Unfortunately, more Americans than ever are looking for ways to earn cash fast due to sudden job insecurity and financial instability. With many employers reducing or shutting down operations for the next few weeks or months, finding a steady income is proving to be a significant challenge for Irvine residents. However, one way to make ends meet is by taking out a collateral loan from local pawn and loan shops.
What is a collateral loan?
A collateral loan is a loan secured by something you own, such as a loan on Rolex watches, jewelry, or designer handbags. In the process of a collateral loan, the pawn and loan shops will hold onto your collateral and pay you a fair value for those items. If you repay that loan within the agreed-upon time frame, your item will be returned to you. If you fail to repay the loan, the lender will keep your collateral as payment. Many people prefer collateral loans because they have no effect on your credit. Whereas bank loans are dependent on your credit score and can damage your credit if you fail to repay, collateral loans will never affect your credit and you often don’t require a credit check to qualify.
What can I loan?
Just about any physical asset can be used as collateral for a loan, depending on your lender. At Watch & Wares, we accept watch loans and jewelry loans as well as loans on rare items like coins, fine art, antique valuables, and other luxury goods. We begin by appraising your item and determining its current market value. Once we have offered a loan amount that you agree to, we’ll give you the cash same-day and issue you a loan ticket that clearly states all the terms of your watch loan or jewelry loan. All of our loans are four-month terms with a generous ten-day grace period. Our interest rates are state-regulated, and repaying your full interest amount allows you to extend the loan period if needed. If you fail to repay your loan on time, we will keep your used Rolex watches or other luxury items as repayment for the loan. If you do repay the loan in full, we will return your items to you right away.
Why choose Watch & Wares?
Watch & Wares has been a reliable source of luxury pawn services since 1991. We have a stellar team of industry experts and trained gemologists that can provide accurate appraisals and unparalleled customer service during the loan process. Whether you’re looking to take out a loan on Rolex watches or designer handbags, we offer some of the most competitive rates in Southern California. We offer generous loan terms, and our process is fully transparent. Other pawn and loan shops can be untrustworthy, unfair, or even unlicensed. Here at Watch & Wares, we always offer a safe, comfortable luxury experience.
If you have used Rolex watches or other luxury goods that you’d like to loan for same-day cash, call the experts at Watch & Wares. We’ve earned the trust of your Irvine neighbors, and we’d love to earn your trust as well. To make an appointment at our Tustin location, give us a call at (714) 731-9600 or fill out a contact form on our website.