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September 2, 2019
Advantages of Getting a Jewelry Collateral Loan
There are various money lending companies all over. But in most cases, securing a loan can be a hard task because of the complexities involved when getting a loan with some lenders. You might be in an emergency where you need instant cash to solve the situation, but you might not have the money at that moment. Jewelry loan services come in handy in such moments.
There are jewelry shops which can offer you the loan you need as long as you avail jewelry as collateral. Many people prefer such jewelry services because of the following reasons.
It is easy to qualify for the jewelry collateral loans. You are only required to have a piece or several pieces of jewelry whose value is a little higher than the loan amount you want. The value of the pieces of jewelry will secure the loan for you. Most jewelry shops prefer jewelry as collateral for the loans because it is less risky to loan people like you. As long as the jewelry acts as a collateral, the jewelry shop cannot run into losses even in the case where you are not able to repay the loan. For the lender, loan defaulters are not a threat to them since they will sell the jewelry hence recoup the loaned money.
You will not be required to fill in complex loan application forms. If you walk in the jewelry shop with your pieces of jewelry and a certificate of ownership, you can be assured to walk from the shop with the loan you needed. It is, therefore, a faster and hassle-free way of acquiring loans.
Another advantage of getting a loan by using jewelry as collateral is that one is not required to have a perfect credit history. No jewelry services will ask about your credit score before they loan you the money you want. Unlike other money lenders where one must have a good loan history, a reliable jewelry loan shop will not consider anything to you with your loan repayment history. This means that people with a low credit score prefer collateral loans using jewelry. For the collateral loan lender, the value of your jewelry is the main thing which can determine whether you get the loan or not. Once they are satisfied with the value of the jewelry, you can be assured to get the amount of money you want.
You stand to enjoy lower rates with collateral loans. Most of the jewelry collateral loans come at a much lower interest compared to the unsecured loans. If you intend to get a collateral loan with your jewelry for a long time, you can be assured of saving many dollars compared to the other loan services. It is, therefore, a cheap way of acquiring loans for an emergency.
Another benefit of getting loans with jewelry as collateral is that employment is not a must for one to get the loan. For most unsecured loans, one must avail their employment status and must have been employed for a long time, which is not the case with collateral loans.
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