banner

Unlocking the Value of Your Gold: Using Gold Loans as a Source of Quick Cash

Date of Published: September 13, 2023

Imagine a situation where you need access to some quick cash but you don’t have cash in your hands. Now, you will start worrying about the ways to get some money. But you don’t have to worry much if you own some gold in any form. One of the easy options that you may not be aware of is a gold loan. If you own gold jewellery or other gold items, you can leverage their value to get an instant gold loan. In this blog, we’ll discuss the concept of gold loans, how to get an easy gold loan, and why this will be a convenient source of quick cash. So, let’s deep dive into it.

What is a Gold Loan?

A gold loan is a kind of secured loan where you borrow money from a financial institution using your gold as collateral. The loan amount is typically a percentage of the gold’s value. Your gold itself will be stored securely by the lender until you repay the loan. This kind of loan is popular as it provides a speedy and hassle-free way to get money, especially when you need it right away.

How to Get a Gold Loan?

It’s relatively easy and straightforward to get a gold loan. Here is a comprehensive guide on how to get a gold loan seamlessly:-

Choose a Lender

You need to start by researching and identifying financial institutions that offer instant gold loans. The three most popular options are banks, non-banking financial institutions (NBFIs), and specialized gold loan firms. Now, look for some reputable lenders with good customer reviews and competitive interest rates.

Assess Your Gold

You’ll need to assess the value of your gold once you will select a lender. The majority of lenders use educated evaluators who will assess your gold and establish its value. The loan amount you will receive is typically a percentage of the gold’s value, often ranging from 60% to 90%.

Complete the Application

The next will be the form application. You’ll need to fill out the loan application form provided by the lender. The form will require your personal information, details about the gold you’re using as collateral, and the desired loan amount. You just need to make sure to provide accurate information to fasten the loan approval process to get the easy gold loan.

Submit Required Documents

You’ll need to submit certain documents to support your loan application along with the application form. Here are some commonly required documents that include proof of identity (such as a passport or driver’s license), proof of address (such as a utility bill or bank statement), and photographs. Some lenders may also require additional documents too, so be sure to check their specific requirements to process your instant gold loan.

Loan Approval and Disbursement

The lender will review your application and assess the loan amount they can offer based on the gold’s value after the submission of the application and necessary documents. If your application will be approved, you’ll receive a loan agreement specifying the terms and conditions with the interest rate and repayment schedule.

Why Choose a Gold Loan for Quick Cash?

Now, you might think why should choose a gold loan over the other options to get some urgent financial support? So here are several reasons why a gold loan can be a convenient source of quick cash.

Easy Approval

Gold loans have a higher approval rate since they are secured by collateral compared to other types of loans. Interestingly, even if you have a low credit score or no credit history, you can still be eligible for a gold loan.

Quick Disbursement

Gold loans are popularly famous for their speedy disbursement process. The funds are typically disbursed to you within a short period or often on the same day once your application is approved and the loan agreement is signed.

No Income Proof Required

It usually doesn’t require income proof, unlike other options to approve an instant gold loan. This makes them more accessible and convenient, especially for individuals who may not have a regular income source.

Lower Interest Rates

Gold loans frequently have cheaper interest rates. Lenders offer competitive interest rates since gold acts as collateral and are less risky than other assets.

Conclusion

If you ever find yourself in need of quick cash, you can consider unlocking the value of your gold through a gold loan. An instant gold loan can be a convenient option to meet your immediate financial needs because of its easy approval process, quick disbursement, and lower interest rates. Always remember to choose a reputable lender to assess the right value of your gold accurately. And if you are finding it difficult to search for any trusted lender, we have quite an amazing recommendation for you. It is ValueGold. They offer incredible and convenient services in the space of gold. They are known for their amazing customer service.

Related Blogs

image
What documents are required to sell gold for cash at Value Gold?

Throughout history and civilizations, gold has served as a symbol of affluence. Apart from being aesthetically appealing, gold has a significant position in the global economy as a perceptible asset…

Read More
image
When is the optimal time to sell my gold for cash?

Gold is often considered a secure investment, the value of which keeps rising with time. Once you figure out where to store it safely and soundly, gold can be your…

Read More
image
5 Things to Consider Before Selling Gold

If you’re thinking of selling gold, there are a few things to keep in mind so you can get the best value. Selling gold can be a good way to…

Read More
image
Things to Know While You Release Pledged Gold

Gold, being highly valuable, was used as a medium for exchange or money. In ancient times, gold was often used as a currency. But now, it is used as a…

Read More
icon
Old Gold
Calculator
Pledge Gold
Calculator
Know Today's
Gold Rate
WHATSAPP US