I am in need of personal loan of $ 5000. I understand that there is secured certificate loan and unsecured loans. At my local credit union website, i.e. Tri Boro, it says the interest is 4.99 % and 8.99 % for secured and unsecured loans respectively. I am not sure if I will be able to get unsecured and the interest is too steep. I have 100 gram gold bar which is 99.99 % pure 24 carat. I bought it from a bank overseas and its some Swiss Agency certified with serial number.
Is it possible to get loan against gold ? the price of the gold should be around $ 8500.