6 Things to Remember When Getting A Low Interest Gold Loan

Interest Gold Loan

Nowadays, gold loans are gaining popularity in Australia. However, the main difference between a traditional pawn shop brisbane and a gold buyers like us is that we offer the lowest interest gold loans. We are a gold dealer who lends money against gold jewellery in Brisbane and Melbourne Australia. Forget all about going to the bank to meet your short-term financial requirements while paying the highest rates, we will be able to assist you in a time of need in the most affordable way. Instead of letting your old gold jewellery gather dust, use it to get special interest gold loan. But before getting a low interest gold loan, remember these things:

  1. The gold loan is available for short-term only

Gold loans are generally short-term loans and they are 30 day contacts that are rolled over each time you make an interest. Therefore, it is best to borrow low-interest loans from our pawn shop Brisbane if you are sure that you can repay it during the 12-month term. It is not advisable to take a gold loan for risky purpose or speculation or you may lose your gold jewellery items.

  1. You can get maximum 80% of the value of your gold after determining its purity and ascertaining its value.

While it is hard to get the exact loan amount that is close to the buying price of your jewellery due to high retail mark up. You can get 80% of its melt value in any condition, even broken or damaged. However, you can only enjoy this figure after the purity and originality of the gold has been tested and weighed.

  1. There is no eligibility criteria

Taking a low-interest gold loan does not require any eligibility criteria or hefty identification process like you would have to go through in the bank. All you need to do is carry your precious gold jewellery items and get instant cash. It does not matter whether you are a college student, salaried businessman or housewife because you will qualify for the gold loan as the loan is secured against your gold items.

  1. Your gold jewellery will be retained until the loan amount is paid in full

It is best to clarify all doubts in lending terms and conditions before acquiring the loan. This way, you will understand why your jewellery will need to be retained until the repayment of the full loan amount. It is a form of security for the lender in case you default in payment.

  1. Your jewellery will be insured as soon as you pledge it

If you are trading in your gold jewellery for money then you will be required to sign a pledge ticket. This pledge ticket commits your gold jewellery to the loan and also for insurance to cover theft, damage or burglary. As a reputable pawn shop Brisbane, we want to give you the confidence of knowing that your jewellery will always be safe in our hands.

  1. If there is default in repayment, your gold jewellery, will be sold to recover the money dueand interest depending on the terms of the low-interest gold loan agreement. So please keep this in mind when taking out a gold loan.

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