So, you need money fast and you have some nice jewellery that’s worth something. What should you do with it? Should you sell it, or pawn it for a loan instead?
Is pawning jewellery a good option? Or are you better off selling it and being done with it?
Let’s take a look at Pawn Loans and see if it’s the better choice for you.
Why Getting a Pawn Loan Can Be a Better Option
For most people who are looking to offload some jewellery in exchange for quick cash, they would probably think of selling it before anything else. That’s fine, but once it’s sold, it’s gone for good. If, on the other hand, you were to pawn the jewellery, you can get it back once you’ve paid the loan off in full.
If you don’t really care about the jewellery or how much money you end up getting for it, then you probably won’t care about selling it.
For many people, jewellery can have sentimental value as well as the inherent value of the precious metals and gems. If you need cash in a hurry, but really don’t want to lose the items in the process, then a Pawn Loan is the best option. So long as you pay back your loan, you’ll have your jewellery returned to you in pristine condition.
If you sell the jewellery, it’s gone. Pawn it and you can get it back. Those are really the two choices.
It’s Not Hard To Get a Pawn Loan
You could try a pawnbroker to get a loan on your jewellery, but if your jewels are valuable, you’re far better off dealing with a private lender that also offers Pawn Loans. You’ll get a much better deal generally with cheaper interest rates as well.
Applying for a Pawn Loan is relatively quick and easy. Lenders vary, but the process will be similar in most instances.
How to apply for a luxury item Pawn Loan in easy steps:
- Bring in your jewellery or valuable watch
- Have your valuables evaluated
- Agree to leave it with the lender until the loan is repaid
- Provide 100 points of ID
- Agree to a loan amount and sign the loan form
It really is as easy as that. Your cash will be transferred into your bank account on-the-spot.
How Much Can You Borrow?
It can vary depending on the company you’re dealing with, but generally, you can borrow from $3,000 and up for expensive watches, jewellery and other valuables. If you have some very valuable items or a collection of jewellery, you can potentially get a loan as high as $500,000.
You’ll probably get a better deal with a private lender than you would by going to a pawn shop. Plus, pawn shops generally don’t have the cash available for such big loans. You might bring in $10K worth of jewellery and only be offered a loan of a few hundred dollars on it.
With a private lender you can borrow up to 60% of the market value, so a lot more generous. If you own $10,000 worth of jewellery, this would mean you could borrow up to $6,000.
What About Credit Checks?
While the jewellery needs to be yours to pawn and have no finance owing on it, as far as your credit score is concerned, that’s not an issue. Pawn Loans are secured loans, so no credit checks, no employment checks and no delving into your credit history is required.
That’s good news if your credit history is not perfect or you have no credit history to speak of. This is one of the reasons why Pawn Loans are highly sought after. You can even be out of work and secure a Pawn Loan on your watches and jewellery.
Pawn Loans For Valuables In Sydney
If you’ve been asking yourself, “where can I pawn jewellery in Sydney”, look no further than the friendly team at Cashify. We lend on quality jewellery, expensive designer watches and other valuables, with loans starting from $3,000 and upwards.
There are zero credit checks and applying for a Pawn Loan is quick and easy. No stress, no hassle and the money in your account fast. Talk to us first.
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.