When someone needs to come up with cash quickly, one option is to bring jewelry to a business that offers Cash For Diamonds in Glendale AZ. A pawnshop, for instance, is ready to buy the jewelry from the customer or provide a short-term loan using the item as collateral. Many men and women prefer the loan option because they don’t want to sell this possession.
Advantages of Pawn Loans
People typically use pawnshop services for loans when they need cash for an emergency. They may not have a credit card to use when getting a car fixed, for example. Pawnshops providing Cash For Diamonds in Glendale AZ offer the advantages of privacy, no credit checks, and no requirement for income verification. Usually, all the borrower needs is a photo ID and to be 18 years of age or older.
This kind of alternative lending system can be very important for low-income men and women or people with problem credit histories. These individuals cannot qualify for a bank loan, which often takes several days for approval in any case. If they don’t have a steady job at the moment, they won’t qualify for a payday loan.
Types of Collateral
Typically, customers don’t come into a shop like Arizona EZ Pawn with loose diamonds, although that can happen occasionally. Instead, they bring in rings, necklaces or earrings that include diamonds. Diamond engagement rings often are worth more than other types of diamond jewelry because of the size and quality of the stones used. The pawnbroker also is not only lending money according to the value of the diamond but to the current market value of the gold as well.
Considerations
Men and women may worry about pawning something important to them, such as a gold wedding band that includes diamonds or a diamond engagement ring. As long as they are certain they can pay off the loan on time and redeem their jewelry, pawning it should not cause any problems. If anyone asks why the person isn’t wearing the jewelry, they might say they are having it professionally cleaned or a small stone replaced.
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