Getting The Funds You Need To Pay Taxes: 3 Tips For Expediting A Jewelry Collateral Loan
Posted on: 14 April 2016
As tax season is quickly approaching, most Americans are spending a significant amount of time filing their taxes and determining whether they owe any back taxes to Uncle Sam. Surprisingly, more Americans than you'd think owe Uncle Sam money. In fact, the latest statistics released in 2008 showed that approximately 8.2 million Americans owed more than $83 billion in back taxes, penalties and interest. If you're amongst these Americans, paying your back taxes as soon as possible can help reduce the amount of fees and penalties that may get tacked on to your final debt. Jewelry collateral loans are easy to get. They do not require any credit checks. Here are 3 ways you can expedite the approval of these collateral loan applications.
Get the Jewelry Professionally Appraised
Before the loan can get approved, the value of the jewelry that you are putting up for collateral will need to be confirmed. Most financial institutions that are willing to give you a loan will want to get the jewelry professionally appraised and certified. Often times, it may take some time for the jewelry to be appraised depending on how busy the company may be. You can expedite the loan application process by getting the jewelry professionally appraised yourself.
Make sure to get the jewelry appraised by a professional appraiser or company that is accepted by the company that you are getting a loan from. There may be certain credentials that the company offering the loan may require for the appraiser to have. For example, most companies will require the appraiser to have a GIA Graduate Gemologist diploma.
Opt for Higher Interest Rates or Put Up More Collateral
After the value of the jewelry has been confirmed, the terms and conditions of the loan will need to be scrutinized. The company offering the loan will want to make sure that you have the ability to pay back the money loaned or that the value of the jewelry you put up for collateral will be sufficient to pay off the loan. Not only will the value of the jewelry be taken into consideration, but other factors, like how easy the jewelry will be to liquidate, will also need to be accounted for.
To get your loan approved more quickly, sweeten the pot by either opting for a higher interest rate or putting up collateral that is worth significantly more than the amount of money you are borrowing. This way, you will become a low-risk client, and the company will be assured that they will be able to recover the money that was loaned with ease. Just make sure that the interest rates for taking out the loan will not be more expensive than the late penalties and fees for the taxes you owe.
Get the Paperwork Ready
At times, the application process is hindered by incomplete paperwork or insufficient documents. Before you apply for a loan, make sure that you have all of the paperwork ready. This may include your credit report, employment information and other paperwork that is needed for identification purposes. You may also want to attach a certified appraisal to the loan application and other types of documentation that may help strengthen your loan application. For example, you might want to even include information regarding the amount you owe in back taxes.
If you have already submitted your loan application, you can still send in additional documentation or paperwork that you come across while you are waiting for the loan to be approved. You want to give off the impression that you are not only credible, but also reliable. Double check the loan application before submitting it to confirm that all of the information provided is correct.
Conclusion
Getting a collateral loan can be rather easy and can really help you make sure you pay any back taxes you owe on time. By putting up collateral, the company providing you with the loan will generally overlook bad credit or any other problems that other loan companies may be concerned about. You should get the money you need within a relatively short time. Just make sure that you read the terms and conditions of the loan contract carefully, so you know what is expected of you. For more information and tips, visit websites like http://solsjewelryandloan.net/.
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