Cash loans are pretty hard to get because they require a good credit score, records of non payment and other requirements. Now, if one needs to get cash really fast, then he or she cannot count on these loans since they do not have assurance and they take long to process. If one happens to have some diamonds or jewelries in his or her hand, then the next best option are diamond loans Largo FL.
Now, the great thing about this type of loan is that it is a quick loan since diamonds will be used as collateral. It is safe is a sense that if the loan is defaulted, then the lender can simply sell off the precious stone for the money. However, the testing is pretty rigid since lenders need to know the authenticity to create a value.
The first thing the lenders would do in appraising would be to check if the diamonds are mounted or loose. Loose are the pure stones have have not been cut to fit jewelry yet while the mounted ones are cut to be embedded already. More often than not, the loose ones have a higher value if lenders are discussing diamonds alone.
After the lender checks the diamonds if they are loose or mounted, they then have to be tested for their value and their authenticity. Usually, the testers would test the diamonds for the cut, their grade, their color, and other important things needed to create the value. They will be using a framework from the Rapaport Diamond Report to confirm the loan amount.
Once the diamonds have been tested and approved, then an affidavit has to be signed. Basically, this will state that the applicant that brought the diamonds completely owns all of them. It also signifies that he or she is not currently using it as collateral for other loan firms.
Generally, the loan would be something of eighty percent of the appraised value of the stone so that the lenders can have room to sell it. The Rapaport Diamond Report would have a higher amount but it is not usually followed since the amount that is given to the borrower will be something like forty percent of the report amount. That is good enough if one really needs money.
One of the main reasons why people take is loan anyway is really because it is easy to get. As long as the diamonds are already approved and the affidavit has been signed, then the money can be given. In fact, most people get their money in a few days after presenting their collateral for approval.
For those who cannot seem to get access to loans but would really need the money due to whatever circumstance, this is a great alternative. It may seem like a bad deal since the loan amount gotten is pretty low, but it is still higher than that of a pawn shop. That is why it is only recommended for those who need the money badly but really cannot get a loan from a bank or lending institution because of strict requirements.
Now, the great thing about this type of loan is that it is a quick loan since diamonds will be used as collateral. It is safe is a sense that if the loan is defaulted, then the lender can simply sell off the precious stone for the money. However, the testing is pretty rigid since lenders need to know the authenticity to create a value.
The first thing the lenders would do in appraising would be to check if the diamonds are mounted or loose. Loose are the pure stones have have not been cut to fit jewelry yet while the mounted ones are cut to be embedded already. More often than not, the loose ones have a higher value if lenders are discussing diamonds alone.
After the lender checks the diamonds if they are loose or mounted, they then have to be tested for their value and their authenticity. Usually, the testers would test the diamonds for the cut, their grade, their color, and other important things needed to create the value. They will be using a framework from the Rapaport Diamond Report to confirm the loan amount.
Once the diamonds have been tested and approved, then an affidavit has to be signed. Basically, this will state that the applicant that brought the diamonds completely owns all of them. It also signifies that he or she is not currently using it as collateral for other loan firms.
Generally, the loan would be something of eighty percent of the appraised value of the stone so that the lenders can have room to sell it. The Rapaport Diamond Report would have a higher amount but it is not usually followed since the amount that is given to the borrower will be something like forty percent of the report amount. That is good enough if one really needs money.
One of the main reasons why people take is loan anyway is really because it is easy to get. As long as the diamonds are already approved and the affidavit has been signed, then the money can be given. In fact, most people get their money in a few days after presenting their collateral for approval.
For those who cannot seem to get access to loans but would really need the money due to whatever circumstance, this is a great alternative. It may seem like a bad deal since the loan amount gotten is pretty low, but it is still higher than that of a pawn shop. That is why it is only recommended for those who need the money badly but really cannot get a loan from a bank or lending institution because of strict requirements.
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To apply for diamond loans Largo FL locals can rely on the following company. Get a quote today by visiting http://www.cappelloloans.com/jewlery-services.
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