Diamonds in the Rough – How to Secure a Loan Against Your Precious Gems and Unlock Your Financial Future
How to Secure a Loan Against Your Precious Gems and Unlock Your Financial Future
A collateral-based loan against your precious metals such as gold, silver, or platinum is a great way to get cash fast. Our lenders are experts in valuing precious metals and will make an offer that is as close to its true value as possible.
1. Asset-Based Loans
If you’re looking for quick funding but can’t qualify for a traditional bank loan against diamond, asset-based loans are an excellent option. They provide fast funding, are less costly than unsecured business loans and offer flexible terms.
Asset-based lenders typically finance a business’s inventory, accounts receivable and unencumbered equipment or real estate to help improve cash flow and working capital. The size of the loan is proportional to the value of outstanding receivables and/or equipment that is eligible as collateral.
Precious metals, such as gold coins, broken jewelry and bullion are common items used as collateral for asset-based loans. Other valuables accepted include sterling flatware, watches and silver bars and coins.
2. Low-Interest Rate
Precious gems and stones such as diamonds, rubies, sapphires, emeralds, and alexandrite are a highly sought-after investment due to their high resale value. Additionally, they can be a good source of quick cash during tough economic times.
Some banks and credit unions accept jewelry as collateral for loans. These lenders typically offer loan amounts of up to 80 percent of the jewelry’s value.
A good jewelry store will also allow you to use many different types of pieces as collateral, including expensive watches, broaches, and loose gemstones. That’s a huge advantage over your local bank, where you’ll have to get your jewelry appraised and then wait for the offer before you can take it home!
A reputable lender with years of experience in the industry can make the process as easy and simple as possible. They’ll evaluate, weigh, and examine your precious jewels before offering you the best possible loan amount. They’ll also ensure that your valuables are kept safe and secure.
3. No Transfer of Ownership
A loan secured against your precious gems can be a great way to get out of a pinch when the going gets tough. This type of loan is also known as a collateral loan and can be secured with just a handful of documents.
A quick search on Google will reveal a numbe pawn shops in Australia of firms offering this type of loan. You should find one that specializes in the industry, and has a reputation for excellence. It’s also a good idea to select a lender with years of experience in the business.
The best part about this type of loan is that you won’t have to pawn your jewels to get a cash advance. The lender will evaluate and weigh your fine jewelry and offer you a fair amount of money. This is usually around 70-80% of its appraised value. Getting the loan is as easy as filling out a simple application form and submitting your valuables.
4. Flexible Repayment
Unlike other types of loans, the Flexible Repayment option allows you to choose your own repayment schedule. This means you can make extra payments without penalty and pay your loan off early if you come into some additional cash.
This type of loan is a great way to get cash quickly and without paying expensive fees or penalties. It also gives you the freedom to manage your debt effectively so that it doesn’t affect your credit score.
When applying for an asset-based loan, it is crucial to find a lender with experience in this industry. These lenders will assess your precious metals and gemstones to ensure that you receive a fair value for your assets.