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Cash For Gold

Posted Oct 22 2012 9:49pm
                                  CASH FOR GOLD

Assistances that are offered through money in exchange for gold either in ornamental or plain form happen to be gold loans. The wonted form of personal loan is a variant from this. In express gold cash online loan, the processing fee will be minimal or void. The time taken for granting the loan will be in the order of an hour or two & not in days. Gold loans are offered not only by banks but also by non banking companies. When you provide the gold, it's level of purity will be assessed perfectly & accordingly, the loan would be provided. Even if your gold is perfect, the entire value of it would not provided to you in cash. Only about 80 % will be handed over to you. Just like in the case of any bank loan/account, you'll need provide your residential address & other bio data details. Of course, you need to show some basic proof that you're the proprietor of the gold that you claim. In some non banking companies, the timing for loan reception can be amazingly less as in the order of just a few minutes. They're least bothered about your documents & even your status of repayment. For them, it is all about disposing the loans for now & increasing the interest rates in the future.

The terms of repayment are varying in the order of 3 to 4 months up to a maximum of 12 to 18 months. Customers must always bear in mind that if the repayment terms are exceeded, then the security of your gold will become more in jeopardy day by day.

Even the purposes can be of any type in such loans as customers. They(Non banking companies) will hardly ever ask about your purpose. Be it legal or illegal, they wouldn't mind. Obviously it is advised that you better not spend the loan in any nefarious or senseless activities.

The interest rates as I had said before will be ever changing for the worse. Normal loans impose a level of up to 12.5% interest regardless of your loan's duration. The processing fee will be unique from this of course. Non banking companies will cater an interest that will get to surge by 2 % for every month. The starting interest rate will be at 3 % & month after month, the rise is 2 % as said above. This means that if the duration of loan touches 12 months, then the total rise would be 2 x 12 = 24 %. In addition to the 3 % at the initial level. Thus, the total would be at 27 %. Easily 1/4th of an individual's income. Most people don't see this as the larger picture & get deceived by a simpleton feature which elucidates as no processing fee.

The level of the loan that you can claim will depend on the quality & quantity of the gold that you put forth where you want to fetch the loan. In conventional banks, the range will be from a minimum of 400 $ to a maximum of 12,000 $ .  The non banking companies for all their heckling rules will only provide you up to a maximum of 1600 $ & nothing much more. The risk factor in buying gold loans is that if you fail to repay your loan within the mentioned date, then your gold ornaments may or may not be ideally the same as they were at the time of submission. Be it through the glossy appearance, weight or current market worth & so, it is highly preferred that you get to finish off your payments properly on time.

Having discussed so much about gold loans, let's now see the need for them.  

The need for express gold cash online loan arose from the financial needs of people who would simply reside with their dormant ornaments. Loads of money may not be overflowing in a family on all occasions & the storage of gold on the other hand will be more than valuable. But, when the requisition becomes a longed one, gold would find it's way from the vault of your home to the bank vault. This is understandable as nobody wants to keep their valuables just as valuables. They do have a value right ?

Overall, this method is way than going for a pawn broker who never specifies any of his rules & regulations & keeps altering them without notice. Besides, the loan amount levels can be much higher especially through gold loans from banks.

I almost forgot to mention that collateral means are also available for gold loans which are very reminiscent of the personal loans. These will come in handy when you can't provide the banking or non banking company with enough proof of your creditability status. On failure to repay the loan in the due time period, the collateral property will become the bait of the lenders to seize you.

The collateral property will be damaged more & more with time & will finally lose it's worth in the market. This would mean that you're debt would be compensated not on monetary but on property grounds.
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