Everyone out there must have proper financial planning that allows them to deal with the expenses and keep the savings growing. Such a type of financial planning also allows people to invest in the right area and make maximum profit. But since life is full of unexpected events, you might have to deal with unexpected expenses at some point in life or you might need some quick cash to fulfill your financial wishes. Well, this is where loans come into the picture with rejected loan application.
Loans have been acting as financial help for people for many decades and this is why it is considered as one of the oldest forms of getting money to fulfill financial obligations. But this doesn’t mean that getting your loan approved is an easy task. In many cases, your loan can get directly rejected by the bank and this is where the real problem begins.
But you don’t need to worry if your loan has been rejected by the bank as you will always have the option of a jewelry equity loan. So, let’s find out how a jewelry equity loan can help you in recovering from a rejected loan application.
Why has the bank rejected your loan application?
When it comes down to approving a loan application then almost all the banks have very strict standards since approving a traditional loan is one of the riskiest financial approvals as there is no collateral kept by the bank against the approved loan. If you don’t have a good credit score and if your cash flow doesn’t meet the basic criteria set by the bank then it becomes near to impossible to get your loan approved.
In addition to this, the paperwork is really slow in the case of traditional loans, and getting your loan approved might take more than two weeks. You will be surprised to know that in the year 2017, only 36% of the small businesses were able to get a traditional loan from the bank and this number kept on decreasing with time. And the percentage mentioned here is so small that if you don’t have even an average credit score then your loan application can get directly rejected by the bank.
How can you get a jewelry loan?
A jewelry loan is one of the easiest ways to get some quick cash and that too without going through any type of hectic or lengthy process. All that you need to have in order to get a jewelry loan is valuable jewelry that should be original and if you have the paper for the jewelry then it is going to act as icing on the cake during the deal.
You have to start the process of a jewelry equity loan just by filling a form on the website of the loan company and you can get a quote in less than 24 hours. Now, if you are satisfied with the quote offered by the company then you can send the jewelry to the company for evaluation.
You don’t have to worry about the price of shipping as it is going to be covered by the company itself. After receiving your jewelry, the company is going to assess it on the basis of different parameters, and then finally, you will be given a final offer. If you approve the final offer then you will be contacted to go through the details of your final payment. But even if you send the jewelry for evaluation, you will not be bound to approve the final offer.
What are the benefits of a jewelry equity loan?
One of the best things about jewelry equity loans is they are highly flexible, especially in comparison to what the traditional loans have to offer. In the case of traditional loans, you are bound to spend the loan money only on business expenses but that is not the case with jewelry equity loans. The company giving you a jewelry equity loan is never going to check where you are spending the loan amount.
In addition to this, you don’t need to be ready with a good credit score for getting your loan approved as credit score doesn’t play any role in the jewelry equity loan. This means that even if you have a bad credit score, you can still apply for jewelry equity loans.
Along with this, you are going to get a low interest rate in the case of jewelry equity loans since the risk involved in these types of loans is very less and the companies are always ready to offer you low interest rates.
If a bank has rejected your traditional loan then there is nothing to worry about as you will always have the option of a jewelry equity loan that comes along with a low interest rate.