When someone needs money quickly and doesn’t have access to credit, selling gold jewelry or using it as collateral for a pawn loan are two possibilities. Certain gold dealers in Lincoln Park offer both of these options. This is one of the easiest ways to obtain cash on the same day for people who can’t get a cash advance on a credit card or borrow from friends or family. The pawn shop doesn’t need to check the customer’s credit score or work history. There’s no demand for paycheck stubs or proof of income.
People who have unwanted jewelry typically choose the sale option, while those who would like to have it back take out a loan. The interest rates for pawning items are somewhat high, but the dollar amount will be reasonable as long as the customer pays the loan back within a month or two. The shop owner or desk clerk will go over the rates and the amount to be paid if the customer waits until the last day of the loan period to redeem the item. Each state regulates what these businesses can charge for interest fees. Pawn shops also renew loans if the customer can only pay the interest back at the end of the period and not the entire amount to redeem the jewelry. That way, the individual doesn’t lose the possessions if he or she really wants them back.
Gold Dealers in Lincoln Park usually pay half or two-thirds of the market price for gold. That’s how they make a profit if the customer sells the items outright or decides not to pay the loan back. Depending on the piece, they may offer more. Gold items with valuable gemstones may be worth more. The pawnshop might be able to sell them from the jewelry display case in the store, or obtain additional cash when selling items that include diamonds or other valuable gems. Someone who wants to sell some jewelry or take out a loan against it might check out a dealer such as Clark Pawners & Jewelers. Visit us to learn more about how the process works.