Sunday, November 23, 2014

If i have a diamond ring worth 13000 dollars can i get a loan for a 1000 dollars at a pawn shop? -

Definitely do not entrus your valuable diamond with a pawn shop. The pawn shop will discount the value of the ring and therefore will not pay you its true value. Plus if the pawn shop gives you a loan, the interest rate would be outrageous. It would be best if you are really in a bind to approach your credit union or otherwise deal with a reputable jeweller.

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I would consider selling the ring rather than borrowing against it. Provided, your emotional attachment does not bar you from selling. In which case, I would not borrow with the ring as collateral.

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