loan for a piece of jewelry, talk to a jewelry store who offers collateral lending.Share
15 May 2017
Hi there, I’m Gillian Clancy. Welcome. I am here to talk to you about jewelry. I am enamored with all types of jewelry from plain gold rings to huge diamond pendants. I love to look at jewelry made from silver, gold or even bronze. I spend my free time looking over gems and rating their quality for fun. I want to help other people gain knowledge about jewelry and learn to love this amazing art form. I will talk about famous pieces of jewelry from history and discuss the way the art form will change in the future. Please come back again soon.