There
are many occasions in life when you will be required to put down a
substantially large amount of money. Whether that’s for business or for
personal reasons, sometimes you need this money in a hurry. During such a time,
getting a bank loan or pawning your jewellery is an option you can entertain.
Unlike a house that you can mortgage or a car that can be put up as collateral,
jewellery is far easier to pawn but has more emotional value. So here are some
occasions when getting a loan against your jewellery is actually worth it.
1.
For
medical emergencies:
In
the event of any medical emergency or a sudden medical situation that requires
long term hospitalization, lack of funds is a common problem. To ensure that a
loved one gets the best possible care as soon as possible, or for as long as
possible you may require more than what your insurance is willing to cover. In
such a case getting a loan by putting up your jewellery as collateral could
relieve some of the financial burden.
2.
For
higher education purposes: image courtesy: http://goo.gl/baK8Z
If
your hardworking, committed and straight ‘A’ getting son or daughter has
received a letter of acceptance from some of the premier universities in the
country or internationally, the lack of sufficient finances should not be a
reason to put a dent in their future success. If it is not possible to get an
educational loan to cover the whole cost, jewellery that is worn infrequently
can come to the rescue.
image courtesy: http://goo.gl/DkR13
3.
For
buying or renting residential properties:
You’ve
finally found your dream home and you need to put a deposit on it before other
interested parties beat you to it, but you don’t have the cash on hand.
Here, a quick cash loan against your
jewellery would be the optimal situation.
4.
For
business purposes: image courtesy: http://goo.gl/F372R
If
you’re a small business owner, entrepreneur or freelancer, getting a business
loan may not always be possible for various reasons – bad credit score,
disapproved business plan etc. In these circumstances you could always take out
a loan against your jewellery to give your professional career the boost it
needs.
5.
For
personal milestones: image courtesy: http://goo.gl/FUwC2
Whether
it’s an engagement, a wedding, a honeymoon, an important birthday or
anniversary, certain occasions deserve something a little extra special.
Whether you want to fly your wife of 25 years to Paris or gift your husband a
Rolex on his fortieth birthday or give a lavish wedding reception for the
granddaughter that’s the apple of your eye, you may need some help with the
finances. If you have a piece of jewellery that’s been lying around for a
while, why not use it to add some happiness to a loved one’s life.
If
you’re facing a cash-crunch and you need to pay for any of the above and you’re
asking the question, “Should I get a loan against my jewellery or should I sell it?” you should consider the first
option. Unlike selling off your jewellery and parting with it permanently, with
a loan at least you’ll have the chance to get it back if you want to.
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