Pawning jewelry is one of the ways you can get cash that you need urgently. This is a personal decision that is very tough to make if you are someone who is fond of your jewelry. It is either you pay your bills or keeps your jewelry. You don’t have to do this anymore nowadays. There is a way for you to be able to keep your jewelry and have cash to pay your bills at the same tie. You don’t have to sell your jewelry but you can get cash on it by loaning with the value of your jewelry. You can get a cash loan from a pawnshop using your jewelry as collateral for a certain number of days term. If you need cash to pay your bills, then you can have help with this type of loan using your own high-end jewelry. Make sure that your jewelry is really valuable so that the jewelry will approve your loan.
There are some states were jewelers can charge up to 25% a month on a loan. This kind of interest is actually too high. Look for another reputable jeweler that only charges between 5 and 20%. The rate of the loan will depend greatly on the value of the jewelry. Generally, if you are seeking for a large loan, then your jewelry is valued higher, and the percentage rate you are charged is lower. A pair of earrings has lower value than a diamond so the diamond will have a lower rate than the earrings.
The factors that affect the value of your loan, is the appraised value of the jewelry, its condition, and the ability of the company to sell your item. They will offer you a loan amount which depends on the wholesale, or its resale value and not the new retail price.
You also need to ask the pawnshop if they are insured and where they store the jewelry. Make sure that your jewelry is insured and secured and kept in a safe deposit box. Choose a pawnshop that is known to take good care of their client’s jewelry.
Make sure that the pawnshop gives you an appraisal report with all the details including pictures of the jewelry that you have loaned. It is important that they describe the jewelry properly and that get back the same jewelry that you have loaned.
There are many types of jewelry that pawnshops do not offer loans to. Don’t feel offended if the pawnshop turns down your jewelry for loan. If pawnshops offer cash loan for jewelry then you should understand the risk that the jeweler is taking offering cash loans for jewelry.
If you what to have a good experience in loaning your jewelry, then follow the tips given above.