4 Jewelry Loan Suggestions

Financial strain can make you feel stuck and worrisome. To alleviate that strain, your focus is likely on selling belongings, getting more income and looking for loans. Jewelry loans are attractive to many because loan services and pawn shops tend to not check credit or take days to deliberate; generally, these services simply use jewelry as collateral and return it upon payment. However, don't seek jewelry-related loans without these suggestions.

1. Check Collection Value

Above all, you should avoid "blind selling" or heading into a shop or company without having any clue what your jewelry collection is worth. Knowing each piece's intrinsic value will influence your loan amount, so you must have an educated idea of how much you would be given for one or more of the jewelry pieces. 

Knowledge is easily gleaned by watching business television each morning, looking online or checking the newspaper for the latest commodities reports. Gold and similar metals should be listed and weighing your own valuables with the ounce price in mind should offer guidance.

2. Seek Professional Appraisals

Your budget may also need to allow for a professional jewelry appraiser to examine your jewelry. Any good jewelry appraiser will offer their opinion of every piece's value not only based on the commodities market, but also on recent prominent sales, area sales, and other data. For example, one piece could prove especially valuable because it was only distributed to a few people or because it's part of a set. Being able to produce a legitimate appraisal certificate when you walk in for a jewelry loan should benefit you.

3. Visit Many Shops and Companies

Your finance-related stress likely means you'd like to solve the problem immediately. If you meet with a pawn shop and they offer loans, you might be generally satisfied. However, be aware that every shop and company offering loans has their own terms and interest rates. Consult different loan services in addition to pawn shops to see how they'll store your jewelry and other details.

4. Read Loan Terms

Your eagerness to get past this part of life will mean that you may not carefully read or understand the loan terms. For that reason, attempt to get those terms in writing and ensure you read them in your home before agreeing.

Jewelry loans can alleviate stress and assist in solving many financial problems. Be patient, use these suggestions and consider local loan companies and pawn shops who might help.