You need some money now. However, you don’t know what to do as your credit score is in the basement. If you are experiencing this situation, don’t despair. There is always a remedy. In this case, you can find a solution if you have gold at home. In fact, you can either sell the gold or use it as collateral to take out a loan.
In either of the above cases, you will receive cash for gold. This can help immensely, especially if you need to make an auto repair, need to pay some lingering debts, or need some extra money before payday. You do not have to worry about anyone checking your credit if you have some gold available.
Get an Appraisal at a Brick-and-Mortar Location
You simply go into the gold buyer’s facility and have the buyer make an appraisal. At that point, you can tell him or her if you wish to sell the gold or take out a loan. If you do sell your gold, you will receive cash and not a cheque, which makes the transaction that much more positive.
If you do decide to take this approach to obtaining easy cash, make sure that you sell your precious metals to a business that specialises in buying gold as well as other valuable items such as diamonds, silver bars, or luxury watches. That way, you can always go to one place whenever you need some additional money.
If you do choose to take out a loan so you can keep your gold or jewellery, make sure that you receive a low rate for the transaction. For instance, if your gold or jewellery is worth around $20,000, the rate you pay should be around 2%. For a $10,000 loan, you should not pay more than 4%; for a loan that is around $1000, you should not pay over 8%. A fortnightly loan for $1000 should never go over 5% whilst a weekly loan for the same amount should not post a rate over 3%.
No Need to Have Your Credit Checked
Once you find out the rates for repayment, you can make an easier decision about who to see buy your gold or take a loan out for the gold locally. This is the best way to secure cash if you are hurting for money. By making use of what you have, you can avoid the discomfort of having your credit checked or filling out paperwork. All that you need to do is have the gold valued and go from there.
Loans for gold are made on jewellery, coins, and scrap gold and bullion. You can also obtain loans for luxury watches, silver bullion, and diamonds. Just make sure that any diamonds you present are indeed valuable. Most buyers will not buy very small stones or stones that do not possess brilliance or clarity.