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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.
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.
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.
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.
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.
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!