Wealth depends on two main types of assets: liquid and non-liquid. Even the wealthiest families sometimes have a net worth strongly supported by assets that cannot be quickly converted to cash. These include real estate, luxury vehicles, stocks, and jewelry. As a result, every so often, family emergencies, business ventures, or other expenses may require more cash than a person has on hand.
This can create stress for a lot of families, especially when the money is needed to meet a necessary expense, such as to avoid foreclosure or to pay for medical expenses. Many people may then turn to sell off their most prized possessions to make ends meet. But, what if there was another way. What if you could simply take out a loan against those prized possessions? Then, once the loan is repaid in full, those possessions are back where they belong — with you.
If it sounds too good to be true, rest assured it is fairly easy to get a loan on jewelry if you choose the right company. Diamond collateral loans are especially useful because of the high value ascribed to this precious stone. Just think about it. That family heirloom you treasure but have never worn could buy you not just extra funds when you need it, but it may buy you time: time to pay off creditors or time to save a life. The burning question now is where? Where can you get a diamond-backed loan?
Finding a Reputable Creditor
Family and Friends
Borrowing from family and friends isn’t the worst idea in the world, especially when they are wealthy. After all, they may be more than happy to invest in your business idea or to help you out of a difficult situation. However, when money exchanges hand between family and friends, the relationship changes too. Besides, what happens if they lose the diamond? What assurances can they provide for its safety? In addition to this, if discretion is important to you, this is not the best way to maintain that.
One of the great things about living in America is how easy it is to get a loan. You can use the equity in qualifying assets to get some cash-in-hand or even get a business or personal loan. However, these are not a suitable option for everyone. If you are already maxed out on your debt-to-income ratio, that loan may be denied, while putting a ding in your credit score. And, if you need that money fast, it probably won’t happen. Banks can take upwards of 30 days to finalize your loan and issue funds. Can you wait that long?
Denver Pawn Shops
That brings us to pawn shops. There are hundreds of pawn shops in Denver, but can you trust them? Many people distrust these businesses because they have developed a reputation for too-high interest collateral loans and dishonest practices. In fact, when you filter for pawn shops that have been highly rated by their customers, you find yourself with only about 20 or so businesses in Denver that are worth your time. But, how many of them are used to handling high-end jewelry and other high-asset transactions?
Online Luxury Asset-Backed Loan
At Lux Exchange, we accept not just high-end jewelry and luxury watches but also sports cars and other luxury items. This is our niche in the market and we have worked hard to not just make a name for ourselves, but create the best possible experience for our customers.
Discretion is another aspect that puts The Lux Exchange ahead of the competition. In a regular pawn shop, you generally have to pay a personal visit and handle negotiations in person. This is often done while other curious patrons are listening in.
The entire process takes place online, from loan application to the delivery of funds. We also do not check your credit, so you never have to worry about diamond collateral loans showing up on your credit report or affecting your official debt-to-income ratio.
Deciding on Suitable Diamonds
Naturally, with special competence in serving high-end clients comes an eye for quality. As a result, not all diamonds make suitable candidates. Here are some of the diamond cuts we accept for asset-backed loans:
- Round: As one of the most common diamond cuts, the multi-faceted design of the round diamond allows a lot of light to pass through.
- Heart: Commonly received as anniversary, birthday and Mother’s Day gifts, the heart-shaped diamond is a unique work of art that requires precision and skill to create.
- Marquise: Elongated and oval, this diamond cut is considered vintage and sophisticated.
- Radiant: This rectangular-shaped diamond has rounded corners that emphasize the reflection of light and makes it look much bigger than it at first appears to be.
- Cushion: Also featuring rounded edges, this square-shaped diamond is known for its light-reflecting abilities and its large, flat surface.
- Emerald: One of the less common but classy cuts is the emerald diamond, best known for its high degree of transparency.
For a full list of the diamond cuts we accept, please visit our web page. Note that to ensure your diamond meets our criteria, it will be evaluated by a professional. This helps Lux Exchange to assign a fair value to the diamond so that you can get the best possible deal at a loan amount of up to 80% of its fair market value.
Applying for the Loan
We pride ourselves on providing a loan much faster than any bank. Even so, we do have an approval process in place to protect you and your assets. Here is a brief overview of how to get a loan on jewelry at Lux Exchange.
- Complete the Application: Supply us with contact information and what we need to know about the asset. We will reply with an initial offer that will be finalized after we evaluate the diamond.
- Ship the Asset: We will provide a free shipping label and your asset will be insured by FedEx and our General Liability Insurance policy. Upon receipt, we will provide you with a final offer after evaluating your diamond. It will then be stored in a secure vault that is monitored 24/7.
- Get Funding: Once you complete all the recommended documentation to verify your identity and provide banking information, we will direct wire the money to you. You then pay monthly fees, which can either be service-only or service fees plus principal down payments.
- Bring Your Diamond Home: Once you have repaid the principal and any outstanding fees, we return your diamonds to you via FedEx.
The best thing about our process is that it is very easy to get started.If you have any questions, we are happy to answer them. Email us at email@example.com or call us toll-free at 1-844-280-0930. We look forward to doing business with you. And, if we already have, welcome back!