[St. Louis Park, 05/15/2017] — Hull Loan System, a diamond brokerage company providing diamond loans, discusses why their loan system is different from an ordinary pawn shop. The firm says that most individuals think of going to a pawn shop when they want to get cash quickly using their diamond jewelry as collateral. The company, however, argues that their regulated loans are much better than a diamond pawn for two reasons: lower interest rates and a longer payment period.
Lower Interest Rates
The firm takes pride in charging low interest rates, which are set according to Minnesota’s Regulated Lenders Act. The interest rate per year is 33 percent on the first $1,125 loaned and 19 percent in excess of that amount. Thus, the interest rate is a weighted average of the two rates. Clients can expect the effective interest rate to decrease as the loan amount rises.
In contrast, a typical pawn shop has an interest rate of one percent per day, which translates to a whopping 360 percent per year. Hull Loan System’s highest interest rate of 33 percent does not come close to the 360 percent pawn shops charge, so customers are sure to save more money.
Longer Payment Period
Another great thing about the firm’s diamond loan is that it gives customers a longer time to pay off the loan. The firm’s terms reach up to five years. An ordinary pawn, in comparison, only offers a payment period of three or four months. In the event of a prepayment, the company does not charge any penalty. This enables customers to pay off the loan when they can afford it.
About Hull Loan System
The firm has helped thousands of ordinary individuals who needed money quickly through their diamond loans. Furthermore, they also sell diamonds and diamond jewelry at reduced prices. They are committed to offering customers comfort and peace of mind knowing that the diamond they handed over is safe in a bank vault.
For more details, go to http://www.hullloansystem.com/loans-diamonds.