When times are tough, and you’re in need of some financial aid, a pawnbroker Melbourne can bail you out. You can get a gold loan from a registered company, and the loan terms are very favourable. The loans are usually for a minimum of 7 days and up to a maximum of 1 month. Some pawnbrokers can even offer you a loan of 12 months. And the loan amount can be as little as $500 or as high as $30,000. The interest rates are competitive and vary from 1-10% depending on the amount and the duration of the loan.
No Credit Checks
The good news is that the won’t check your credit history before agreeing to give you a loan. Since you’re providing valuable collateral in the form of gold, the businessman is confident of recouping his loses if you default on the repayment. Should you default the loan repayment, you won’t be able to redeem your gold and the pawnbroker will be forced to sell your merchandise to recover his money. But there’s still good history because you won’t receive a poor credit rating. What’s more, you can always obtain a loan from the same business, and you won’t be blacklisted.
How it Works
It’s a simple process to get a gold loan from the pawnbroker Melbourne. The first step is to bring your gold item(s) of value to the shop. The pawnbroker will then assess the value of your gold item(s) to determine the amount of money you can receive. You will then receive cash on the spot, and your valuables are stored in a secure safe until you can redeem them. If you’re a new client, some pawnbrokers will give you the first week interest-free.
ID Requirements
Remember to carry your ID when you go to ask for a loan. You need 100 points of ID, which is determined by a government photo ID, which can be your current passport, a driver’s license, firearms license, or a proof of age card. If you don’t have that, you can provide at least two to three forms of other ID, which can include a birth certificate, marriage certificate, health care card, Medicare card, bank card or pension concession card. On top of that, if you’ve got any receipts, certificates or valuations for the gold, you can bring them with you.
Pros and Cons
The best thing about the pawnbroker Melbourne is that he won’t perform a credit or income check before granting you a loan. With this type of loan, you’ll be able to get your cash right away. There’s no waiting for the lender to raise the money. There are no loan documents to be processed, and you will get the money you require right away. And if you default, the pawnbroker will simply keep your merchandise, and that’s the end of the story. The lender won’t report anything to a credit bureau, and your credit isn’t affected. However, you will get a very short loan term, which usually is 30 days to repay the loan. Fortunately, you can extend the terms and continue paying the interest while your sort your financial situation.