When incomes stagnate or a family emergency arises, we may find ourselves with little or no option but to exchange our valuables for cold hard cash to make ends meet. The questions you need answers to are: How do I get a loan and to whom should I entrust my valuables?
How to Get a Loan When the Bank Says No
To get a loan, you could either visit a pawnshop or Biltmore Loan and Jewelry with something you will leave as collateral. The staff will assess the item’s value, condition, and overall resale potential before deciding whether to offer you a loan.
Pawn Shops vs. Biltmore Loan and Jewelry: How They Work
At most pawn shops, some high-demand items include:
- Musical instruments
- Current electronics
- Name-brand digital camera equipment
Here at Biltmore Loan and Jewelry, we take it to the next level by approving loans on luxury items, including but not limited to:
- Estate jewelry
- Watches and fine timepieces
- Antiques and collectibles
- Auto, boat, RV, and motorcycle titles
- Undeveloped land based in Arizona
A pawnbroker, or a certified appraisal expert in the case of our business, will offer you a loan based on a percentage of the value of your item. Pawnshops may demand proof of purchase or ownership of the item, whereas our certified experts can almost always determine whether an item, particularly diamonds and jewelry, is of high value.
Getting a Successful Loan
After a pawnbroker or certified appraisal expert confirms the value of your item, you can accept a loan and walk away with cash and a pawn ticket, which you will need to reclaim your item. We encourage you to take a photo of the ticket and email it to yourself as a backup.
The best thing about leaving collateral with a lender is that getting a loan doesn’t require an extensive credit check, bank account, or co-signer. In most cases, the only requirement for pawning is to be at least 18 years old and have proof of your identity. It is, however, important to know that pawnshops and Biltmore Loan are in regular contact with law enforcers to prevent dealing with stolen goods.
Interest Rates and Failure to Repay the Loan
The terms of the exchange almost always include an interest rate on the amount of money you receive, as well as a time limit by which you must repay the loan. Being unable to meet this deadline can mean you forfeit the item to the pawnbroker or to Biltmore Loan and Jewelry.
If you can’t repay within the discussed term, contact our office and we may allow you to extend or renew the loan, something pawn shops cannot always guarantee depending on the laws in your area. If repaying the loan is no longer possible, the pawnbroker will sell your item to get their money back.
The Benefits of Pawnshop Lending
Pawnshop loans appeal to consumers who can’t or don’t qualify for a conventional loan at the bank. In many cases, they cost less than the penalty for being late with credit card payments or a reconnection fee for utilities. A pawnshop loan may overall cost more than a traditional loan, but you do get the money faster (usually the same day you come in) and without the need for a credit check. There are no legal requirements to repay, so it won’t hurt your credit score if you can’t repay the loan, nor will you be sued or harassed by debt collectors.
In addition, almost anything with monetary value can be pawned. Aside from the items mentioned previously, articles of clothing, household goods, housewares, and tools are other examples of items you may pawn. The general requirement is that the item is portable and small enough for display at the pawnshop.
The Upsides of Luxury Asset Lending
There is no denying that luxury asset loans often have steep interest rates. Despite this, it remains a popular choice because of three reasons:
- We have almost the same practices as pawn shops, but better.
- Since we grant loans on antique furniture and other sizeable goods, your collateral does not need to be portable.
- Transactions are fast for the amount you need. The problem with bank loans is that they take forever to get approved. Since thousands or possibly millions of dollars are at stake, the bank would naturally examine every detail of the transaction, including your ability to pay back the money. At Biltmore Loan and Jewelry, it rarely takes us more than a day to determine the value of most high-end assets.
Where Should I Get a Collateral Loan?
For small-ticket items, consider getting a loan from your local pawnshop. They are often cheaper than payday or title loans when you need immediate cash, and they won’t impact your credit score. Plus, pawnbrokers not only know the cost of basic items, they are also knowledgeable in the market values of precious metals, electronics, and so much more.
For high-end or big-ticket possessions, we recommend one of the best in the business — choose Biltmore Loan and Jewelry. We have been in the collateral lending business in Arizona since 1994, providing clients with loans on estate jewelry and other extravagant personal assets. Our certified appraisal experts have over 75 combined years of experience in the diamond and jewelry industry, which grants us a highly respected local and national reputation for honesty, integrity, and trust.
A Final Word of Advice
During times of financial crisis, we often seek funding from various available sources. If you find yourself in such a predicament and have considered pawning your assets as an option, be sure to do your research before trusting any pawnshop or business.
If you are looking for reputable specialists in luxury asset lending in Arizona, call us now at 480-991-5626 / 480-705-5626 or complete our form to request a free market appraisal. You may also visit our locations in Scottsdale or Chandler for a direct assessment and quotation. Here at Biltmore Loan and Jewelry, we buy or loan on most anything you own.