Q1. What is a Gold Loan?
Ans. Obtaining a Loan by providing your Gold jewellery or Gold Bullion as collateral. Loan amount will be based on the value of the Gold you are providing as collateral. You do not need to sell your valuable Gold for any short term or long term financial needs.
Q2. How are Gold Loans different from other Loans like Line of Credit, Credit Card Loans or Payday Loans?
Ans. Line of Credit, Credit Card Loan or Payday Loan are based on your Personal income, Credit scores, other loans you currently hold, Employment history, Bank statements, your relationship with the bank and it usually carries a high interest rate.
Gold Loans depend only on the value of Gold you provide as collateral. There are NO CREDIT CHECKS, EMPOYMENT HISTORY OR BANK STATEMENTS REQUIRED.
Q3. I have a couple of Lines of credit, carry a balance on my credit card and have a payday loan. Will I be eligible for Gold Loans?
Ans. Yes you will. Having Lines of Credit, credit card loans, consumer product loans, home mortgage, Car Loans or any other personal loans will not affect your ability to obtain Gold Loans. We DO NOT require, credit score, income verification, outstanding balances on credit cards, employment verification or bank statements.
Q4. What advantages do Gold Loans have over other types of personal loans?
Ans. There are many advantages for availing Gold Loans over other loans. It is quick and easy and in fact you can obtain a Gold Loan within 10 minutes after visiting one of our branches. Gold Loans do not show on your credit report. There are no hidden costs, no application process, no credit checks and no pre-payment penalty. You can close your Gold Loan anytime you wish..
Q5. What information or documents will I need to apply for a Gold Loan?
Ans. You just need a Government issued id for identity proof. We do not collect your SIN or any other personal details such as place of employment, existing liabilities etc.
Q6. Do I need to fill a Loan application form?
Ans. No, we just require your contact information; it will take no more than 10 minutes for approving the loan and getting the cash in your hand.
Q7. What is the eligibility for getting a Gold Loan?
Ans. Any adult who is a legal owner of any Gold can obtain a Gold Loan. You just present your Gold and we can tell you how much loan amount you will get, it is quick and easy.
Q8. Will you report this Gold Loan to the credit agencies?
Ans. No, we will neither access your information from the Credit Bureaus nor report your loans. It will be strictly confidential. Gold Loans will not show on your credit report.
Q9. I want to use the Gold Loan as a down payment for buying a home or condominium. Is it possible?
Ans. Yes, you may use the money as you wish. Having a Gold Loan will not affect the banks decision to approve your Mortgage. Gold Loans will not be reported to credit bureaus, banks or any other financial agencies.
Q10. What are the different types of Gold Loans?
Ans. There are various types of Gold Loans depending on the loan amount and duration. The loan amount is determined by the value of your Gold. The duration of the loan can be short term or long term based on your choice.
Q11. What is the Cost of Borrowing/interest rate?
Ans. Interest rate is calculated based on the amount and type of the Gold Loan. Our interest rate starts from 2%. (For a $1000 Loan, cost is only 66 cents a day)
Q12. What is the loan term for Gold Loans?
Ans. The loan term can be short term or long term based on your choice.
Q13. How safe is my Gold with SKN Financial?
Ans. We take extreme caution in safe guarding your Gold. We use commercial bank standard security for safe keeping your Gold. Also we insure your Gold for its assessed value with a major insurance company.
Q14. Should I have to visit your branch for making the payments?
Ans. You do not have to visit our branches for making the payments. You can make bill payments online or at your bank branch. SKN Financial is set up for bill payments through TD Canada Trust, RBC, Scotia Bank, Bank of Montreal and CIBC. You need to visit our branches only when you want to borrow or take back your Gold.
Q15. Will I get reminders about my payments coming due?
Ans. We will remind you about your payments or loan due date either by phone or email. You can set up your communication preference when you take the loan and can change it at any time.
Q16. Are there any minimum payments I have to make monthly?
Ans. No, there are Gold Loan plans available that do not require regular monthly payments.
Q17. Can I make partial payments towards my principal and reduce the loan amount?
Ans. Yes, you can make partial payments towards your principal and reduce your loan amount at any time. Your interest amount will also reduce accordingly. SKN Financial promotes and encourages responsible borrowing.
Q18. How do I close the Gold Loan?
Ans. It is very simple. Pay off the Loan amount and you can take back your Gold from the branch. It takes only 5 minutes.