Unexpected costs such as car repairs or medical bills can crop up at any time. For quick access to funds when you need them, you can get a loan against gold jewellery in Jo’burg.
Asset-based loans against gold jewellery are a safe and fast alternative to traditional bank loans.
In this article, we look at:
- selling versus asset-based loans
- finding a reputable lender
- how asset-based loans work
- knowing the value of your jewellery
- how the application process works
- applying for a loan against gold jewellery in Jo’burg.
An alternative to selling
Selling jewellery is a quick and easy way to get money. However, once it’s sold, you’ve lost your precious piece.
Rarely are people able to buy back the jewellery they’ve sold. Usually, the jewellery is repurposed or resold.
With an asset-based loan, the lender takes temporary possession of the jewellery. Once the loan is repaid, the jewellery is returned in the same condition.
Finding a reputable lender
To make sure you’re not being scammed or overcharged, find a reputable lender. Look for service providers that meet the following requirements:
- registered with the National Credit Regulator (NCR)
- registered financial services provider
- transparent application process with no hidden costs
- established reputation
- physical branches that can be visited in person
- professional and informative website.
How an asset-based loan against gold jewellery works
Asset-based loans use an asset such as gold jewellery to secure a loan. You don’t need to disclose your income and your credit score is not affected.
The lender takes temporary possession of the jewellery. Once the loan is repaid, the asset is returned. The loan doesn’t affect your ownership of the gold jewellery.
With an asset-based loan, you can access the value of a range of assets without selling them.
How to know the value of your jewellery
The only way to be sure of the value of gold jewellery is to have it professionally appraised.
Factors that affect value include the type of jewellery, the grade of gold, the age and condition, and if a piece contains precious stones.
To be sure you’re getting a good offer from an asset-based lender, ensure you know the correct value of your jewellery.
The loan amount is based on a percentage of the resale value, so don’t expect a loan offer to be equal to the appraisal amount.
The application process to get a loan against gold jewellery in Jo’burg
You can start the application process online by providing us with information about the gold jewellery. This enables us to give a provisional loan offer.
You then bring your gold jewellery to our Jo’burg branch. We’ll give you a finalised loan offer based on our in-house appraisal.
If you’re happy with the loan offer, you provide proof of address, a copy of your ID and proof of ownership of the jewellery, preferably an invoice.
Once the paperwork is finalised, the loan amount is deposited into your account on the same day.
Where to get a loan against gold jewellery in Jo’burg
You can get a loan against gold jewellery in Jo’burg through LoanAgainst. We’re a registered financial services provider and are registered with the NCR.
Our interest rates comply with NCR regulations. We don’t charge hidden fees or early settlement penalties.
We have a branch in Johannesburg, as well as branches in other major South African cities. Apply for a loan with us online or call us on 27 10 745 7061 for more information.
