If you’re looking for a way to make some quick money in the short term, pawning your gold jewellery is one of the most popular options. This is because it’s often more profitable than selling your gold jewellery at a pawnshop.
In this article, we’ll go over what you need to know about how to pawn your gold jewellery. We’ll also talk about the different ways you can do so, and give some tips on how to get the best deals.
What You’ll Need
To take a piece of gold jewellery to a pawnshop, you will need:
-A photo of the item(s)
-The appraisal certificate for the piece
-The original purchase receipt
Pawnshops often require this information so they can document the value and authenticity of your gold jewellery. If something were to happen with your pawned items, you’ll have all the necessary documentation to prove that it’s yours.
Where to Find a Pawnshop
Pawnshops can be found in many different locations. It’s a good idea to check with your local pawnshop first to see if they’ll be willing to take a look at your jewellery and offer you a fair price. If the pawnshop won’t buy your gold for what you think it’s worth, try going online and looking for a website that will offer you a cash loan for gold.
If you decide to go this route, make sure you do some research on the company before getting involved. You want to make sure it’s reputable and trustworthy – otherwise, your jewellery could end up being sold on the black market.
How to Get loans against jewellery
There are two main ways to get a loan against your gold jewellery. You can go to a pawnshop or you can go to a gold broker.
A pawn shop is the most popular option for people looking for loans against their gold. A pawnshop buys your jewellery at wholesale prices and charges you interest on the loan. Most of the time, pawnshops will buy your jewellery for 60% of its worth.
This means that if you sell your gold jewellery to a pawnshop, it’s likely that you won’t get what you’re owed in full (unless it’s something like an antique).
A gold broker will buy your jewellery at around 75% of its worth, which is better than the 60% offered by some pawnshops. The downside is that brokers can be hard to find and some require an appointment before coming in.
All About Loan Terms
The loan term is the amount of time you’re allowed to hold onto your gold jewellery. If you want the best deal, it’s important that you pick a loan term that reflects how long you need to use your gold.
For example, if you only need a few weeks to pay for some medical bills, then a two-week loan term would work best. But if you’re looking to make some money for a big purchase like a house down payment, then try to find an item with a six-month or one-year terms.
To make sure you get the most out of your gold jewellery while still being able to afford it when the term expires, research different banks and pawnshops before making a decision.
Conclusion
Pawning your jewellery is a quick and easy way to get cash for an emergency or short-term needs.
