When you sell an item, you get a set amount of money in exchange
for what you are selling. There are no interest charges and you no
longer own the item that was sold.
If you use Gold & Gold Jewellery as collateral, you are using it
to secure a loan with the intent of paying the money back.
Therefore, once you’ve repaid the loan back as agreed, the item(s)
will be given back to you. However, if you fail to make loan
payments, then the Gold & Gold Jewellery will be used to pay back
your loan and any associated costs.
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. Gold plated items are not
regarded as true gold and therefore cannot be used as collateral.
Gold items are made entirely of gold and therefore are more
valuable than gold-plated items. Gold-plated items have a non-gold
metal as a base, which is then 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.
Anyone who is 21 years or older is eligible to be considered for a
loan with Coughlans. The requirement for a loan is to have a
genuine gold item that can be used as collateral. This means that
we do not need to know your blacklisted status, employment history
or credit rating. We therefore only require an identity document
to process your loan against the item(s) you bring in.
Coughlans uses Gold & Jewellery, already owned by customers, as
collateral. Therefore, there is no need for background and credit
checks or reviewing employment history or bank statements. As
such, our loans are available to those with a poor credit rating,
who are blacklisted or unemployed.
Coughlans uses Gold & Gold Jewellery as collateral for loans. Once
an item(s) is appraised, a loan agreement is offered to our
customer. An in-shop loan process can take as little as 15
minutes. This is because it requires no supporting documentation,
background or credit checks.
Coughlan’s requires your Identity Document to apply for a
collateral loan using Gold & Gold Jewellery. As our loans are
directly linked to the value of a specific item(s), we do not
require additional documentation, background or credit checks.
After appraisal and signing of a loan agreement, the item(s) is
kept by us in a secure facility until the loan has been redeemed
in full.
The interest rate is the cost of borrowing money. It is calculated
according to your individual loan. We ensure that ahead of signing
for a loan, you know how your interest rate is calculated and what
it is. We value transparency within a loan process, therefore are
also upfront with our fees, terms & conditions.
The loan fees are used to pay the administrative expenses of
providing a loan. At Coughlans, the appraisal of your proposed
collateral Gold & Gold Jewellery is free. Agreed loans are subject
to a basic one-off admin fee and an initiation fee. There is an
interest rate associated with the loan. We are upfront about how
we calculate our fees and interest charges. We believe in
transparency. Therefore, our loans have no additional hidden
charges.
A loan schedule is part of the loan agreement you sign when you
borrow money. Included within the loan schedule are, for example,
the monthly repayment amount, expected time frame to repay the
loan as well as your loan’s interest rate.
Coughlans’ easy and flexible loan terms mean that you have a
number of options when it comes to redeeming your loan. You are
able to redeem the loan in full or pay the fees and decrease the
capital of your loan following your payment schedule.
Should you request an extension of your loan, we will give it fair
consideration. When loans become due our clients have three (3)
options. The first would be to settle the loan in full. The second
option would be to pay the interest due for the period of the
contract. And thirdly to pay the interest due in addition to the
option to reduce the capital amount. The balance will then become
the new capital amount, with its own associated fees and interest
rate.
A loan collection process is the way loan repayments are made. If
the customer pays according to the loan schedule, then the
collection process is as per their loan agreement. If a customer
defaults or fails to pay the full monthly instalment, then the
loan’s non-payment (defaulter) terms and conditions will be
applied. This may result in additional fees, a third-party debt
collection process or the selling of a collateral item(s) to cover
the loan and its associated costs.
If you are concerned about or know that you will be unable to pay
an instalment, contact us immediately.
We understand that sometimes unexpected things happen. Therefore,
we are available to discuss and assist you where we are able to
when they do. It is always best to discuss your potential options
ahead of time rather than hope things will improve and discover
they don’t. Failure to do so will result in us having to proceed
with the terms & conditions applicable to defaulted loan
agreements.
Standard loans are three months. Those that are reviewed as
eligible for extension are then able to be extended for another 3
months. To be considered for a loan extension by Coughlans,
contact us directly. Extended loans are subject to a renewed loan
agreement and our standard terms & conditions.
It is very important to discuss a loan extension with us before an
instalment is due and ahead of missing one. Failure to do so will
result in default related terms & conditions being applied to your
loan as outlined in your loan agreement.
A renewed loan is essentially a new loan. By contacting us
directly, a loan can be considered for a three-month extension.
Various factors are taken into account. Successful applicants will
be provided with a new loan agreement relating to their original
loan amount and using their existing collateral Gold & Gold
Jewellery.
Coughlans offers an innovative city-wide mobile loan service that
makes applying and receiving a loan even more convenient for you.
You request an appraisal of your Gold & Gold Jewellery and someone
from our expert appraisal team will organise to meet you at a
convenient location. Thereafter, a collateral loan or an exchange
of your gold for cash can be discussed.
Our city-wide mobile services are available throughout the greater
Durban, Pietermaritzburg, Cape Town and Johannesburg areas. Our
Mobile Services extend into other selected areas across South
Africa, contact us to find out more.
Ahead of taking out a loan, you should ask yourself the following:
1. How much do I need to borrow?
2. Why do I need to borrow it?
3. What is the least risky way I can borrow money?
4. Can I afford to repay monthly installments?
5. Is the lender trustworthy?
Make sure that before you take a loan you understand the
following:
1. How is the loan calculated?
2. What Interest rate and all fees associated with the loan?
3. What are the Terms & Conditions of the loan?
4. What is the loan schedule?
5. What to do if you cannot pay an instalment?
6. What happens if you miss an installment payment?
7. How does a collateral loan work?
8. How will the money be paid to you?
9. How will you be expected to pay the loan back?
10. How will your personal information be protected and what it
will be used for?
