3 Reasons Why Getting Cash for Gold Is the Quickest Way to Secure Funds!

In day-to-day living, one may face an urgent need for money that may not be readily available. When this happens, many people find themselves weighing different sources of cash including acquiring personal loans from banks. However, one very quick source is often forgotten, “cash for gold”. Gold is considered highly valuable and is kept as a treasure for the future. Today, many banks and non-bank financial organizations offer gold loans. This means that you don’t necessarily need to sell your gold, but you can use it as collateral. The gold can be in any form, jewelry, gold bars, or gold coins. Here are three major reasons why cash for gold is the quickest way of securing funds.

Repayment and Interest Rates

With gold loans, the borrower is only expected to pay the interest. The principal loan is then repaid at the end of the loan period or the closing process as agreed between the lender and the borrower. Also, cash for gold has considerably lower interest rates as compared to normal bank loans. This is because gold stands as security. For unsecured bank loans,  interest rates are around 15%, while that of gold loans is about 13%-14%. The rates are reduced further if the borrower can provide additional collateral on top of the gold. So you can learn more the quickest way to cater to financial emergencies.

Quicker and Cheaper Processing

Banks and other financial institutions offer cash for gold faster than personal bank loans. Gold serves as physical security; therefore, banks tend to release these loans faster than regular bank loans. They are usually disbursed within hours of application, which is convenient to the borrower. Also, there are no processing fees on cash for gold contrary to personal bank loans. Following application, the funds are quickly released because the bank holds gold as collateral. This means that the borrower will not delay what they wanted to do waiting for the loan approval.

Income Proof and Credit History

In most cases, banks and other lenders tend to ask for income proof before providing any loan. This assures them of the borrower’s ability to pay. Credit history greatly determines whether or not a bank or financial institution will give a loan or not. Borrowers with poor payment history may not secure a loan from lenders. However, this is not the case with cash for gold. Since the gold is pledged as collateral, lenders are assured of the principal amount, hence do not consider the borrower’s credit history. It is the same case with income proof, gold stands as proof of the loan repayment.

Cash for gold is a quick and secure way of acquiring funds for more reasons than said. Gold loans have minimal or no foreclosure charges. Apart from just getting the funds, it is also a safer way of storing unused gold. The paperwork and documentation are less compared to bank loans. Cash for gold becomes more advantageous if paid within a short period. If the loan is not paid as agreed, the gold can be transferred to the lender. Try cash for gold, the fastest way to fund all financial emergencies.