Jewellery is a symbol of wealth and sophistication. It’s also the key to instant cash loans for people in Gaborone who can’t borrow money from banks and other formal lenders.
Blacklisted consumers, or those who are already indebted or have a bad credit score, find it difficult, if not impossible, to secure bank loans or payday loans.
Using high value jewellery as collateral is an easy and legitimate away of borrowing money in Botswana.
At lamna, we specialise in asset-based lending. That means we’ll offer you an amount of money based on the appraised value of your gold, silver, platinum or diamond jewellery.
How loans against jewellery in Gaborone work
Getting a short-term personal loan from lamna is quick and easy.
All we require is an independent valuation of the piece of jewellery you want to use to secure the loan. We’ll then make an initial offer of the amount of money we’re prepared to lend you, on the telephone or by email.
Once you’ve accepted the offer, an appraisal of the item is conducted, in your presence, at our Gaborone branch. If the appraisal and valuation are within a similar range, a loan agreement is drawn up for you to sign.
As the jewellery is used to secure the loan, the piece is handed over to us for safekeeping until such time the borrowed money, plus interest and fees, is paid back in full.
Where to get jewellery-backed loans in Gaborone
lamna has a conveniently located branch in Extension 9, Gaborone. Our friendly consultants are available during office hours to take calls, respond to emails, and process loan agreements.
The lamna Gaborone branch contact details are:
Tel: 71 388 088
Email: info@lamna.co.bw
Address: Plot 2644, Phuti Crescent, Ext. 9, Gaborone
How jewellery is valued
There are four main types of jewellery valuations, all of which can result in very different appraised values for the same piece of jewellery.
An insurance valuation is for insurance purposes. It reflects the estimated replacement value of an item of jewellery. Every aspect of the piece is considered to determine the value, including the amount and quality of the materials, condition, age and craftsmanship. This type of valuation usually ascribes one of the highest values to pieces.
An estate valuation assesses the value of jewellery in a deceased estate. This type of valuation is based on the willing buyer, willing seller principle, and represents fair market value for a second-hand piece. It is usually a relatively low representation of the value of jewellery.
A market valuation reflects the retail market value of a piece at a jewellery store. It represents one of the highest values attached to jewellery items.
A loan valuation is based on the spot price of precious metals – gold, platinum and silver – and the carat price of diamonds. As a result, it is typically the lowest value assigned to a piece of jewellery.
Borrow or sell?
When debts start mounting up, you may be tempted to sell your jewellery to cover costs. The truth is that second-hand jewellery tends to sell for a fraction of its original sales price.
To make matters worse, the second-hand jewellery market is saturated; it can take weeks, months or longer to attract the interest of a buyer.
When you do sell, it means waving goodbye to your precious items for good.
Instead, you can use gold, silver or diamond jewellery to secure a loan. You’ll have to repay the funds with agreed interest. However, you’ll have very fast access to the money.
You also won’t have to part with the jewellery permanently. Once you’ve settled the loan, it will be returned to you. You can wear it, keep it safe for the next generation to inherit or opt to sell it at a later stage.
At lamna Botswana, we make using jewellery to get a loan quick and easy. For more information about using an asset of value to secure a short-term loan, contact us on 71 388 088 or simply complete and submit our online application form.