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By reading this short guide, you will learn the things about how pawning works. Check out our website at http://www.goldbuyersmelbourne.com.au\n
THINGS YOU NEED TO KNOW BEFORE PAWNING YOUR GOLD
their jobs and experienced financial difficul?es. That is why most
of them resort to pawning their valuable possessions, such as gold
jewellery to cover their daily financial needs. Although, pawn
shops are a reliable business that serves people from all walks of
life, a lot of us s?ll have no idea what pawn shops do and how
pawning actually works.
Although you can easily walk away with cash in your wallet, you
need to learn how pawning transac?ons work before you head off
to the nearest pawn shop in your local area.
Here are some crucial things to keep in mind when taking out a
loan from a pawn shop.
Customers vouch their valuable items such as gold and other jewellery, as
collateral for the loan. By the time the customer is able to pay their loan in
full amount, interests included, the pawnbroker returns their merchandise.
In case the customer fails to pay the loan in a specific length of time, the
pawnbroker has the right to sequester the merchandise. The seized item will
be sold to retail consumer at a value price.
THE VALUE OF MY ITEM?
Pawnbrokers assess and determine the
value of your item using research tools
that tell them the item’s current
However, the appraisal process can be
different with regards to the type of the
item. Pawnbrokers test all items that
are being pawned to ensure that they
are genuine and not fake.
WHAT ABOUT THE INTEREST RATES?
The interest rates offered by pawn shops can differ from one
state to another. If you decide to pawn at Melbourne’s most
trusted dealers like www.goldbuyersmelbourne.com.au, you
can loan your valuable jewellery as much as $20,000, and
with interest rates as low as 1.5%. Thus, the interest rate of
pawning your valuable items is more practical compared to a
bank overdraft fee or a credit card fee.
IF I FAIL TO
REPAY THE LOAN?
Since the loan is based on collateral, failure to pay your loan will not
affect your credit score. This is because the loan is considered fully
paid even if you do not repay the loaned amount. Your collateral is
seized and handed over the pawnbroker.
easy, and hassle-free solution for
your short-term financial needs.
However, you should be wary
which pawn shops to trust. Aside
from offering you quick cash and
low interest rates, they should be
able to store your items safely
during the duration of the
pawning contract. Only then you
can be rest assured that your
items are in good hands and that
your collateral will remain yours
during the contracted length of
Level 11, Office 1102 227 Collins
Street Melbourne VIC 3000
1800 22GOLD (4653)