Loans
How Do Collateral Loans Work?
When you need a little extra financial flexibility, a collateral loan can be a convenient option, and we’re here to make the process as friendly and transparent as possible. So, what exactly is collateral? Simply put, collateral is an item of value that you temporarily hand over to us to secure your loan. This helps us determine the size of your loan—typically, the higher the value of your collateral, the larger the loan we can offer.
At Newport Watch Jewelry and Loan, we pride ourselves on exceptional customer care. To help you stay on track with payments, we’ll reach out with a friendly courtesy call as your due date approaches, along with a mailed reminder. This way, you have peace of mind and can focus on redeeming your item. In fact, we’re proud to say that over 95% of our customers successfully reclaim their items once their loan terms are met. We work hard to offer you a loan you can feel comfortable with, tailored to your needs and secured with respect.
What Types of Collateral Do We Accept?
As a high-end shop, we specialize in quality items like luxury watches, fine jewelry, and valuable diamonds. Rolex watches, diamond necklaces, and gold or platinum chains are among the top items we accept for collateral. When you bring in your jewelry or timepiece, rest assured your items will be securely stored in our safe until you’re ready to pay off the loan and redeem them.
If you have valuable documentation for your items, such as GIA certifications for diamonds or original box and papers for Rolex watches, this can increase your item’s valuation, allowing us to extend a larger loan. Right now, Rolex watches are especially sought after, so any original packaging or warranty cards can make a difference in your loan offer.
Who Benefits from Collateral Loans?
Collateral loans aren’t just for those in immediate need of cash—they’re for anyone looking to leverage their valuable items to achieve their financial goals. We welcome customers from all walks of life, including entrepreneurs and business owners who are financing new projects, as well as individuals who need extra cash to cover personal expenses. Whether you’re securing funds for a startup by leveraging a Rolex or using inherited jewelry for a temporary loan, we treat every client with respect and aim to provide the best possible value for your collateral.
What If My Item Isn’t Valuable Enough for a Loan?
We’re here to help, even if your item may not qualify for a high-value loan. Our experienced team, including Jon and Joe, will always offer an honest assessment of your item’s value, whether you decide to proceed with a loan or not. Transparency is a core value here at Newport Watch Jewelry and Loan, and we believe in treating our customers like family. That’s why so many clients choose us again and again.
Interested in a Loan? Let’s Chat!
If you’re considering a loan or curious about the value of your collateral, stop by Newport Watch Jewelry and Loan. We’ll be happy to provide an honest, upfront evaluation and answer any questions you may have.