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How to Save Your Pledged Jewelry from a Gold Loan

How to Save Your Pledged Jewelry from a Gold Loan

Pledging the yellow precious metal to lenders has become a very common practice in today’s times. Many people do so in order to get immediate and secure funds so they can take care of their monetary needs, pay their piling household and medical expenses, get instant capital to start a new business, etc. A Gold Loan is a very easy and secure way to gather immediate money against precious metals. But it can only be valuable once you know how you can fully utilize them, and how you can protect yourself from any unpleasant scenario or consequence. Taking a Gold Jewelry Loan has become valuable and integral only because the yellow metal itself is highly valuable.

Its financial worth has been respected for a very long time in the history of the world. This is why it has such a high price and hence a high financial potential for people to leverage and get considerable money on. The trend of taking a Gold Loan has increased in recent times, and more and more of us need to be well aware of how we can take advantage of such facilities. Keep reading ahead to discover the answers.

The Increasing Popularity of Loans against Gold Jewelry

As mentioned before, this practice has become increasingly popular in recent times due to the pandemic. When it hit, it caused the world’s economy to suffer a severe blow. As a result of that, many people even lost their jobs and faced a lot of financial issues that they could not imagine before. On top of that, the value of a lot of precious assets started decreasing slowly.

In these cases, they needed a way with which they could get immediate money for themselves and enable themselves to solve their monetary issues. Hence, taking a Loan Against Gold became a highly popular, viable, and practical implementation.

The worth of this yellow mineral was never unknown. And its monetary potential was never hidden. People know that they could easily pledge their articles to lenders in exchange for a secure source of funding.

Furthermore, they did not need to completely let go of their prized possessions. They could just pledge it for a limited time, pay the funds, and get those items back. While in the case of selling them, they would have to completely leave their accessories and buy a new one in case the need arises.

But here, people can just take back their articles and reuse them for their financial purposes such as selling to get great returns or taking a Loan On Gold again during times of dire monetary needs.

The Practice

In this process, you take your precious jewelry and articles to a lender and pledge them as collateral to that firm. The staff will evaluate those items on the basis of their purity, weight, etc., and determine the price it has. Then they will give you the funds as a secure loan against those items.

When you get the money, you can use it and have to pay it in installments every month. After you complete paying them, you can take the items back for future repurposing. The common lending venues where this happens include nationalized banks, private banks, NBFCs (non-banking financial companies), etc.

They offer such facilities at different kinds of rates. You can make use of such money to meet your immediate short-term financial needs, ranging from medical bills, education, family function funding, etc.

You can pledge any kind of jewelry or accessory for this purpose. Necklaces, chains, rings, earrings, pendants, anklets, bracelets, bangles, etc. can all be helpful. Based on their different purity levels, you can get different amounts of money in the Gold Loan Procedure.

The highest purity that jewelry and ornaments come in is 22K. Beyond that is 24K, the highest level of purity that contains 99.99% of the yellow metal. It is available in the form of bullion coins, bars, biscuits, ingots, etc. If you have such articles in your possessions, you can use them as well.

The Common Problems

While such a practice is popular, it does come with its own share of problems. The most prominent thing is that the money that they give you is only up to 75% of the total value of your articles.

So you would not get an Instant Gold Loan for all the worth of your accessories. Secondly, the lenders also charge a high-interest rate on every month’s installment that you have to pay. Sometimes, the total interest one pays can sum up to over half the loan he/she gets!

So not only are you getting your accessories at a lesser value, but also paying a lot more extra money to retain the loan. Furthermore, it is not always possible for people to pay all the installments regularly and on time. There can be delays and inconsistencies because of the financial problems that exist.

In case you fail to pay the funds, the lenders can seize the articles permanently! This is similar to selling your jewelry at a loss. Such things can be immensely unfavorable for people when it comes to getting a Gold Metal Loan. But because of their financial emergencies and dire monetary needs, people keep compromising with such unpleasant scenarios and bear with them.

The Solution Pledged Jewelry

If you have also taken such a loan. Then it is high time that you save your ornaments from getting seized. Settle the affairs as soon as possible so you don’t have to pay excess interest and charges anymore.

To help you settle your loans, you have to approach professional and reputed firms such as Cashfor Gold And Silverkings. They can help you save your articles from getting seized. All you have to do is contact their staff and explain your situation to them.

They will arrange the necessary funds required and pay it to the lender to take your gold back from them. You can take the accessories with you and pay convenient monthly installments for them.

You do not have to worry about any high processing charges or interest rates. They provide you with the comfort and convenience of making suitable deals and deciding on a comfortable mode of repayment.

Furthermore, in case you decide to sell your possessions in order to get a good monetary return against them. Then you can do so with them.

Why Choose Them?

This is because they are professional Gold Jewelry Buyers and have been working in the industry for a time period of over twenty years. They are experienced in the job and are well-known for their use of the latest industry-grade testers and pieces of machinery to properly evaluate your articles.

Their staff conducts this proficient evaluation procedure right in front of your eyes and uses internationally-approved methods of evaluation to do the same. They check your accessories on the basis of important factors such as karat value, purity, quality, weight, composition percentage, type, etc. to determine the right price to pay you against them.

After the process is over, they give you cash immediately in your hands. This way, you do not have to worry about getting your money and using it to solve your monetary issues and meet your financial ends.

cashforgold

Abhay Singh is the Sr. Manager of Cashfor Gold & Silverkings, which helps a customer get connected to its reputed gold buyer to obtain instant cash against jewelry when they need it most. We have over 20+ years of experience in the jewelry industry, with many years in the lending gold dealer. Contact Us at 9999821723.

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