Jewelry Loans in Bellevue

There are many instances where you may find yourself in need of a loan. While bank loans will require credit checks, lots of paperwork, and waiting, a collateral loan is quick and easy. In this article, we will explore collateral loans deeper, specifically  jewelry loans.

What is a Collateral Loan?

A collateral loan is just as it sounds. In exchange for your asset of value you will receive a loan based on its value. There is not much paperwork involved and it is quick. Some collateral loans will require a title of a vehicle, mortgage to a home, etc.  Jewelry loans require no documentation, however if you have an appraisal or a receipt it is helpful to determine the loan value. For the purposes of this article, we will focus solely on jewelry collateral loans.

The process of obtaining a jewelry collateral loan requires bringing in your jewelry (watch, necklace, precious metal, estate jewelry, etc.) and having it assessed. The amount of your loan is based on the value of your jewelry. Each piece is examined on the spot right in front of you. We explain the process as we go.

What You Can Expect When Pawning Jewelry

Most of our customers have never pawned jewelry before or even been in a pawn shop. It may surprise first-time visitors to see that our store looks like a fine jewelry store.  Once we have examined your jewelry and make you an offer, you are under no obligation to accept the loan, and we are more than happy to answer your questions.

We are kid and dog friendly. Once you have agreed to the loan, we secure your items and place them in our safe. If it's not convenient to pick up your jewelry within 90 days, you can rewrite the loan by paying the interest due, and then you have another 90 day period. When you pay back the principle and interest of the loan, you will receive your jewelry back. If you choose not to get your items back the loan defaults and the items go out for sale. This does not affect your credit rating.

Who Should get a Collateral or Jewelry Loan

While a jewelry loan may not be the best option for everyone, there are many reasons that a collateral jewelry loan may work for you. If your circumstances meet any of the following conditions, then this option may be beneficial.

  1. You are in need of a short term loan
  2. You have valuable jewelry that you are comfortable with using as collateral
  3. You have less than good credit or do not wish to have your credit run by a lender
  4. You aren’t comfortable with, or have the time for a bank loan
  5. You need quick cash


Types of Jewelry Accepted for Loans

Fine Watches: Watches that are made with gold, silver, and/or platinum. Some brands may include Rolex, Hublot, Cartier, IWC, Patek Philippe and many other brands. In addition, watches that have precious stones are typically great for collateral loans.
Precious Stones: The history of wearing precious gemstones is long and storied. Jewelry containing diamonds, rubies, sapphires, and emeralds are all acceptable for loans.
Precious Metals:  Gold, silver, and platinum. This can also include gold and silver bullion coins.
Rings: The most popular of rings are engagement rings, but all rings are great for a collateral jewelry loan.
Rare Jewelry:  This can include family heirlooms, vintage jewelry, as well as estate jewelry.
Women’s Jewelry:  Items such as anklets, necklaces, bracelets, earrings, and rings. Popular brands that we accept include Tiffany & Co., Cartier, David Yurman, Harry Winston, and many others.

    This is by no means all inclusive. It is meant to serve as a guide. GIve us a call or visit if you have any questions or do not see your particular jewelry on the list above.

    Terms of a Jewelry Loan

    All pawn shops and jewelry lenders are strictly regulated by the State of Washington. Unlike traditional loans, the interest rates are explicitly set by the state. The terms on our loans are 90 days. If you have a need to extend your loan, we do allow this as long as you pay the interest that has accrued from the previous 90 days. When you come into get a jewelry loan you will need a state issued ID or other picture ID. There is no credit check required. We pay most of our loans in cash. The process typically takes only a few minutes. We keep your jewelry in a locked safe until you repay the  loan or surrender your rights to your jewelry by defaulting on the loan.

    How the Loan’s Value is Calculated

    As we previously stated, the interest rates on all loans are strictly set by by the State of Washington. With regard to assessing the value of your particular items, there are a few factors that we use in order to offer you fair value.

    • Weight of precious metal
    • Quality of the gemstones
    • Its rarity and saleability
    • Is there a desirable brand or designer

    Seattle and Bellevue Pawn Brokers and Jewelry Lenders

    Many people who experience cash flow problems don’t realize that there’s a convenient, risk-free solution in their closets and drawers. A jewelry loan or collateral loan may be the solution.  Contact us to discuss whether or not this is a viable solution for you.

    The amount of the loan will usually be only fraction of its retail value. We can sometimes give an approximate estimate of a loan over the phone but we can only make an exact offer in person. If you are interested in a jewelry loan in the Bellevue, Washington area, we would love to meet you. Feel free to visit us soon!

    Q:  How does a pawn loan work? 
    A:  Bring in your jewelry so we can do a market analysis of your items.  We can then give you an idea of the amount we can loan.  Loans are 90 days and can be extended by paying the interest each 90 day period.
    Q:  What is an extension? 
    A:  90 days after you have received a loan it will come due.  At that time you can rewrite the loan for another 90 day period by paying the accrued interest.
    Q:  Will I lose my merchandise? 
    A:  Our goal is not to get your jewelry.  We have lots already.  90 days after your loan   date your  loan comes due.  If you choose not to rewrite or pickup your items we'll get your items ready to put into stock.
    Q:  How do you determine an items worth? 
    A:  We look closely at your jewelry to determine  such things at the weight of precious metal and the size and quality of the stones.  Market conditions influence our decisions.  Age and condition of the jewelry also helps determine its value.
    Q:  How do you determine the condition of an item? 
    A:  The condition of an item is important in the event we have to resell the item.  We take into account the wear on the stones and the metal parts of the jewelry.
    Q:  How do you determine the value of jewelry? 
    A:  Ultimately the value of the piece is determined by our overall impression of the items.
    Q:  How do you determine the price of gold? 
    A:  We look at the daily spot gold market at the time you come into the store.  Gold value changes in the market place over time.
    Q:  Can you give a quote on an item over the phone? 
    A:  We might be able to give a rough estimate but much of what we do is determined only by observing the piece in person.
    Q:  Why does the loan amount differ from the selling price at local retailers? 
    A:  The amount we loan on an item is only a fraction of what it would sell for in a retail store. 
    Q:  Is my collateral safe while in pawn? 
    A:  Your collateral is locked safely away in our safe.
    Q:  Are pawnshops regulated? 
    A:  Pawn shops are strictly regulated by the State of Washington and the City of Bellevue.