Everyone should have proper financial planning that allows them to meet expenses and grow savings. Such type of financial planning also allows people to invest in the right area and make maximum profit. But since life is full of unforeseen events, you might have to deal with unforeseen expenses at some point in your life or you might need some quick cash to make your financial wishes come true. Well, this is where the loans come in.
Loans have acted as financial aid for people for many decades and that is why they are considered to be one of the oldest forms of obtaining money to meet financial obligations. But that doesn’t mean that approving your loan is an easy task. In many cases, your loan can be directly rejected by the bank and this is where the real problem begins.
But you don’t have to worry if your loan has been rejected by the bank because you will still have the option of an equity loan for jewelry. So let’s take a look at how an equity loan for jewelry can help you recover from a rejected loan application.
Why did the bank reject your loan application?
When it comes to approving a loan application, almost all banks have very strict standards, as the approval of a traditional loan is one of the riskiest financial approvals, as there is no collateral. retained by the bank against the approved loan. If you do not have a good credit rating and if your cash flow does not meet the basic criteria set by the bank, then it becomes almost impossible to get your loan approved.
On top of that, the paperwork is really slow with traditional loans, and your loan approval can take over two weeks. You will be surprised to know that in 2017, only 36% of small businesses were able to get a traditional loan from the bank and that number has been steadily decreasing over time. And the percentage mentioned here is so low that if you don’t even have an average credit score, your loan application can be directly rejected by the bank.
How to get a jewelry loan?
A jewelry loan is one of the easiest ways to get money fast and that too without going through any type of hectic or lengthy process. Everything you need to get a The jewelry loan is a valuable piece of jewelry that must be original and if you have the paper for the jewelry, it will serve as the icing on the cake during the transaction.
You have to start the process of a jewelry equity loan by simply filling out a form on the loan company’s website and you can get a quote in less than 24 hours. Now, if you are satisfied with the quotation offered by the company, you can send the jewelry to the company for evaluation.
You don’t have to worry about the cost of shipping as it will be covered by the company itself. After receiving your jewel, the company will evaluate it on the basis of various parameters, then finally, a final offer will be given to you. If you approve the final offer, you will be contacted to review your final payment details. But even if you send the jewelry for evaluation, you will not be required to approve the final offer.
What are the advantages of an equity loan in jewelry?
One of the advantages of jewelry equity loans is that they are very flexible, especially compared to what traditional loans have to offer. In the case of traditional loans, you are required to spend the loan money only for business expenses, but this is not the case with jewelry equity loans. The company that gives you a jewelry equity loan will never verify where you spend the loan amount.
On top of that, you don’t need to be a loan with a good credit score to get your loan approved because the credit score doesn’t play a role in jewelry equity loan. This means that even if you have a bad credit rating, you can still apply for jewelry equity loans.
Along with this, you will get a low interest rate in the case of jewelry equity loans because the risk involved in these types of loans is very less and the companies are always ready to offer you low interest rates. .
If a bank has rejected your traditional loan, there is no need to worry because you will still have the option of a jewelry equity loan with a low interest rate.