FAQS
It’s natural to have doubts when you are trusting someone with your gold. Don’t worry, we've got all your doubts covered.
It’s loan against gold.
Obtaining a loan by providing gold jewellery or gold bullion as collateral is gold loan. Gold loans are very popular for its instant availability and simple process. The loan amount will be based on the value of the gold that’s provided as collateral. One does not need to sell their valuable gold for any short term or long term financial need. Instead, can just get loan against their gold.
Any form.
You can bring any form of gold jewellery like ring, chains, pendants, necklaces, bracelets, gold bars, coins, etc.
No credit checks.
You can just walk-in with your gold and get the money, without any credit checks. We do not do any credit checks on our clients.
A few minutes.
It does not take more than 10-15 minutes to process the loan.
Cash
You get instant cash in your hand or in your bank account, choice is yours.
Just 1 photo ID.
All you need is just one photo ID to process your gold loan.
No limit.
There is no minimum or maximum loan amount. Your loan amount depends on the value of your Gold.
Lowest interest rate
We offer the lowest interest rates. For a $1000.00 loan, our rates start from only $20.00 a month or just 66 cents a day.
Multiple payment options
We offer multiple payment options like
i) Cash or Debit at any of our locations
ii) Pre-authorized Bank Payments*
iii)Payment at your Bank branch, online or telephone banking*
*All five major banks only.
It is your choice
With our gold loans, there is no such restriction of having a minimum term.
Very different.
Line of credit, credit card loan or payday loan are based on your personal income, credit scores, employment history, bank statements, other loans you currently hold and your relationship with the bank. Also, it usually carries a high interest rate.
On the contrary, gold loans depend only on the value of gold you provide as collateral. There are no credit checks, employment history or bank statements required. This is why our Gold Loan program is very popular among home buyers.
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 loan. We DO NOT require any credit score, income verification, outstanding balances on credit cards, employment verification or bank statements.
Many.
There are many advantages for availing gold loans over other loans.
– It is quick and easy. 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.
1 ID proof.
You just need a Government issued id for identity proof when applying for gold loan. We do not collect your SIN or any other personal details such as place of employment, existing liabilities etc.
No.
You don’t need to fill any form. All that’s required is your contact information. It will take no more than 10 minutes for approving the loan and getting the cash in your hand.
Legal ownership of gold.
Any adult who is a legal owner of gold can obtain a gold loan. All you need to do is present your gold and we can tell you how much loan amount you will get. It is quick and easy.
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 either.
Yes, sure.
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.
Yes.
Depending on the loan amount and the duration, there are various types of gold loans. The loan amount is determined by the value of gold. The duration of the loan can be short term or long term based on your choice.
Starts from 2%.
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).
Your choice.
The loan term for gold loans can be short term or long term, whatever suits you.
Completely safe.
We take extreme caution in safeguarding 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 at no cost to you.
No need.
You do not have to visit our branch for making the payments. You can make bill payments online or at your nearest bank. SKN Financial is set up for bill payments through TD Canada Trust, RBC, Scotia Bank, Bank of Montreal and CIBC. The only two times you need to visit our branches are when you want to borrow or take back your gold.
Of course.
We will remind you about your payments before the 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 you wish.
Not at all.
There are gold loan plans available with us that do not require regular monthly payments.
Yes, you can.
You can make partial payment 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. You can also make partial payment and take back some of the Gold articles you want any time even before the loan term comes due.
It’s simple.
Pay off the loan amount and you can take back your gold from the branch. It takes only 5 minutes.
It is easy.
Use our online calculator and calculate the loan amount you may be eligible or just give us a quick call. 905-499-0800 or 647-729-5238, you can also email at info@sknfinancial.com
