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secured loan against gold

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secured loan against gold

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.

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Established Contributor

Re: secured loan against gold

As long as the value can be verified, then they will likely accept it as collateral; however, you may have to deposit the gold bar in a lockbox with them.

 

You could always sell the bar so no loan is necessary; then you pay 0% interest and won't have the effect of a new installment loan on your CR.


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