Why do people pawn their rings? It seems like such a drastic step; but sometimes, you have no other choice. Once you make the decision to pawn your diamond ring, make sure you get the best deal.
You might have seen Arab women wearing jewelry made of coins. Why do they do this? Coin jewelry and diamond rings are forms of wealth.
The Hindu wedding ceremonies have a lot of gold, silver and diamonds given as gifts. The Indian community wants to invest in the new couple. The diamond ring is both a sign of love and a financial investment.
Be wise when you purchase that diamond ring. It may cost less to buy a fake, but a pawn shop is not likely to give you much in return. When you buy a real diamond, you have an asset that will retain its value.
People’s families change all the time. You might have endured a financial hardship. And now you don’t have the same emotional connection to your diamond ring as you used to.
You might also pawn diamond ring because it elicits bad memories. Things are associated with people and you might not want an old symbol of someone, you no longer get along with. You still have value in the diamond ring, so pawning it makes sense.
When your life changes, you want different symbols to represent your present circumstances. The advantage of pawning a diamond ring is that you might be able to buy it back later. You can deal with your present financial difficulties and gain a new lease on life.
What is more important – your family members or your diamond ring? Of course, humans are more important. You might be able to re-invest in yourself or save a family member by pawning your ring.
Best Place for Pawning Rings
You can get lower interest rates when you choose the right location. Some of the pawn shops charge very high rates. You can find 1/12th of the typical pawn shop rate – get a more affordable loan from the right lender.
What is Usury?
You might become emotional when thinking about pawning your diamond ring – that is only natural. But, you need to be careful to avoid usury. Some think that usury is only something found in Holy Scripture, but it is real.
Usury is charging exorbitant interest rates. At many pawn shops, you might be charged very high interest rates. You need to calculate how much you will pay over the life of the pawn loan.
Save Your Life
You might not have many valuable stocks or bonds. You might only have a diamond ring as an asset. People pawn those rings to raise money – make sure you choose the right lender.