What is collateral and how does it work?

Collateral is something you temporarily hand over to the lender, to secure a loan. Collateral helps negotiate the size of your loan. The more collateral or higher valued item, the larger the loan and less risk for the lender. We take pride in our excellent customer service. To assist in keeping your loan up to date, we will gladly give you a courtesy call to help remind you of payment dates that are coming up. Also, we will send you a notice in the mail in addition to the call before we must sell your collateral. We have over a 95% redemption rate, most of our customers are able to redeem their collateral once the terms of the loan are done and paid for. We take pride in our customer service and do all we can to get you the loan you deserve.


What kind of collateral are we looking for?

Because we are a high-end shop, we mostly accept jewelry of a higher quality such as a Rolex wristwatch, or a diamond necklace with a gold or platinum chain. We will keep your item(s) locked in a safe until you are ready to pay off the loan and redeem it. If you are bringing in diamonds or a Rolex for your collateral, the value will increase the more official documentation you have. GIA certifications are great for diamonds. Right now, Rolex watches are flying off the shelves, so if you bring the original box, papers, and warranty card (if you have it) you will have a greater chance of getting a better loan.


Who gets collateral Loans?

Many people used to think collateral loans were only for people who were in desperate need of cash. This is no longer the case. We get customers from all walks of life, with different economic backgrounds. More and more wealthy customers, and entrepreneurs, have been coming in for larger loans to achieve their goals. Regardless if you are trading in a Rolex to finance a start up business, or you have some jewelry that was passed down to you and you need help paying rent, we will work hard to get you the best estimate on what your collateral is worth toward a loan with us. We treat every customer with the same high level of customer service.


What if my collateral isn’t expensive enough for a loan?

We treat our customers like family and will always do whatever we can for you. Scott and Jon Mitchum will always tell you the honest value of your collateral, whether you choose to do a loan with us or wait. Honesty is our policy and we will give you the best loan we can for what you’ve brought in. This is one of many reasons we have so many repeat customers.


Need a loan? Not sure what the value of your collateral is? Come on in and we will be happy to give you an honest evaluation.