What You Need To Know About Jewelry Loans

There are many people who wonder what the best way is to get money fast. You may need a loan for something, need to pay a bill that is overdue, or have something you want to do, but don't have the cash for it. There are lots of different options out there, but one of the best ones is to get a jewelry loan. Here are some things you need to know about getting a jewelry loan.

Will The Shop Accept Any Type Of Jewelry?

Generally speaking, you should be able to pawn or sell any type of jewelry, but that is not a guarantee. Usually, the shop owner will choose pieces that they think they can resell. If you have something that is incredibly unique or individualized, there is a chance that they won't want it. So you shouldn't expect to be able to sell everything.

However, it is also important to know that some shops, if you choose to sell to them, will take the item strictly for the gold and jewels. They will break it down and just buy it by the weight for gold. Thus, if your piece is a pretty high karat of gold, or if there are diamonds or precious jewels on the piece, you are likely to be able to sell it.

What Is The Difference Between Pawning and Selling?

When you need money fast you, might be wondering if you should pawn or sell the items. There are benefits to both. First, you can simply sell the item to a shop. They will look at how much it weighs, or how popular the design is and such, and from there they will make an offer to you. You take the money home right then, and it is done.

When you pawn the item, it works a little differently. The shop owner will still value the piece, and then you tell them how much you want as a loan. If the shop owner feels it is fair, they will use the piece as collateral and give you the loan. You then have a certain amount of time to pay off the loan; if you don't pay the loan, then the shop owner keeps your jewelry. If you do pay off the loan, you get your piece back as if it didn't happen at all.

These are just a couple things you need to know about a jewelry loan.