A Complete Guide to Pawning your Jewellery
The need for financial assistance is unpredictable and can arise at any time. You can always sell your valuable assets to get some cash, but jewellery can be sentimental, inherited pieces or heirlooms. In this case, the ideal situation is to release funds against your asset, and receive the piece back once you have paid back your loan. Pawnshops can come to your rescue. Pawning jewellery is one of the easiest ways to get a short-term loan without worrying about credit checks or high rates of interest. However, before you start
looking for a pawnshop, it is important to know about how the process works so that you get the
best possible offer.
So, if you are planning to pawn jewellery, this guide will provide you with all the
information you need to pawn your jewellery.
How Do Pawn Shops Value your Jewellery?
A question that a lot of borrowers have in their minds is how pawn shops value the jewellery you pawn. The valuation process used by pawnbrokers is quite different from a jewellery shop. Pawnbrokers value the jewellery item based on the worth of the jewellery and its demand in the open market. The pawnbroker will weigh the jewellery piece and check the different componants. To be on the safe side, avoid pawnbrokers that run an acid check on your jewellery as it may damage your precious asset.
In case the jewellery has precious gems, these will add to the value of the piece. Age, condition and different designers also mean higher value.
How Much time will it Take to Process the Loan?
Loans are usually time senstive. Borrowing with a pawnbrokers however, ensures that you don’t need to wait for days to get your loan. This is what makes them different from a lot of other financial institutions. A lot of pawnshops such as Unbolted, offer you the loan within the same day. The online pawn store makes it easy for you to apply for the loan from the comfort of your home. All you need to do is share the pictures of your jewellery, describe the item, apply for a loan and you will receive the loan offer within a day.
How to Pawn Jewellery to Get the Maximum Value
The goal of pawning any jewellery is to get the maximum value out of it, which is why you need to follow these tips.
Carry the Necessary Papers
The pawnbrokers need to be sure that you own the jewellery you are submitting as collateral. Take all the paperwork related to the jewellery. The paperwork will work as proof of authenticity and ownership.
Make sure the Jewellery is in Good Condition
The jewellery item that you plan to pawn needs to be in good condition. So, make sure it is not broken or tampered with. Some of the jewellery pieces such as bracelets or necklaces come with extra links. If the jewellery item has any such extra links, do take it along to the pawnshop.
Know the Gold Prices
If you are pawning your gold jewellery, make sure you know the current gold price. The reason is gold prices keep fluctuating, which makes it necessary to look up the price before pawning. When the prices are high, you can also expect to get a higher amount on the jewellery. However, if your jewellery item has precious gemstones or diamond, the pawnshop will consider their cumulative
value. Knowing the value of your items will also help you negotiate better with the pawnbroker.
Last Few Words
A lot of people prefer jewellery pawn loans as it’s an easy and hassle-free way to meet your unexpected financial needs. However, make sure you research and get in touch with a reliable pawnbroker to get the accurate value for your jewellery item. Unbolted, a renowned pawnbroker in the UK is one such place where you can pawn your jewellery and get loan offer within a day.