Kevin Taylor is a writer who discusses tips for financing, credit/debt, small businesses, and more.
If you own a lot of jewelry, you’ve not only got a number of attractive decorative items to adorn yourself with, you’ve got a great way to get your hands on some quick cash when you need it. Even though there may be many other cash-generating options at your disposal, such as borrowing from friends and family, getting a cash advance on a credit card, or procuring a personal loan from a bank, pawning your jewelry online may in fact be your best bet. Read on to learn why.
1. Avoid Banks
In case you haven’t noticed, the level of customer service at many banks has deteriorated significantly – and I’m just talking about walking in to make a deposit or withdrawal. Connecting with someone regarding a personal loan might take an entire day, and getting approved could take even longer. If you’re thinking about getting a cash advance from a credit card, understand that there are usually upfront fees involved and interest rates may even be higher than those of pawn shops. By pawning your jewelry online, you avoid all of that.
2. Keep Family Out of It
While you may have family or friends who could loan you the money you need, think twice before you go barking up that tree. If you don’t put an agreement in writing, it could lead to confusion and discord down the road, and if you have difficulty paying the loan back you could damage your relationship forever. Pawn your jewelry instead and keep your relatives and friends out of it.
3. Get Cash Quick
Most of the time when you need cash, you can’t wait several days or even weeks – you need it now. That’s where iPawn comes to the rescue. Just start your online transaction and your money can be sent as soon as the next afternoon.
4. Low Interest Rates
When you think of a pawn shop, the first thing that might come to mind is extremely high interest rates. While that may be true with some brick and mortar pawn shops, many still charge a lower rate than credit cards charge for a cash advance. Use iPawn and you may qualify for a monthly 1% interest rate for the first month, and even if you need longer to pay off your loan, your interest rate for the following months is usually only in the range of 2.5% to 5%. You’re not likely to get a better rate from other financing options.
5. Your Credit Score is Unaffected
Pawning your jewelry involves no credit check whatsoever. More importantly, if you fall behind on payments or even lose your jewelry, your credit score is unaffected. Considering the damaging effects of a bad credit score on your overall financial picture, this is a huge benefit compared to some of the other financing options out there.
Once you decide to pawn your jewelry, consider iPawn. The process is simple. Provide iPawn with a photo of your jewelry and you can usually receive an offer within the hour. Your jewelry is picked up by iPawn for free, and as soon as it arrives and verified, the money is sent to you. Your jewelry is insured from the moment it leaves your hands, and iPawn stores your valuables in its secure fasilities. Pawning online your jewelry presents a variety of benefits over alternative methods of obtaining cash, but only if you choose a reputable, well-run organization.
Have you ever thought about pawning your jewelry?