If you're in need of cash and don't have stellar credit, a collateral loan for jewelry that you own could help you get the money you need right now. Getting the best collateral loan, however, will take some research. You'll want to visit several pawn shops so you can shop around. When you go to each shop, here are two specific questions to ask that will help you find the shop with the best loan option.

How Much Do You Believe My Jewelry Is Worth and Why?

You shouldn't rely on a pawn shop owner's evaluation to determine the value of your jewelry. You ought to research it yourself. (To do so, you can look at how much similar items are selling for at pawn shops near you or online.) You should, however, ask each pawn shop owner that you talk with how much they think your jewelry is worth along with how they arrived at the number they did.

If you ask this question to each pawn shop owner you see, you'll likely get a range of answers. Knowledgeable shop owners should come to somewhat similar answers, but they probably won't all say the exact same amount. If you get several different estimates and learn how each shop owner arrived at their number, you'll be able to negotiate with any shop owner you like. If one owner gives you a low figure, you can highlight the features that another shop owner has mentioned and note that another shop owner in the area placed a higher value on your items.

With some negotiation and solid reasoning, you'll likely be able to get a pawn-shop owner to appraise your jewelry at a higher amount—which will qualify you for a larger loan. Even if you get them to only increase their appraisal by $50, you'll still be able to get a slightly bigger loan because the agreed-upon value of your jewelry will have gone up.

Would You Mind Providing a Written Loan That Details All Interest and Fees?

Each collateral loan for jewelry will have its own terms, interest rate, and fees, and you'll need to compare every pawn-shop owner's loan to find the one with the lowest interest rate and fees. Comparing the fine print of loans can take some time, though. Additionally, the loans' documentation should be side by side when you're looking them over.

To make sure you can accurately compare each pawn-shop owner's loan, ask them for a blank copy that details their interest rate and fees. You can take this copy home and compare it with other owners' copies at your own pace and in your own house. Start going to stores such as RK & Co. Jewelers and asking about loans so you can find the best deal available to you.