If you have had unexpected expenses or bills recently, you may find that it is necessary to get a loan for the value of some of your jewelry. Although the value of gold is likely to be the same from different buyers, the value of diamonds is often subjective and therefore variable. Assuming that you want to get the largest possible loan for your items, it will help you to consider the following tips.
#1- Know The Value Of Your Jewelry Individually And As A Set
If your jewelry has recently been assessed, it is a good idea to take that paperwork with you. As mentioned previously, the price of gold may vary by day, but its value will typically be very similar from one lender to the next. Therefore, do not expect to get the full assessed value, but it could give you a good point at which to start negotiating.
The value of diamonds, other stones, and precious metals will change from one buyer to another. In addition, a full set of matching jewelry will often have a total value that is higher than individual pieces could sell for.
#2-Remember That Your Lender Will Only Loan You An Amount That Will Allow Them To Make A Profit
It is important to note that although you only intend to get a loan for your jewelry, the lender will need to assess its value with the idea of reselling it if you do not pay the loan back in full. Therefore, it is essential that you have a realistic expectation of the value of your jewelry and that you consult with more than one lender, like Sol's Jewelry & Loan, to verify the sums of money that you have been offered.
As part of setting realistic financial goals, it is also necessary to closely consider the amount of time within which you will be agreeing to pay the loan back. Getting a large sum of money for your jewelry may help you now, but if the loan needs to be paid back in full in 30 days, you could still have a bad situation. Therefore, it is a better idea to get a loan for your jewelry for 60 days or longer. Alternatively, you can elect to work with a lender who will allow you to renew the loan.
In conclusion, it will be crucial to be as informed as possible about the value of your jewelry when it becomes necessary to get a loan against it. As a result, you should remember the preceding advice in order to adequately prepare for your interactions with a prospective lender.Share