Short On Cash? How Your Jewelry Can Help

No one has immunity to financial concerns. People at every income level sometimes find themselves struggling to pay their bills. An unexpected medical crisis, higher-than-expected utility costs, or a job loss can result in the need for cash. Jewelry can provide the solution for people that need money immediately, and there are multiple ways to take advantage of this asset. 

Consider a Sale

The easiest way to get money quickly is to sell unwanted jewelry. Many locations offer cash for jewelry in a fast and straightforward process. People should only choose this option if they are the sole owner of the items they sell and know they will not regret the decision.

This option has many benefits. People can clear out clutter from their homes. The buyers accept like-new jewelry and broken pieces or those with missing gems. Selling unwanted jewelry also requires very little paperwork and no wait times. The seller can have cash in their hand almost immediately.

Pawn Your Jewelry

Pawning is one of the most popular cash loan solutions with about 30 million Americans using this option every year. The client brings in the jewelry they wish to pawn. The shop owner inspects the items and determines their value. People receive cash amounts based on the value of the jewelry. To retrieve the property, the client must repay what they received plus a fee.

Pawning allows people to get smaller amounts of money for their needs, often less than banks provide as loans. People get the cash instantly and without a credit check, and they can keep the jewelry they love after repaying the loan.

Use as Collateral

Luxury asset lending is a cash loan solution for those who need money but do not want to sell their property or deal with a traditional loan that can affect their credit or take days or weeks to complete. This process differs from pawning because it involves assets, like fine jewelry, with a much higher value than traditional pawn shops handle.

The borrower must provide jewelry with a value matching the amount of loan they wish to receive. Cash loans make it easy for those with assets to get cash without giving up their items. The loans have fees and time restrictions for repayment. Any failure to meet these obligations will not affect credit scores, but the items used for collateral are lost.

Using an asset like jewelry to receive a loan is a well-known business practice. Even traditional bank loans that require credit checks and stacks of paperwork use collateral for approval. Anyone needing cash should review the options available locally and online to find what works best for them.

Contact a local cash loan service to learn more. 

Share