A tough financial situation is something almost anyone can relate to, and it’s something that is very stressful. You must decide how you’ll come up with the money you need to get yourself out of the financial jam without affecting your ability to pay other debts.
Your credit score can help or hurt you. A good credit score means you can likely get a personal loan that has a reasonable annual percentage rate, but a bad score leaves you struggling to find the help you need. This means you have a couple options for quick cash: pawning items or taking out a payday loan.
A visit to the local pawnshop is often a better choice. Here’s why:
1: Pawning Gives You Options
You can pawn anything of value that you own. This means you can pawn something that you no longer need, so if you aren’t able to pay off the ticket and get it back, it won’t be really be missed. Jewelry that is of no sentimental value to you or your family is a good choice. Other items to consider are old coins and collectible items you no longer want or need.
Pawn shops offer to buy items outright. This means you can get some extra cash without having to pay it back. Again, if you have old jewelry or coins, especially gold, you can sell it to the pawnbroker and have cash in hand without the worry of adding a new monthly payment.
2: Pawnshops Don’t Report To Credit Agencies
Even if you have the best of intentions, but miss payments on your pawned item, it won’t affect your credit score. A pawnshop usually gives you certain deadlines to either pick up your item, or make monthly payments for the shop to continue holding the item for you. If you fail to pay for the item in full, plus interest, or you miss payments, the pawnbroker can sell your item, but your failure to pay back the loan does not go on your credit report.
3: Pawnshops Are Regulated
Pawnbrokers must adhere to federal and state laws concerning their business practices. These regulations help protect your personal information, prevent stolen times from being pawned, and help make sure you are dealing with a reputable company.
If you choose to take the Payday loan options, remember that companies must adhere to Federal Trade Regulations, but when dealing with online payday loan services, you must be careful and check them out. The FTC states that the number of payday loan companies has increased, and “Unfortunately, some payday lending operations have employed deception and other illegal conduct to take advantage of financially distressed consumers seeking these loans.”
It’s best to play it safe and check out your local pawnshop if you need quick cash for an emergency or to help make ends meet when financial troubles arise. Reach out to a local shop, like Desert Jewelry Mart & Coins, to learn more about their rates.Learn More
While looking through endless pages of gorgeous diamond engagement rings, have you ever stopped to wonder about their history? Princess and Marquise cut diamonds haven’t always been the fashion; throughout history, dozens of distinct ring styles have emerged, many of which still have their own small following today. Here are four examples of unique historical ring styles suitable for engagement or wedding rings. One or two of these styles are even gemless, making them perfect for a no-frills couple or for a male engagement ring.
1. The Signet Ring
An example of a ring with a useful occupation in life, the signet served as a stamp, similar to the concept of today’s signature, to authenticate and verify documents. The portion of the ring that bore the seal was usually made of either gold or a large gem. Owners of these rings were generally wealthy and important officials or businessmen, each of whom designed a unique seal in order to provide relative security against fraud. Today such rings often bear a family’s coat of arms; but they’re a great option for an engagement ring too, especially since some contain large, colorful gems.
2. The Cigar Band Ring
Developed in America at a time when frugality was all-important, cigar band rings are flat, wide, and generally devoid of gems. Their greatest beauty lies in the often intricate engravings surrounding the entire band. Popular designs were often geometric and angular, traits which suit the cigar band well because it’s the same width all the way around, allowing for complex repeating patterns. It is said that this style was inspired by paper cigar bands, but it’s possible they were simply named after a resemblance to the paper bands.
3. The Belcher Setting
The Belcher Setting, another American design, is a flush-set style in which prongs are fashioned directly from the material of the shank. This forms a recessed area in which the gem can sit. The style is named for Thomas Belcher and is known for its low profile, elegance, and comfort.
4. The Puzzle Ring
Originating in Asia thousands of years ago, this ring had a surge of popularity around the 1960s and 70s, and it may well come back into style in the near future. Puzzle rings are made up of multiple small components (from two to seventeen or more), which interlock in a very specific way to create the ring. The ring can only be worn when the puzzle is complete. The legend of its origin claims that the puzzle ring began its existence as a wedding ring, and it has served as an engagement or wedding ring to many happy couples throughout history.
Now that you’ve taken a break to learn about some old-fashioned and less wildly popular styles, you can go back to scrolling through pictures of diamond rings and look at them with a new perspective. On the other hand, maybe one of these styles really captured your heart but you don’t want to go looking through dozens of antique stores to find it. Try requesting a custom ring by professionals like Rinehart Brothers Jewelers based on one of these tried-and-true styles!Learn More
If you have valuable jewelry lying around and are in need of a loan, then you might want to consider taking out a jewelry loan at your local pawn shop. A jewelry loan allows you to place your valuable jewelry as collateral for a loan that’s typically based on the value of the piece itself. Once you pay your loan back (along with any interest and fees), you’ll receive your jewelry back. Before you take out a jewelry loan, however, there are some all-too-common mistakes you’ll want to be careful to avoid.
Confusing the Appraisal Number with Your Offer
It’s typically a good idea to have your jewelry appraised before you decide to pawn or sell it. This will help you get a professional opinion when it comes to the value of your piece. However, you shouldn’t expect to be offered the appraisal value of your jewelry for your loan. After all, a pawn shop cannot make money if it buys at appraisal price; instead, the appraisal price is generally seen as a guide to how much the retailer could possibly sell it for. In order to make a profit, you should expect the pawn shop’s loan offer to be a bit lower.
Assuming Damaged Jewelry Has No Value
Another mistake people make when it comes to obtaining jewelry loans is assuming that just because a piece of jewelry has a broken chain or other cosmetic damage, that it’s going to be worthless. This couldn’t be further from the truth, in most cases. At the end of the day, most pawn shops don’t care about the physical appearance of a piece of jewelry. Instead, they care most about how much the piece would be worth if they melted it down and sold the metal. Therefore, you shouldn’t let cosmetic damage deter you from trying to get a jewelry loan if you need one.
Confusing Solid Gold With Gold-Plating
Finally, understand that there’s a huge difference between a piece of solid gold jewelry and a piece of jewelry that’s gold-plated. Solid gold has significantly higher value because it’s made entirely of precious metal. Something that’s gold-plated, on the other hand, may not hold much value because it consists of a piece of cheaper metal that’s been covered in a layer of gold. Make sure you know whether your jewelry is solid gold or gold-plated before you bring it into a pawn shop.Learn More