When you have an unexpected expense, look to your jewelry box to get the cash that you need. Don't worry- you don't have to part with your favorite pieces of jewelry to raise the funds required to pay your bills. Instead, take out a collateral loan that uses the jewelry for collateral. The only way you lose ownership of your jewelry is if you don't pay off your loan. Check out some of the reasons that a collateral loan is a terrific option when you need cash in a pinch.

1. There is No Credit Check

If you have bad or no credit, you know that finding a loan can be tricky. However, collateral loans do not require a credit check, nor do they report your loan to the major credit bureaus. Instead, the decision to lend is based on the value of your item.

Collateral loans usually do not ask for proof of income, making them a top choice for individuals who are between jobs.

In some cases, you may be asked to show proof of ownership for your jewelry.

2. You Can Get the Money on the Same Day You Visit the Jewelry Store

When you're in a bind, you need cash as quickly as possible to minimize late fees and penalties. You can get a collateral loan for your jewelry the same day that you you go to the jewelry store, such as Sol's Jewelry & Loan. Once your jewelry is appraised, you just need to sign the required paperwork in order to get your money. The appraisal process varies based on the item, but usually doesn't take more than an hour or two.

Some jewelry stores do have the option to mail your jewelry in for collateral loans. Once they receive the jewelry, they appraise it and mail an offer to your address. After you sign and mail back the offer, the jewelry store can fund your loan. Though this option is not a same day process, it does come in handy for individuals who don't live near a jewelry store or don't have access to transportation.

3. The Terms are Flexible

One of the most beneficial characteristics of collateral loans is that they offer flexible terms. You can choose from both short term and long term loans, ensuring that you find a product that fits your budget. Terms range from a few months to year.

Should you desire to pay the loan off ahead of schedule, you can do so without penalty. 

While you are paying your loan off, your jewelry is kept safe and secure in a vault.