Finance

How are Jewelry Equity Loans Better Than Personal Loans?

The world of finance can always look a bit tricky and challenging to understand, but this doesn’t mean you should step back from using some of the finest financial tools ever built by humans. Well, one such financial tool that we are going to discuss in this blog post is loan. 

Loans are taken for a wide array of purposes. In some cases, people need to buy a real estate property, while they need to pay for a car in other cases. Well, it doesn’t matter the purpose of taking the loan; you should always be able to choose the right type of loan. 

When you start scouring the internet for the best options of loan, you are most likely to come across two main options; jewelry equity loans and personal loans. At first glance, both loans might look similar, especially if you are a complete newbie to the world of loans, but you can remember that jewelry equity loans are always a better option. Let’s know what makes jewelry equity loans a better choice than personal loans through this blog post. 

No credit check is required.

One of the best things about jewelry equity loans is getting the loan approved and the money credited to your account without any credit check. In some cases, you might even get the loan money on the same day you apply for the loan. This is what makes jewelry equity loans the best option for quick cash. 

In the case of personal loans, the lender will first go through your credit history and analyze whether your credit score makes you eligible for the loan or not, but that is not the case with jewelry equity loans. The credit checking process in the case of personal loans is not only time-consuming but can also prevent you from getting the loan. 

This means that you have a poor credit history, then your loan application might be denied, or you might be charged with a very high-interest rate. But no such credit checks are done in jewelry equity loans as the loan is entirely based on the jewelry you bring in for being used as collateral. 

So, if you have a poor credit score or don’t want to work on maxing the credit score, you should always sell gold in Orlando, Fl.

Faster process 

Another advantage you get in the case of jewelry equity loans is that your loan gets approved quickly, and the money is credited to your account on the same day (not applicable in all cases). Here, you have to go through a seamless and expedited process, and thus you don’t have to wait for weeks or months for the actual loan money. 

After receiving the initial quote, you can ship the item on the next day, and since there is no credit check involved, the lender can give you the loan money without going through any rigorous process. 

The average time for completing the process in jewelry-based loans is 48 hours, which might be why so many people are now planning to sell gold in Orlando, Fl.

But on the other hand, personal loans are always a slow process, and you have to go through many complicated steps to get the loan money finally. In the case of personal loans, you might have to wait for 72 hours to get the loan approved and then wait for the next five days to complete the paperwork. 

So, if you don’t like waiting for an entire week to get the loan money, you can plan to sell gold in Orlando, Fl.

No affect on credit score 

After getting a personal loan, the lender gives the full loan details to the credit bureau. This means that even if you had a good credit score, applying for a loan can hamper it. In addition to this, if you fail to repay the loan on time, this can become a disaster for your credit score, and then it can exempt you from opting for many financial tools. 

But when you go for jewelry equity loans and fail to repay the loan, there is no effect on the credit score. The lender takes ownership of the valuable item, and none of the details regarding your inability to repay the loan is sent to the credit bureau. 

Jewelry-based loans offer a lot of advantages over personal loans. Therefore, more and more people are coming up with valuable items as collateral and applying for jewelry-based loans. But make sure that you choose a certified and reliable collateral loan company before shipping the valuable commodity.

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