Ever since the global recession broke loose, millions went jobless and in order to pay bill and meet with the daily expenses the only thing that was left with them was their belongings. So, when New York faced the worst global financial meltdown, the emergence of high-end pawn shop became something that was rampant. And when people resorted to more and more mortgage shops for procuring quick cash in lieu of their possessions then lending shops resonated with a bold vigor. However, that was past but at present also there are people who like to get quick cash by mortgaging their gold to the best buyers in town and none could be better than a mortgage shop. But you must know how to deal with them to get the best bargain for your precious gold jewelries. In this article there are four steps that you can follow to get the best out of the high-end lending shop that you want to avail for your gold and remembers that the buyers are very cunning so always be cautious.
1. Decide the lended item: The first and foremost thing to start with is to decide what to do. There are two options either you can sell your gold jewelry or you can keep it as mortgage and take cash in lieu of the gold jewelry. Remember that pawn shops are good buyers and you will get quick cash by mortgaging your gold.
2. Decide the value of the loan: The next thing that you can do is ask for the value of the loan. Often the pawn shop owner has Machiavellian approach. He would try to befool you so you should check the value of the gold jewelry and try to visit few pawn shops in the region. In New York, you will get plethora of them. So, try to compare the loan that the pawn shop that you are availing is willing to give with the other, if there is a marginal change then it can be ignored but if there is a big gap in the loan amount then you should avoid it at all cost and avail some other pawn shop.
3. Ask for papers and legal documents: Once you have decided the amount with the pawn shop for your high-end gold jewelry then always ask the shop owner for legal papers. Always keep in mind he is not a buyer. If you are looking for good buyers then the case is different but if you are not selling and you just want to mortgage the gold jewelry for cash then you must ask for papers.
4. Get back and retrieve your possessions: After the stipulated time and paying the interest and principal amount you must come back with the papers and retrieve your gold by handing the paper to the pawn shop owner.
1. Decide the lended item: The first and foremost thing to start with is to decide what to do. There are two options either you can sell your gold jewelry or you can keep it as mortgage and take cash in lieu of the gold jewelry. Remember that pawn shops are good buyers and you will get quick cash by mortgaging your gold.
2. Decide the value of the loan: The next thing that you can do is ask for the value of the loan. Often the pawn shop owner has Machiavellian approach. He would try to befool you so you should check the value of the gold jewelry and try to visit few pawn shops in the region. In New York, you will get plethora of them. So, try to compare the loan that the pawn shop that you are availing is willing to give with the other, if there is a marginal change then it can be ignored but if there is a big gap in the loan amount then you should avoid it at all cost and avail some other pawn shop.
3. Ask for papers and legal documents: Once you have decided the amount with the pawn shop for your high-end gold jewelry then always ask the shop owner for legal papers. Always keep in mind he is not a buyer. If you are looking for good buyers then the case is different but if you are not selling and you just want to mortgage the gold jewelry for cash then you must ask for papers.
4. Get back and retrieve your possessions: After the stipulated time and paying the interest and principal amount you must come back with the papers and retrieve your gold by handing the paper to the pawn shop owner.