If you are looking to get cash for any reason but don’t want the loan to impact your credit rating, you might be wondering what your options are. Many people who have gold assets but are short on cash wonder, can I use gold as collateral for a loan? Thankfully, the answer to your question and your dilemma of not wanting your credit score to be impacted are both solved by a loan against gold.
At Green Moola, we are proud to offer gold loans in Brampton and are your top choice for a gold loan Canada wide. We are committed to providing you with a friendly and accessible environment that makes getting a loan on gold easier. In this post, we answer your top questions including what is a gold loan, and how gold loans work.
How Do Gold Loans Work?
If you’ve ever wondered, can you use gold as collateral for a gold loan, you absolutely can. In fact, that is the basics of how a gold loan works. To get a gold loan, you will simply need to bring us your gold jewellery, bullion, watches, or diamonds and we will determine its weight and value and provide you with a loan estimate. While your loan is active, we care for your gold and ensure it is not scratched or damaged. When your loan is paid off, your gold will be returned to you.
Gold loans can be a great option for those who aren’t quite ready to sell their gold. However, getting cash for gold could also be a smart choice, depending on your unique needs.
Who Qualifies for a Gold Loan?
When looking into how to get a gold loan, you may wonder what is needed to qualify for a loan. When you want to know, can I get a gold loan? The answer is simple. You need to be at least 18 years of age and possess a valid government photo ID to obtain a gold loan. Though calculating what you can get will be unique to your specific circumstances, simply meeting these two basic requirements can unlock the possibility of a gold loan for you.
See our post, How to Get Gold Loans, for more information on how you can obtain a gold loan for your needs.
Is a Gold Loan Safe?
Gold loans are safe and when you choose a trusted lender, are a very secure and no-nonsense way to get the cash you need. The main risk associated with a gold loan is that your gold could be auctioned off or sold if you are unable to pay back your loan. It is important that you only take a gold loan when needed and do so only if you have the ability to pay the loan back. If you are at all concerned that you will be unable to pay your loan, a cash for gold option may be preferable as you won’t be relying on getting the gold back.
Which is Best, Gold Loan or Home Loan?
Home loans are a popular way for many homeowners to get the cash they need for home improvements or other expenses. However, not all homeowners find home loans to be the right option for them. In some cases, a gold loan may be preferred as it can allow you to get the cash you need at a good interest rate, all while avoiding an impact on your credit score or utilisation. Everyone’s personal circumstances are different and either loan option could be right for you. Be sure to explore all available options when looking for a loan to get the option that is best for your household.
Our post, How to Calculate Interest Rate on Gold Loans, offers insight that can be helpful when deciding if a home loan or a gold loan is best for you.
If you are interested in a gold loan and want to know how much loan can I get on gold, our team of experts can help. Contact us today to discover if a gold loan is the right option for you to get the cash you need. We would be pleased to walk you through the process and show you how a gold loan is calculated.
