With tax season in full swing you may be looking for ways to help pay off your unexpected tax debt. If you have gold jewelry collecting dust in your jewelry box why not pawn it for a short term loan to pay Uncle Sam?
Sell Jewelry For Cash
At one time or another, you might find yourself in a financial fix, needing some quick cash. In such urgent situations, a bank may not be so helpful. A great alternative is a pawn shop. You can get a quick short-term loan based on your collateral.
In this article, we look at how you can temporarily sell jewelry in Pittsburgh, PA in exchange for a quick loan.
The first step is to decide what jewelry you want to sell to the pawn shop. The bigger the loan you need the higher the value of the jewelry should be. Make sure that the jewelry is in good condition and authentic. Most pawn shops accept different kinds of jewelry including diamonds and gold.
Once you present the jewelry to a pawn shop, the dealer will assess it to check its condition and determine its value. This helps to decide how much money you can be lent. The dealer will check for things like cut, clarity, color and carat weight.
If your jewelry is accepted as collateral, a corresponding loan can be processed within minutes. This makes pawn shop loans really helpful in emergency situations. The payment term within Pennsylvania is often 4 months. Interest rates are regulated by the Banking Association and are currently at 3%. The only thing that’s required for the load is a government-issued photo ID.
You can read more about pawn shops and loans at the National Pawnbrokers Association.
Loan Repayment and Renewal
Once you complete your full loan repayment, including the interest, your jewelry will be given back to you in its original condition. But in the event that you are unable to make the payments on time, there is the option of extending the repayment period through a renewal. You pay the interest in full and then the loan amount is reset for another full term.
You may also decide to forfeit your jewelry rather than pay the loan. In case of a default, your credit rating will not be affected at all. This is because the loan is based only on collateral and not credit rating.
If you have any questions please call us or send us a quick email on our contact page.