What Can You Use as Collateral for a Cash Loan
What Can You Use as Collateral for a Cash Loan
Collateral loans have numerous advantages. One of these advantages is that they are inherently less risky than loan options. Additionally, they usually require less documentation and information checks than income-based loans. What you can use as collateral for a collateral backed loan depends on who you are borrowing from. For example, Coughlan’s uses Gold & Gold Jewellery to secure a cash loan for customers.
Collateral Loan vs Income-based Loan Requirements
Collateral loans require you to pledge something of value to get the cash you require. Gold and Gold Jewellery backed loans, such as the cash loans accessible through Coughlans, require the pledging of gold items. There are no documents required other than your Identity document (ID). This means no background or credit checks. And you will still be considered, without prejudice, for a Coughlans’ cash loan if you’re blacklisted or unemployed.
In contrast, income-based loans require numerous documents and information. For example: 3 months salary slips, when your pay-day is, list of income vs expenses and access to credit history. And this is just the start of the requirements. It’s also quite difficult, if not impossible, to access cash or short-term loans if you are blacklisted or have a poor credit history. And if you do, then it could be at a higher than usual interest rate too.
What Gold can You use for Your Gold Backed Loan?
Gold is measured on a karat scale of 0 to 24. Coughlans offers loans for Gold & Gold Jewellery which is 9- karats and upwards. We accept yellow, rose and white gold.
Examples of the gold we receive for our loans are: Gold Jewellery, Kruger Rands, Gold Mandela Medallions, Gold Coins and Collections, Gold Proof Sets, Bullion Gold, Cromwell Gold to name a few. Some of the many gold jewellery we accept are necklaces, bracelets and bangles, rings, brooches and earrings. We also evaluate ornate and decorative items for gold backed loans.
Additionally, we purchase gold for cash. This means that instead of pledging a gold item, we buy it from you and you leave with cash-in-hand.
What Gold Items Can’t You Use for a Gold Backed Loan?
Gold items are made entirely of gold. In contrast, gold-plated items have a non-gold metal as a base. This base is covered in a thin layer of gold. For assessment purposes this means that they cannot be regarded as a true gold item. Therefore, they are not eligible to be used for a Gold & Gold Jewellery collateral-based loan.
Advantages of a Coughlans Collateral Loan
Coughlans uses gold and gold jewellery for collateral gold backed loans. This is because it’s something that is already owned by a client. This means that, while it may have sentimental value, it’s not an everyday essential item like a car or home. Using everyday items such as a car or your home and then defaulting on a loan payment, will result in you being worse off than before you accessed a cash loan. Coughlans cares about our customers. Therefore, we like to ensure that as much as possible the long-term risk for everyone involved is minimised.
There are 8 loans which You need to know about
- 1. A great interest rate.
- 2. Access to cash in as little as 15 minutes.
- 3. No hidden charges or surprise costs.
7 Reasons Why You want a Coughlans Gold or Gold Jewellery based Loan
- 1. They are inherently less risky than other loans.
- 2. A great interest rate.
- 3. Gold assessment isn’t charged for and is obligation free.
- 4. Quick access to cash.
- 5. No credit checks.
- 6. We are upfront about our fees and how we calculate our interest rates. Therefore, you know you won’t have any no loan surprises later.
- 7. Available to those who:
- Are Black listed.
- Have a Poor Credit History.
- Are Unemployed.
- Don’t have a payslips or employment history.