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.
As mentioned above, the diamonds will be used as collateral for the loan. However, not all diamonds will be eligible for the lender to take as they need to be tested for authenticity first. Aside from just authenticity though, they are also usually tested for grade so that the lender can put a value on them, but more on that later.
Just to give an idea, diamonds are either loose or mounted types. The loose types are the pure stones that have not really been cut or embedded on any ring or necklace. The mounted types, on the other hand, are the ones that have already been embedded.
Whether they are loose or mounted, they will have to be tested for color, cut, grade and other criteria that will be required by the appraisers. Lenders would usually make use of a synthetic thermal tester in order to check its true appraised value. From there, they will usually use a guide known as the Rapaport Diamond Report to determine a 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.
For the amount that will be given to the borrower, expect around eighty percent of the appraised value so that the lender has room to sell the stone in the event of default payment. If the lenders will base the amount on the Rapaport report, the amount given to the borrower will be forty percent of what is reported. It is quite low but it is good enough if one is a bit desperate to get 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.
So for those who are a little bit strapped for money, here is a great option that one can have in order to get fast cash. The thing about these kinds of loans is that they value the diamonds pretty low which is quite normal because it gives the lenders security while holding on to it. That is why it is only recommended to take this type of loan only if one really needs the money.
As mentioned above, the diamonds will be used as collateral for the loan. However, not all diamonds will be eligible for the lender to take as they need to be tested for authenticity first. Aside from just authenticity though, they are also usually tested for grade so that the lender can put a value on them, but more on that later.
Just to give an idea, diamonds are either loose or mounted types. The loose types are the pure stones that have not really been cut or embedded on any ring or necklace. The mounted types, on the other hand, are the ones that have already been embedded.
Whether they are loose or mounted, they will have to be tested for color, cut, grade and other criteria that will be required by the appraisers. Lenders would usually make use of a synthetic thermal tester in order to check its true appraised value. From there, they will usually use a guide known as the Rapaport Diamond Report to determine a 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.
For the amount that will be given to the borrower, expect around eighty percent of the appraised value so that the lender has room to sell the stone in the event of default payment. If the lenders will base the amount on the Rapaport report, the amount given to the borrower will be forty percent of what is reported. It is quite low but it is good enough if one is a bit desperate to get 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.
So for those who are a little bit strapped for money, here is a great option that one can have in order to get fast cash. The thing about these kinds of loans is that they value the diamonds pretty low which is quite normal because it gives the lenders security while holding on to it. That is why it is only recommended to take this type of loan only if one really needs the money.
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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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