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.
Now, the great thing about this type of loan is that it is a quick loan since diamonds will be used as collateral. It is safe is a sense that if the loan is defaulted, then the lender can simply sell off the precious stone for the money. However, the testing is pretty rigid since lenders need to know the authenticity to create a value.
The first thing the lenders would do in appraising would be to check if the diamonds are mounted or loose. Loose are the pure stones have have not been cut to fit jewelry yet while the mounted ones are cut to be embedded already. More often than not, the loose ones have a higher value if lenders are discussing diamonds alone.
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.
When all of the requirements have been met, then the next thing that has to be done would be the confirmation of the loan. This is done through the signing of an affidavit which will confirm that the applicant owns the collateral. It also confirms that the collateral is not being used as a collateral for other loans.
Generally, the loan would be something of eighty percent of the appraised value of the stone so that the lenders can have room to sell it. The Rapaport Diamond Report would have a higher amount but it is not usually followed since the amount that is given to the borrower will be something like forty percent of the report amount. That is good enough if one really needs 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.
For those who cannot seem to get access to loans but would really need the money due to whatever circumstance, this is a great alternative. It may seem like a bad deal since the loan amount gotten is pretty low, but it is still higher than that of a pawn shop. That is why it is only recommended for those who need the money badly but really cannot get a loan from a bank or lending institution because of strict requirements.
Now, the great thing about this type of loan is that it is a quick loan since diamonds will be used as collateral. It is safe is a sense that if the loan is defaulted, then the lender can simply sell off the precious stone for the money. However, the testing is pretty rigid since lenders need to know the authenticity to create a value.
The first thing the lenders would do in appraising would be to check if the diamonds are mounted or loose. Loose are the pure stones have have not been cut to fit jewelry yet while the mounted ones are cut to be embedded already. More often than not, the loose ones have a higher value if lenders are discussing diamonds alone.
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.
When all of the requirements have been met, then the next thing that has to be done would be the confirmation of the loan. This is done through the signing of an affidavit which will confirm that the applicant owns the collateral. It also confirms that the collateral is not being used as a collateral for other loans.
Generally, the loan would be something of eighty percent of the appraised value of the stone so that the lenders can have room to sell it. The Rapaport Diamond Report would have a higher amount but it is not usually followed since the amount that is given to the borrower will be something like forty percent of the report amount. That is good enough if one really needs 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.
For those who cannot seem to get access to loans but would really need the money due to whatever circumstance, this is a great alternative. It may seem like a bad deal since the loan amount gotten is pretty low, but it is still higher than that of a pawn shop. That is why it is only recommended for those who need the money badly but really cannot get a loan from a bank or lending institution because of strict requirements.
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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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