Do Pawn Shops Make Loans on Gold and Diamond Jewelry?
You can use Rolex watches, Silver flatware and jewelry, vintage guitars, and much more to take out a pawn loan. Pawn shops also make loans on gold and diamond jewelry, too. If you have gold or diamond jewelry and if you’re interested in taking out an easy cash loan, Hilltop Pawn Shop can help you out. If you want more info about how does a pawn shop loan work just take a read on our website. We have lots of information, or you can just give us a call.
Why Use Jewelry to Take Out a Pawn Loan?
You might have heard that you can use everything from watches to electronics to take out a pawn loan. You may have even taken out a pawn loan in the past at some point. However, you might have never used gold or diamond jewelry -- or any type of jewelry -- to take out one of these loans.
Jewelry is actually one of the best types of items you can use as collateral for a pawn loan, however. Here’s why:
● You’ll need to leave your collateral with us until you repay your loan. If you have jewelry that you don’t wear every day, you probably won’t even miss it.
● Jewelry is often quite valuable, so you can enjoy more borrowing power in many cases.
● It’s a lot easier to bring a few necklaces or rings in to our shop than a large TV or some other big, bulky item.
Pawn Shops Offer Loans on Gold Jewelry
We regularly offer loans to customers who bring their gold jewelry in as collateral. This is true whether it’s white gold, yellow gold, or rose gold. We can even offer loans on broken gold jewelry, since it still has value.
Diamond Jewelry Can Be Used as Collateral
If you have diamond jewelry, it might be the perfect thing to bring in as collateral for your loan! Diamonds are precious, valuable stones. We will look at the diamond’s carat weight, color, clarity, and cut when we’re making you a loan offer. Jewelry with other valuable stones like rubies, emeralds, and sapphires can help you get a pawn loan, too!
What to Know About Taking Out a Loan With Your Jewelry
You probably want to know as much as possible about pawn loans before you bring your jewelry in for collateral. These are all important things to know when taking out a loan with your jewelry:
● If you don’t repay your loan in full (or make arrangements, such as by extending your loan), you will not get your jewelry back. Therefore, you should be careful about things like using your sentimental jewelry as collateral. Only do this if you know you will be able to pay the loan back. If you aren’t sure, you may want to bring pieces that you aren’t as attached to, just in case.
● You can sell your jewelry instead of taking out a loan if you want to. You may want to do this if you don’t particularly like certain pieces or if you don’t wear them often.
Jewelry is the perfect collateral item to bring in for your pawn loan. Visit Hilltop Pawn in Virginia Beach today with your gold and diamond jewelry, and we’ll help you out with a loan!