adminWe are living in such difficult times that it has become almost impossible for a common man to afford anything. We are forced to live by only making our ends meet. This is why there are many people who opt to get a loan against their gold by mortgaging it. They believe that everything would be alright for them and they would be able to live their life as they once imagined. But everything is not butterflies and rainbows when it comes to taking loans against your gold.In this blog we would go through the process of mortgaging your gold and how these lenders trap you in their web of interest and installments. We would also see how you can get a gold loan settlement Delhi NCR by contacting Cashfor gold and Silverkings
Negative points of getting loan against your gold
- When you take a loan against your gold from a lender, you only get 60 to 70% of the worth of your jewelry.
- On the amount that you have received, you are supposed to pay compound interest.
- This means that not only on the principle but also on the interest you are supposed to pay interest.
- Because of this paying of interest on interest, it is called compound interest.
- This is why people find themselves in a really tight spot after getting this loan and always look out for ways to settle this loan.
Other things that you can do
- Rather than getting 60 or 70% worth of your gold, and paying interest on it, we suggest you sell your gold and get 100% of its worth.
- A genuine gold buyer Delhi NCR such was Cashfor gold and Silverkings will always give you a very high price for it.
- The process is very simple too and doesn’t take much of your time.
Now that you know all the ill effects of taking a gold loan from a lender, we advise you to always sell your gold to Cashfor gold and Silverkings and get the highest price. You can earn high interest on it and do whatever you want from that money.
