Selling gold is the best way to have instant cash in your hand. But, numerous people want to go with the other things. However, sometimes these things results in making things worse for them. Taking a gold loan towards their gold is one of these things. We all face though conditions in our lives. But, all of us have different approach to resolving them. Many people are there who tend to take a gold loan whenever they face economic crisis.
It is noticed that such gold loans tend to be disappointed in the long term. That is why cash for gold is a better option against gold loan. If you are planning to take gold loan, kindly read this article. This article will help you in knowing the problems which you will face after taking the gold loan.
Why You Should Never Take Gold Loan?
Taking a gold loan is like mortgaging your gold and getting money on the basis of the fixed annual compound interest. People think that it is the best to resolve their problems. But, it is not true.
• Low Value
The amount of your loan will be very low in contrast to the value of your gold. Generally, your lender will provide you with a little over sixty percent of the current price of your gold.
• High Interest
The interest charged from you is very excessive. You are supposed to pay it on a month-to-month basis. The story will not end here as the in interest charged is a compound interest which means that your principal amount will preserve on increasing.
• Long Paperwork
Even if you have your gold with you, it doesn’t mean that you would get your loan easily. The paperwork is very lengthy and occasionally takes up your whole day. Even with that, you would not get your favored amount.
The Best Gold Buyer for You
Hence, if you take the gold loan, you will face these difficulties. Therefore, selling gold is the best way to have instant cash. But, for selling gold, you will need a good gold buyer. Jewel House is the best gold buyer in Chandigarh. They provide the highest prices of your gold. You just need to visit them for Cash for Gold in Chandigarh. After that, they will complete the entire process.