Millions of people every year will find themselves in some kind of financial difficulties. These can range from...
Millions of people every year will find themselves in some kind of financial difficulties. These can range from a temporary financial embarrassment to a full blown crisis. A huge number of hard-working Americans live from paycheck to paycheck, or are juggling debts. One slip, a run of bad luck, or a combination of difficult circumstances can leave you in urgent need of ready cash.
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If you find yourself suddenly up against it, and desperate for money, you have three basic options. The first is to borrow from family and friends, the second is to take a loan from a commercial lender, the third is to sell your assets.
Borrow Money from Friends and Family
If you have family or good friends who are willing to lend you money in an emergency it may be your safest option. They are unlikely to demand interest payments and may be flexible about repayment schedules.
The minus is that asking for loans can place a strain on relationships. Many people are also too proud to go cap in hand to their families. Some families have privacy issues and not everybody wants their relatives to know their business.
Take a Payday Loan
So called payday loans have become a massive industry. Commercial lenders make big profits offering people short term loans at high rates of interest. Many of these loans are exploitative and some are one step above loansharking.
Payday loans may be the only option for people with poor credit ratings or no assets to offer as security against their debt. The services are widely advertised and offer a quick and convenient solution to people who need money in a hurry.
The main problem with payday loans is that if you can’t payback your debt fast, it may end up costing you a lot of money over a long time period. The payday lenders are unforgiving and will pursue debtors relentlessly.
Sell Jewelry and Rings or other Assets
Self reliant people, and those without a wider support network, often prefer to sell their assets to raise money in an emergency. Selling personal property frequently results in some financial loss, but it can be a convenient solution.
There is a wide market for second hand goods but it is usually a buyers market. There are exceptions, but most consumer durables begin depreciating in value the second that you buy them. You might be lucky to get 30% of the retail price for a good quality second hand item.
There are plenty of pawnbrokers and secondhand stores willing to buy TVs and stereos. You could also sell your car or bike to a dealer. All of these sales will probably reduce your quality of life and may even make your situation worse in the long run.
Personal jewelry such as rings, watches, necklaces and bracelets are usually the first choice of asset for a quick sale. They are easily portable and have no real function except as decoration. You might suffer emotionally if you have a sentimental attachment to a ring or necklace, but your life won’t be disrupted by its loss.
How to Sell Rings and Jewelry
Traditionally people who wanted to sell rings and jewelry went to a pawnbrokers or to a jewelry store. Pawnbrokers and jewelers have always been ruthless about driving a hard bargain and paying the absolute minimum. If pawnbrokers sense that a seller is weak, naive or desperate, they can make a shark appear compassionate by comparison.
Another option is to advertise your jewelry in the classifieds (these days that means online). You should expect a lot of timewasters and aggressive bargainers, and must take precautions against criminals. The advantage of selling jewelry online as an independent is that you can set your own prices. Unfortunately you’ll probably find that it’s still a buyers market.
Sell Rings and Jewelry Online
The modern way to sell jewelry (particularly unwanted engagement and wedding rings) is to big online buyers. Companies like iValue Lab provide a service buying up rings, diamonds and other jewelry from people across America. Not only do online buyers offer fairer prices, they also offer convenience, security and privacy.
When you sell to an online buyer you’ll be spared a face to face appraisal and the unpleasantness of haggling with a pawnbroker. Most sites have a simple online valuation form that takes about 2 minutes to complete. If they’re interested in buying your jewelry they’ll usually make a firm offer within an hour or two. The rep will schedule a free FedEx or UPS collection and you’ll get your money within 24 or 48 hours.
If you’re in a situation where you need money fast and decide to sell your rings, jewelry or watch it’s definitely worth checking out sites like iValue and seeing what they’re ready to offer. The price will almost certainly be higher than anywhere else and the service a lot better.