How to get money secured by gold and jewelry

We study the conditions in pawn shops and use returnable deposits wisely.
When they urgently need money, people turn to friends, acquaintances and the bank. Not everyone has the first option, and visiting a bank is a long and troublesome undertaking. Receiving money secured by gold is a procedure that will require a minimum of time. All you have to do is find a suitable pawnshop and pledge the gold. How to choose a reliable pawnshop and what parameters the precious metal should have will be discussed in separate paragraphs of this article.

Where can I get a loan secured by gold?

You can get a loan secured by gold at a pawnshop, for example at https://vashlombard174.ru/. Such organizations operate on a legal basis, so the loan issued must be documented. Any precious metal, including gold, can be used as collateral.

Of particular importance is what interest rate applies at a pawnshop. The higher the rate, the more money you will have to pay when returning the deposit. This point should be clarified in advance with the appraiser or on the company’s website.

Some banks are also willing to issue money to clients, accepting precious metals as collateral. However, serious financial institutions conduct their own examination, and therefore everything will not be processed quickly. The average waiting time for an application to be reviewed is 10-14 days.

Sberbank of Russia is ready to lend only to individuals, but on condition that the collateral is gold bars. Sberbank does not accept coins, silver items, decorative interior items interspersed with stones as collateral.

But VTB considers any gold jewelry as collateral, but when assessing it does not take into account either the decorative component or the quality of the stones, but only the fineness and weight of the metal.

Small commercial banks do not conduct their own examination, but ask an independent company to evaluate the collateral gold and attach an opinion to the package of documents. This only means that the borrower will have to spend additional time and money to obtain the necessary funds.

What else can you do with a broken ring?

If it’s a pity to take your wedding ring to a pawn shop, the broken jewelry can be used in another way:

1. Send it for melting down and make another product. This way, a broken ring can be given a new life. Some families have a tradition of melting down old jewelry and using it to create wedding rings for newlywed family members.
2. If the ring is made of silver, it can be used to purify and ionize drinking water. To do this, the ring is placed at the bottom of a container into which water is poured.

Broken jewelry can be given to younger family members who can use it for more interesting and creative purposes. There is a sign when you pawn a wedding ring that is being worn - the marriage will soon collapse, and the connection between the spouses will disappear. Therefore, many are afraid to hand over their jewelry and wear it without taking it off. But the most profitable and optimal option, if you urgently need money, is to hand over the jewelry to a pawnshop.

How to choose a pawnshop

When choosing a pawnshop, there are several nuances to consider. The price per gram of gold plays an important role. The specialist will tell you the exact cost of the product only after inspection. According to preliminary data, it can be 1,500 rubles and more.

There are many pawnshops operating in Moscow and throughout Russia. First you need to study the proposed conditions and choose the more attractive one. The following parameters should be taken into account:

1. Pawnshop location. In the center, the cost of accepted metal will be higher. In a residential area, establishments are aimed at people who need a small sum for a simple decoration.
2. The price of gold should be taken into account.
3. It is more profitable to pawn gold items in jewelry pawn shops than in clothing stores.

Taking into account all the above points, choosing a suitable institution will not be difficult.

What to do to exchange jewelry for others

In the pawnshops of the “Pledge of Success” network, you can always choose other products and pay for them from the funds received for the donated jewelry. The estimated value is not always less than the price for the item you like; our pawn shops often hold discount auctions.

Any of our pawnshops conducts all transactions strictly confidentially, regardless of the payment method: your personal information is not transferred to third parties and is not used for any other purposes other than those chosen as part of the current activity (sale, purchase, loan).

Terms of loans secured by gold products

At the legislative level, the issue related to pawning things made of precious metals is not regulated in any way. Pawnshops independently determine for how long and at what percentage the jewelry will be accepted. Let's consider all the nuances in more detail.

What determines the size of the loan?

The amount a client can expect depends on the quality of the product offered for evaluation. Even after inspecting the accessory, the appraiser will be able to offer a maximum of 80% of the value of the jewelry as a loan. Most often, they will offer no more than 60%, and significant pennies will be charged for each day of delay. The following points may affect the size of the loan issued:

1. Cost of gold per gram. The price ranges from 800-3000 rubles, taking into account the sample and quality of the metal. The presence of precious stones increases the size of the loan.
2. Loan term. In the standard version, it is up to 30 days, but this period can be extended subject to payment of accrued interest. You can buy the accessory earlier and pay interest for a specific number of days that the product was in the pawnshop.
3. Interest rates on loans are 0.2-0.4% per day. The larger the loan amount, the lower the interest rate will be.

During the period specified in the contract, the pawnshop has no right to sell the jewelry. Subsequently, all rights to the property pass to the creditor, unless the validity period has been extended by the client.

Gold requirements

Pledge of gold in a pawnshop is carried out according to strict rules. Large establishments accept products with a wide range of hallmarks (375-999), but smaller market participants prefer to work with the most popular hallmarks - 583 and 585.

Before you go to the pawnshop, you should carefully examine the factory mark on the jewelry. The stamp should be clearly legible. The higher the standard, the higher the value of the collateral.

An important characteristic when applying for loans secured by gold is the color of the metal. There is an opinion that the yellower it is, the more gold there is in the product, but this is a mistake. Yellowness indicates the predominance of impurities. Copper gives a reddish tint. And lastly: the minimum weight of the product must be 0.1 grams.

What the pawnshop does not accept

If the client is planning to pawn gold, then you need to know that the pawnshop does not accept some items. We are talking about low-grade jewelry and gold that has lost its appearance. It is not always possible to pledge technical products (prostheses) in institutions.

Is it necessary to draw up a loan agreement?

Pledge of jewelry is a standard and legally significant procedure. Since in the future, the right to valuable property may pass to the appraiser, it is necessary to formally secure these rights. It is also better for the client to protect his powers with an agreement.

The contract must contain all mandatory requirements for storing gold. It is necessary to indicate for what period and at what interest the loan is issued. If the pawnshop does not offer you to sign an agreement, then this means that we are talking about a fraudulent office.

Is it possible to take broken jewelry to a pawnshop?

Most often, jewelry that is collected dust in boxes and that no one uses is sold to a pawnshop. You can pawn an engagement ring and get a certain amount for it. As a rule, there are no problems with whole products. But not everyone can find the money to repair a broken piece of jewelry, and handing over a defective ring to a pawnshop remains questionable. Some companies do not work with such collateral, others pay much less attention to this, only lowering the cost and taking the product at the price of scrap.

Broken rings with a certain defect can also be accepted by appraisers in jewelry stores or antique shops, especially if the ring is rare. Obvious deformations affect the final cost, but the main evaluation criteria still remain the material and the net weight of the jewelry. The pawnshop can accept the brought product for melting, then integrity does not play any role.

If you compare a whole ring and a product with a defect, you can get a smaller amount for the latter. This is due to the fact that a ring in good condition is easier to sell. And you will have to spend a certain amount of money to make it look marketable and repair it.

For jewelry with a defect, the appraiser will give no more than 50% of the cost of the product. And a loan with such collateral will not be issued for a period of more than a month. If the engagement ring is not redeemed within the specified period, the pawnshop will return it for repair or melting down.

Can they refuse to give me money?

Unfortunately, money is not always provided as collateral for jewelry or products. Any pawnshop has the right to refuse to issue a loan if the client does not have the original civil passport with him. Even a copy or photo on your phone will not allow you to draw up a loan agreement.

The strict requirements are due to the fact that gold jewelry is often involved in legal proceedings. Sometimes even jewelry purchased in well-known jewelry stores turns out to be fake. To avoid problems in the future, pawnshops do not want to deal with such clients and refuse to issue them loans secured by gold.

Gold can save you in difficult times, becoming the basis for you to receive the treasured funds. But before applying for a loan, you should carefully read the terms and conditions of the lender so as not to lose money on exchange and appraisal transactions.

What not to take to a pawn shop

Pawnshops will not be able to accept items prohibited by law as collateral, even if they are valuable from a jewelry point of view.

The following are not accepted as collateral:

• weapon;
• Food;
• poisons;
• orders, medals, badges for success in military service;
• objects that emit radiation;
• cultural and historical values.

Also, pawnshops will not accept real estate or any buildings as collateral. Such institutions are prohibited from engaging in any business activities. They can only provide jewelry loans as collateral and advise clients. We do not issue loans secured by a wedding ring to adults. Only the citizen with whom the pawnshop made the transaction, or another person with a notarized power of attorney, can pick up the jewelry.

You cannot enter into new transactions with jewelry pawned in a pawnshop, rent it out, or re-pledge it. If a ring or other piece of jewelry is damaged due to the fault of a pawnshop, the organization will have to reimburse the cost of the damage.

Selling precious metals

How to hand over gold to a pawnshop without returning it? In essence, we are talking about a regular sale. And it should be noted that a pawnshop is not the most profitable way to sell. There are plenty of other alternatives, for example, you can go to a thrift store, a consignment store or a jewelry store. However, sometimes pawnshops offer a good rate - it depends on the specific establishment. Therefore, before selling, you should contact several places in order to find out how much and where you can sell the gold item.

If a more attractive offer was at a pawnshop, then the seller will need a passport and, if available, a certificate or jewelry tag. The latter is not necessary, but with such papers there are fewer questions about the authenticity of the metal. They also indirectly confirm that the seller is the owner of valuable property.

A passport is required. Firstly, to make sure that the seller is over 18 years old. Secondly, everyone who sells gold is entered into a special register book.

How to hand over gold to a pawnshop without ransom? In the presence of the client, the pawnshop worker weighs the gold and checks for the presence of a hallmark. In the case where there is no embossing, the receiver makes a small notch on the gold or checks the metal chemically, so that small marks remain on the product.

When the sample and weight are established, the pawnshop employee recalculates these parameters into monetary units, for example, if for 1 gram of 585 sample they offer 1,500 rubles, then a ring weighing 2 g will be valued at 3,000 rubles.

What are the guarantees for the return of valuables to the owner?

In accordance with Article 358 of the Civil Code of the Russian Federation and the Federal Law “On Pawnshops” No. 196-FZ of July 19, 2007, the borrower receives a pledge ticket, which reflects all the data about a specific transaction.

A pledge ticket is a document that confirms the client’s ownership of the jewelry pledged as collateral. To return valuables back, the pledgor must provide a passport and a pawn ticket to the pawnshop. This guarantees the owner of the jewelry the return of his property, since the issuance of valuables is possible only in the hands of the owner or his representative with a notarized power of attorney.

Reviews

How to hand over gold to a pawnshop without ransom or on bail? Before you do this, you should weigh the pros and cons. Gold is a good long-term investment, while the money will be spent instantly. In addition, there is a risk of running into unscrupulous buyers, with low purchase rates and high interest rates on loans.

According to reviews from pawn shop clients, almost none of those who sold their gold complained about the transaction. Although some felt that they were cheap, and the valuable metal could have been sold more profitably.

Whereas clients who left gold as collateral were often dissatisfied. This situation is due to the fact that they did not assess their financial capabilities and were unable to return the money on time. And all those payments that we can afford go towards paying interest. Thus, a vicious circle is obtained, which, however, is easy to break. You just need to find the strength to part with your favorite thing.

Pros and cons of pawn shops

The increase in the number of organizations that accept gold indicates the creation of acceptable conditions for working with them.

Advantages of pawnshops:

simplicity of contract execution;

high speed of all transactions: what would take half a day at a bank is completed by a pawnshop in a matter of minutes;

Several schemes for handing over/repurchasing jewelry are offered;

The borrower’s personal data (age, employment, credit history) is not taken into account.

There are also disadvantages, and they are significant:

high interest rate;

lower price per 1 gram of gold than the market average.

What kind of gold can be donated?

The pawnshop accepts gold of absolutely all grades: 585, 375, 958, 750, etc. Products in any condition will be purchased or stored: scrap gold, old or new jewelry. Some alloys, such as white gold, are reluctant to be accepted. This is explained by the fact that small pawn shops have a minimal set of testing reagents, so it is difficult to distinguish white gold from other alloys. In addition, pawnshops are reluctant to deal with unassembled gold because they are afraid of counterfeits.

The legislation regulates admission restrictions:

• gold leaf;
• weapons made of precious metals;
• raw (slice) gold;
• cartridges.