Deciding Whether to Obtain a Pawn Loan or Sell Gold in Chicago

Many customers of pawn shops take out loans using jewelry as collateral. They need cash quickly and don’t have access to other forms of credit. Another option is to Sell Gold in Chicago to the pawnbroker instead of getting a loan. This can be a better option when the customer doesn’t really want the item any more and doesn’t want to pay interest on a collateral loan.

Choosing a Loan

A loan tends to be best if the person has a sentimental attachment to the jewelry. It might be a family heirloom or a gift from a loved one. If the owner feels emotional about the prospect of selling the jewelry, it may be best to choose the loan option or sell something else to make money.

The owner must be certain he or she can at least pay the interest by the due date or the item will be forfeited. These loans can be renewed, so there is extra time if the entire balance cannot be paid at that time.

Deciding to Sell

In contrast, many necklaces, bracelets, and rings sit in dresser drawers or jewelry boxes, no longer worn or cared about. They don’t take up a lot of space, but they could provide fast cash for someone who wants to Sell Gold in Chicago. Sometimes, the owner doesn’t even need money quickly but decides it’s pointless to leave these possessions just sit there when they could bring some cash to take care of current needs.

What Happens Next

Reputable businesses like Clark Pawners & Jewelers appraise the pieces customers bring in and offer an amount for a loan or sale based on the current market value. All other aspects being equal, a gold piece with diamonds, like an old engagement ring, should be worth more to the seller at the pawn shop than a plain gold ring.

The pawnbroker often sends old jewelry to other buyers that melt it down for the metal. Particularly nice pieces may go into the display case for customers of the shop to buy. They don’t even have to be the most valuable ones, but some are particularly pretty. Contact us through the website and ask any questions that are still unanswered.

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