What to Consider when taking out a Loan against your Gold

Making money by selling unwanted gold is becoming increasingly popular. With the prices of gold increasingly so consistently and the ongoing uncertainty in financial markets, there is a huge demand for gold globally. Gold is being bought more and more by investors who are looking for a safer way to invest their money. The prices being paid for all types of gold including jewellery are on the rise, so if you’re looking for a short-term cash solution, due to gold’s current high prices, taking out a loan against your jewellery could be the answer. When looking for a pawnshop Brisbane, there are some things you need to consider before going ahead with the loan.

  1. Choose your pawnshop carefully

Make sure you shop around for a pawn shop that will be reliable and trustworthy. Start locally – if you’re looking for a pawnshop Brisbane, there are a number to choose from so make sure you check them all. Check the interest rates that are offered so you can compare which pawnshop will give you the best deal. When looking for a deal make sure you consider not just the price of the gold they are willing to lend against, but their interest rates and terms of the loan.
Don’t rush into anything. Even if you need the money urgently, make sure you’re getting the best deal possible. Check a few options first before making a decision, just like you would with any other loan.  Make sure you check that the pawnshop has all the correct licenses and follow all the industry regulations. If you don’t check everything properly you won’t be protected and could lose out financially.

  1. Make sure your gold is valued accurately

If you’re pawning multiple items, make sure you separate them first into different karats. This will ensure you receive the correct rates for each item and that you don’t lose out. When it comes to the pawnshop weighing your items, make sure they are using the right equipment and the measures are accurate. Pawnshops are required to do this by law, so as long as you choose a reputable shop, they should weigh your items accurately to comply with regulations. Make sure your gold is being paid by the gram.

  1. Make sure you read the small print

When taking out a loan against your gold, make sure you read all the terms and conditions before signing any agreements. Check the agreement carefully. What are the interest rates? Are there any hidden fees? What happens if you don’t pay it back on time? Can you roll the loan over?  You need to be sure you’re happy with all these conditions and prices before you sign the documents. Just like any other loan, there can be consequences to not paying the loan back such as losing the gold items you pledged.

When you’re choosing a pawnshop in Brisbane, make sure you choose carefully. Do your research and make sure you consider all the options carefully before making any decisions. Taking out a loan against your gold can be a useful way to get extra funds quickly, but you still need to be sensible and informed to be able to make the right decisions.

This article was brought to you by

Brisbane Gold Company

Shop 01/663 Ipswich Rd

Annerley, QLD 4103

(07) 3123 6677

http://www.brisbanegoldcompany.com.au/

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