Have you ever been tight on cash and thought of pawning your jewelry? This can be a really tough personal decision to make.
Keep your valuables or pay the bills.
There actually is a win-win situation where you get your cash and keep your jewelry.
With a jewelry loan you get your cash and don't need to sell your cherished personal items.
Reputable jewelers often have a license to provide loans based on the value of your jewelry.
These jewelers can offer you a cash loan using your valuables are as collateral for up to 120 day terms.
If you need fast cash now and have high-end jewelry such as a branded watch or other high-end piece of jewelry this type of loan can work for you.
The jewelry often needs to be of significant value for the jeweler to provide you a loan.
Here in Florida the law allows pawnshops up to charge 25% interest per month.
This is a very high amount and you should not pay this.
Make sure you find a reputable jeweler that will charge you between 5 and 20%.
The amount depends on the value of the jewelry.
In general, the more cash you are requesting, the higher your jewelry is valued, the lower the percentage rate you should be charged.
For example, a $50,000 diamond bracelet should be charged a much lower percentage vs $5,000 earrings.
Loans are based on the appraised "loan value" of your collateral and its current condition and our ability to sell the item.
The amount of the loan offered is based on the wholesale, resale/secondhand value of the item, not the new retail price.
So, be prepared to accept an offer on a lower price vs retail.
Make sure to ask where the jewelry is being stored and if it is insured.
The jewelry being loaned should be secured and insured being stored in a safe deposit box.
There are others that offer this service but can often be un-knowledgeable pawn shops and brokers in usually less than desirable settings and neighborhoods.
They may not be taking the utmost care of your valuables.
You should ask for a detailed appraisal report with pictures of your loaned valuables.
It's obviously essential that you know the items are properly described and you receive the exact same items back upon your return and pickup.
Keep in mind the jewelers will not loan on just any jewelry.
Don't be offended if you are turned down or the jewelry can't help.
They are taking a risk in giving you cash for your jewelry and will often only take high-end valuables.
Following these basic rules in jewelry pawn loans can provide you with a positive experience.
You'll get the cash you need quickly at a rate that is fair.
Remember to always work with reputable jewelers that have been in business for many years.
To ensure that positive experience you don't want to loan your valuables to just any pawn dealer or broker.