Benefits of Gold Loans

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No one likes being broke and needing to borrow money from anyone but as life goes, you will run into an unplanned situation you have no money to solve. Getting a bank loan takes time and too much effort. You will stand in line for hours only to be declined because you have bad credit. What if you have collateral to use in obtaining a secure loan. That’s where gold loans Melbourne come in. You can get a gold loan from most pawnbrokers but these tend to give out loans for a variety of items from tools to electronics. However, there are specific companies that offer loans for gold and nothing else. These are Pawnbrokers who have created a niche market for dealing with gold. Do you have gold jewellery, gold coins or gold bars you can use as collateral, to help you make this decision, here is a list of some of the benefits of getting a loan against your gold in Melbourne.  

Instant Cash

If you are facing an emergency that needs ash right now, like to paying the utilities bill before your water and lights are shut off or have to pay a medical bill you need cash instantly

Most loans take days to  be approved, in the meantime your situation could be getting worse. Gold loans Melbourne are easy and fast to get, what happens is that your gold is valued and a fair offer made. You can accept this amount an the terms of the loan by signing the loan agreement and you get to walk away with money.  

Zero credit check

Building a good credit is not easy. Your credit may be the one thing that stands in your way to accessing a lot of financial products. You might not have the best credit but you can still get the help you need. Pawn loans depend on the value of the gold you bring in, not your credit. Gold loan providers will not bother to do a credit check. The understanding is that they have your gold and should you default on your loan, they can sell your gold to get their money back. 

No effect on your credit

If for some reason, you cannot pay the loan back, the gold loan provider will sell your gold to settle the loan. There is no need to have this reported to some credit agency which will lower your score. If you find yourself a day late with your payment this will not be something that will make its way into your credit record. When taking out a gold loan, you need to be sure that you can pay it back, especially if you use gold that has some emotional connection or if your financial situation is so precarious you have doubts about your ability to pay the loan off then you should choose something you can afford to loose. 

You can get multiple loans 

Banks and most financial institutions will only give you one loan at a time. What off you have multiple disasters at one time? Most banks will only allow you to take out a loan once, so if you are unlucky enough to face more than one disaster then you will find yourself in bigger problems. Gold loans Melbourne providers will allow more than one loan. If you have more gold then they’ll be happy to help you out.