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Gold Loans and Diamond Loans among the best items for Pawnshop Loans

Gaston Music & Pawn specializes in making short term loans on all sorts of quality merchandise, but there are some things which make the best loans. The best items are ones which do not quickly lose their lifespan. When you look at computers, TV's and other electronics they have a fairly short shelf life, and that is true for a pawnshops ability to make loans on items such as these.

However, some things have a much more stable used retail value. These include musical gear and instruments, firearms, certain types of tools - and gold and diamond jewelry.

Jewelry is especially good for short term loans as it is something that you may not use during the normal course of your life, and broken gold to a pawnshop is still gold.

Gold is down slightly now - it has been running about $1169 - $1200 or a little higher as of 03-2015. In real world terms, for a loan value from most pawn shops you are looking at about $9.00 to $12.00 per gram, depending on the purity of the gold and over all quality of the piece of jewelry.

Diamonds and gold make great items to get loans on, but beware getting loans on sentimental items!

Diamond's Can Make Great Collateral 

Diamonds are a bit trickier, and usually diamonds need to be at least 1/5th of a karat or more to loan beyond what the gold weight is on a diamond. The loan values are quite a but lower than new retail value, but they still make an excellent piece of collateral for loans.

Of course, we also buy any gold jewelry, no matter what condition it is in, and diamond rings, but getting a loan on your items does allow you to pick them back up.

There are a few things that we do caution people about - one is the size of the loan. It is always best to borrow the smallest amount you need so your items are easier to pick up, as large loans over 90 days especially can mount up. For instance, a $150.00 loan for the first 30 days is only $183.00, but if it is not picked up until the third month it will be $249.00.

A Diamond Designer Ring at Gaston Music & Pawn!

The other thing we recommend is that you judge the sentimental value of anything you might want to get a loan on - if you have your grandmothers ring which means the world to you, you may want to consider whether you ever use it as a way to get the short term money you need.

Most of the things I have been sentimental about don't have any real value but this should always be considered when you need money and are looking for a short term loan from a pawn shop.

Gaston Music & Pawn has been the pawn shop Gastonia residents have chosen for years - if you need money, our collateral based short term loans in Gastonia may be just thing to get you by!