How to Get a Gold Loan even with Poor Credit

How to Get a Gold Loan even with Poor Credit

Getting a loan against gold is the best option for people who are in urgent need of cash. Many credit unions, private lenders and banks offer this at different interest rates. Bad credit history will not be an issue as borrowers only need to present their precious ornament to Arizona gold buyers. If you are one of those who are searching for the best ways to obtain a loan out of your jewelry, consider these steps:

Banks and Lending Institutions

Go to banks and inquire about the possibility of obtaining a gold loan. Compare their interest rates and terms, and select the one that presents an attractive offer. You will have to deal with a lot of paper works, where you primarily provide your personal and contact details. This process may only take one hour but the approval (or rejection) may still take time. The same process works with lending institutions.

Again, you do not have to feel threatened with your poor credit ranking. These organizations focus on the value of your stone. Of course, they will always look into your capacity to pay back but they never worry at all because your gold is in their possession.

Online Loans

The procedure with online loans is very simple and convenient for individuals like you who are busy with work. You do not have to spend much time to go from one shop to another to find the best offer for your jewel. Significantly, you do not have to fill out a lot of papers and then wait for a few days or worse, weeks, to know whether you are approved or not. If you opt to transact with web-based loan businesses and Arizona gold buyers, you only have to fill in the form with necessary data, such as your name, email address, contact number, item(s) you will place as collateral and estimated loan amount. Expect a call or an email from them within 24 hours (or a few minutes if you are lucky), stating their counter offer or approval.

Interest Rates and Other Charges

Banks charge processing fee aside from the interest, which is normally 12.5% regardless if the credit tenure will take longer or not. Private lenders and other institutions give an interest rate of 2% or higher every month. They have 30, 60 and 90 days payment terms or even longer. They do not normally have processing fee.

Why do you need gold loan?

Before taking any action to borrow, you have to make sure that you need the money for valid reasons and not because you have to buy dress to attend a party next week. You can always borrow from family members and friends. If you require cash to pay for tuition fee, buy medicines and other important matters, do not think twice and immediately get one.

In times of emergency, you can always depend on your gold jewelry. Loan providers are attracted to them not only because of the significant rise in the prices of this precious metal, but also because collateral loan against gold secures them from default borrowers. They can easily take ownership of the metal, as stated in the loan agreement. On your part, you can have the money you need quickly. Just look for trusted and reputable gold buyers in Arizona .