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Loans - Frequently Asked Questions
What to consider before taking out a loan with Gold Standard
Our loans are intended for
occasional use only.
You shouldn’t use our loans to
manage existing debt.
Our loans are not designed for
long-term borrowing.
Our loans may not be the cheapest
option available to you.
Failure to repay loans can result in
item forfeiture or stiff penalties.
Secured Loans FAQ
What kind of items will you accept as collateral?
We accept any item we would typically purchase - platinum, silver and gold jewelry, coins, bullion and more (see our purchasing FAQ for more details).
We also accept:
-
Luxury Watches, such as Rolex, Patek Philippe and Omega
For all other items or more information, please Contact Us.
How long does it take to get a Secured Loan?
For precious metals items - such as jewelry and coins - a loan offer can usually be made on the spot. While we are often able to make immediate offers on other items, a more in depth assessment is sometimes required, which may delay a loan offer for 24-48 hours.
How long do I have to pay off a Secured Loan?
Most loans are repaid within 3-months, but there is no set limit on how long a loan may be kept active provided all service charges are kept up to date. Loans may also be repaid early, though the minimum one-month finance and service fees will still apply.
The maximum offer Gold Standard has made is more than I need to borrow - do I have to take the full amount?
No, our customers are free to take any amount up to the maximum with a minimum required loan amount of $100.
On precious metals items, why is your purchase offer higher than the maximum Secured Loan amount?
For the last three years, precious metals prices in particular have been exceptionally volatile; it is not unheard of for prices to drop 20% or more in a month. This uncertainty is priced into our secured loan values to protect us against market movements.
Do I need to provide a pay stub or submit to a credit check to get a Secured Loan?
No, your loan is backed by the value of the item placed as collateral.
Can I use an item for a loan more than once?
Yes, many of our customers use the same items that they have previously redeemed for subsequent loans.
What happens if I miss a payment?
Don't worry! As a courtesy, Gold Standard typically sends reminders out to our customers on payments that are due via post or by text message (on request) to reduce the chances of a due date lapsing without a customer being aware. If a payment is missed, we will typically call the listed contact to provide an additional reminder. We try our best to work with customers that have delinquent loans so that the forfeiture of the item used as collateral is a last resort.
Have more questions? Contact Us
Payday Advance FAQ
How quickly can I get a Payday Advance?
For customers applying in person, every effort will be made to process your application while you wait. Our ability to do this is determined by how long it takes to verify the information provided in the application. To expedite the process, be sure to bring a photo ID and proof of income.
Applications received from customers applying online will be processed as they are received (or at the start of the next business day if submitted outside business hours). Note that we will also require proof of income, which may be submitted electronically.
Once approved, the requested funds will be available for collection anytime during our normal business hours.
When do I have to repay the Payday Advance?
When your advance is issued, you will have the option to select your repayment date - typically, one or two-weeks from the date of issue. The copy of the contract you receive will indicate the selected date and all other loan terms.
How do I repay my Payday Advance?
Loans must be repaid in person by cash.
What happens if I fail to make a Payday Advance payment?
In the event we are unable to take payment on the loan due date, we will contact you to determine our next course of action.
Though our preference is always to complete the loan based on the agreed upon terms, by defaulting, you may be assessed a non-sufficient funds (NSF) fee as well as daily default charges in addition to the funds already owed (Note: the specifics of these charges will be outlined on your loan agreement). Extended defaults may also result in legal proceedings or a collection agency being engaged to collect any owed amounts with the borrower being responsible for these collection charges. A Payday Advance default may also negatively affect your ability to get credit or other types of loans in the future.
Have more questions? Contact Us
