By offering cash for gold Wheaton pawn shops offer people strapped for money a way to get a loan or a direct sale on jewelry. People who aren’t yet ready to give up the jewelry forever benefit from taking out a loan against it as collateral, as long as they can pay at least the interest due within the specified time frame. If the individual cannot pay the interest fee, he or she forfeits the jewelry, but there is no collections activity. The pawn shop loan process is not fraught with the issues characteristic of other loans offered to people with poor credit or no credit.
A car title loan, for example, uses the title to the vehicle as collateral. However, if the borrower cannot pay the amount due, this becomes a matter much more serious than losing some jewelry. The lender may repossess the vehicle, leaving the person without any means of transportation. The person may still owe an outstanding amount on the title loan if the vehicle cannot be sold for at least the amount owed.
A payday loan that is not paid back on time leads to aggressive collections measures. The borrower faces receiving phone calls from the company and, later, from collections agencies. It’s possible that wages will eventually be garnished. Unfortunately, some individuals feel desperate enough to take out a second payday loan from another lending company to pay off the first one. That doesn’t get them out of the problematic situation, though, since they still owe money they can’t afford to pay back.
None of this happens when obtaining a pawn loan from an organization such as RJ Jewelry & Loan Company. In addition, people have the option of simply selling the jewelry. By obtaining cash for gold Wheaton residents now aren’t responsible for paying finance charges; instead, they have some money they need for an emergency purpose or any other reason. The pawnbroker is always looking for jewelry and other items that can be sold at the store for a profit. In addition to gold, they offer money for silver, platinum, diamonds and watches.