Cash for Gold: An Alternate for Loans

When one gets into hot waters on account of sudden shortage of cash which is direly necessary to fulfill the urgent need one resorts to find some investment stashed away to meet the rainy day.

Usually people invest in jewelry or gold coins or bonds for utilizing at such times. Gold and jewelry are two items which bring out cash return immediately. 

Now one has alternative to choose from taking loans against gold or jewelry or outright sell the item. 

Depending on the urgency of need plus your repayment capacity you have to decide to go for which option; sell gold/jewelry or obtain loan against it? 

So the choice is yours to prefer the right decision. I can only guide you to this matter. For obtaining loan against gold or selling it outright the procedure is about same. You shall have to choose a gold dealer who will purchase it or lend money for it. You have to know his reputation from word of mouth or the backing it has in the financial field. 

Cash For Gold


You may also search for reputable institutions dealing in such transactions and find their nearest branch to your convenience. Then you can take your jewelry/gold to their shop where they will check the contents of gold in your article and also weigh it; all in front of you. They will then calculate your piece’s worth and give you a straight answer. It is up to you to decide whether you agree or not. If you agree they pay upfront; if not you take your piece and scram. That’s all. 

If you want loan then you will have to sign some documents and papers and it will be either sent for approval or your loan will be paid immediately. Most of the loans in UK are for 7 month period after which your gold will be confiscated. 

My suggestion will be for you to check your piece of gold/jewelry. If it is outdated, old, broken, dilapidated; then sell it outright. If not then you decide whether you shall be able to repay the loan within the stipulated time. If so then you can obtain cash otherwise sell it outright. One more thing is that you can also calculate the interest you will have to pay and the future expected value of your piece at the date of repayment. Then you decide.
Location: Somerset, UK

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