Even though selling gold is the best way to earn instant cash, many people wish to try different things. Sometimes these different things end up making things worse for us. Taking a loan against their gold is one of these things. Even thoug their are many people who are highly critical of it. There are still many who believe that getting this loan is the best to solve their financial problems.
We all face difficult situations in our lives and our strategy to solve them is also different. It has been noticed that there are a few people who tend to take a gold loan whenever they are in a financial crisis. It has also been noticed that after taking this loan they tend to be disappointed and in a desperate need to end this process. This is why they constantly search for a gold loan settlement Delhi NCR to make sure that they do not have to pay high interest on their loan. In this article we will see what exactly is the main problem with gold loan and why you should always sell your jewelry.
Taking a gold loan means mortgaging your gold and getting cash on its basis on a fixed annual compound interest. People believe that it is best way to solve all their problems but we will tell how they cannot be further from the truth.
The amount of your loan will be very low as compared to the value of your gold. Generally, your lender will give you a little over sixty percent of the current value of your jewelry.
The interest charged from you is very high and you are supposed to pay it on a monthly basis. The story doesn’t end here as the interest charged is compound interest which means that your principal amount will keep on increasing.
Even if you have your gold with you, it doesn’t mean that you would get your loan easily. The paperwork is very long and sometimes takes up your whole day. Even with that, you would not get your desired amount as you would get a very low value as compared to the value of your jewelry.
Now that you all disadvantages of getting a gold loan, you must be wondering what is the best way to get a gold loan settlement near me. Let us tell you can easily get this and free yourself from this trap of high interests.
We all make different choices in our lives to make it better. Some are good and some turn out to be bad for us. Taking a gold loan is one of those mistakes that people make in the process of making their life good. If you are one of those people who is now stuck in this never ending loop, all you need to do is contact us and we will get you a gold loan settlement.