You have fewer options if you are in a rush to obtain money. Banks does not approve loan on the same day you apply for it. Other credit unions may not lend you cash quicker than you think. They all have loan processes to follow to ensure the safety of their resources in your hands. Even your family members and friends may not have the amount that you need because they are also in deep financial trouble. Well, blame it to the condition of the economy. But do not lose hope because you still have a chance when you apply for jewelry loan.
1. Dig into your jewelry box and choose which item or items will be perfect for your goal. Ask yourself how much you need and how many pieces are enough to cover it. As much as possible, leave those that carry sentimental value or those that will be passed on to family members.
2. Send your gemstones for appraisal to determine their value. You do not want to receive less from your jewels, right? Some companies offer free appraisals; but if yours are of high value, you may have to pay them for their efforts.
3. Do not easily go to a nearby loan provider or pawnshop to get jewelry loan. Shopping for the best lender is a good strategy to receive higher amount for your gems or to get lower interest rates. Interest rates differ, from as low as 5% to as high as 20%. Some even charge you for the processing of your loan and other fees.
4. You may have to accomplish some paper works soon as you make a decision to loan against your jewels in a specific loan company. Fill them out with the necessary information.
5. Follow the payment terms strictly. If you think you will have a hard time settling the exact amount every month, discuss it earlier with the lender so it can expand the period to reduce your monthly fee. Short-term loans take about 30 to 60 days. But with special arrangements, you can request for several months up to a year.
6. In case you went to a pawnshop, bear in mind the redeem date and keep the pawn receipt in a safer place to avoid hassles. Call or visit the shop in the event that you will not be able to redeem it on the specified date. Converse your situation with the representative and he or she may find a solution agreeable to both of you.
7. Borrowing against your jewels from online loan businesses is also a good idea. You just have to be extra careful as you deal with them. Some are scams.
When time is of huge concern to you, obtaining jewelry loan is the best form of credit for you. You have to realize, however, that it still requires your being responsible. If you want to have your stones back, check your capacity to pay or know where your payment will come from. If not, you will have to say goodbye to your gems.
