Sometimes, you need money fast. Some people prefer to use what they have saved, take out a bank loan, or refinance the mortgages on their home. For those who want a fast solution without dwindling savings, there are jewelry-backed loans.
What Are Jewelry Backed Loans?
Jewelry-backed loans allow you to borrow money based on the value of your rings, necklaces, bracelets, or other valuable pieces. When you use jewelry as loan collateral, the lender holds onto the pieces until you pay back the amount you borrowed, plus interest. If you fail to pay back the money by the agreed-upon terms, you don’t get your jewelry back.
Where to Find Jewelry Backed Loans
Typically, there are three options for one to secure jewelry loans: through bank loans (which will also include a personal guarantee), secured jewelry lenders (includes personal guarantee), or pawn shops. Bank loans that allow you to secure against jewelry can be hard to locate and take weeks to be approved, so this option is typically avoided. Secured jewelry lenders are a bit more common, however, the most popular and convenient way to use jewelry as collateral to go through a pawn shop. Pawngo is an online pawn shop that will provide you with the resources to mail us your jewelry; we will analyze the value of it on the spot, provide a loan amount within 24 hours, and send you the loan amount immediately, making us the most convenient option available.
Sample of Jewelry Assets We Accept
Click here to see all of the assets we accept.
Benefits of Pawn Shops for Jewelry
Pawngo is the best option for a collateral loan for several reasons. In addition to the online convenience of being available across the United States no matter where you are located, Pawngo does not require you to provide financial information or go through any credit checks to determine your risk factor. We will also work with you to create a payment plan that ensures you get your jewelry back on the terms your select.
How to Pawn Your Jewelry with Pawngo
Once you decide you want to pawn your jewelry, the rest is easy. Simply fill out our online application, we will evaluate your jewelry and make you an initial offer. If you agree to the amount and the repayment terms, we’ll send you a prepaid shipping label, you’ll send us your jewelry, and then we’ll evaluate your items in our lab, make a final offer, and wire the money to your bank account same day. Remember to clean the jewelry items thoroughly, ensuring there are no missing stones or other blemishes to help get you the best price.
Don’t wait any longer to start using your fine jewelry as loan collateral. We’re here to help you whether you’re going through a tough time or need some extra help for an exciting new opportunity. Contact our team today to get the process started.