Why I Took a Luxury Asset Loan: We Talked to Our Clients About Why They Took a Vasco Luxury Asset Loan
The COVID-19 pandemic and the ongoing lockdowns have left people across the country in a tough financial situation: whether you’re a business owner, employee, or student, cash flow is likely tight right now. Personal bank loans are an option, but as banks are inundated by so many prospective loan seekers, processing times are longer, approval rates are lower, and the actual terms of the loan might NOT be in your long-term interest.
Gold and luxury asset lending offer clients a genuine alternative. In these tough times, a Vasco gold loan can bridge the gap and help you reach your goals. Our customers come from all walks of life, with a wide set of needs. We spoke to some of them to learn and share their Vasco gold and luxury loan stories. From education loans to business to a difficult engagement, each Vasco client has a unique story to tell here.
Back to school and on the path to success
“I was having trouble with college tuition, but then COVID made the situation worse. But with loans in forbearance, I had the opportunity to get ahead, if I could get some cash on hand. Vasco was the answer! I had my gold ring valued and was offered enough on the spot to pay off a big chunk of the loan principal. I’m graduating next year and selling my ring to Vasco at a fair price had a big part to play!”
A lot of our younger clients come to Vasco to help bridge the gap for student loan financing. This year, we’ve helped a number of hard-working students get a step ahead of loan payments by purchasing their extra gold and jewelry at a fair price, helping them to pay down their student loan principal. In a time of increased economy uncertainty, this helps to bring down long-term loan commitments – one less trouble to have on your plate.
Powering through business uncertainty
“I was in the process of expanding our business into a new segment when COVID hit: the liquidity crunch was severe because a number of our clients delayed payments. I had to meet our short-term working capital needs to keep the business running, but there wasn’t enough time for a personal loan. A took a Vasco luxury asset loan, with my Rolex as collateral. We were able to power through this tough period thanks to the liquidity Vasco unlocked.”
An increasing number of business owners have been reaching out to us over the past few months – small businesses with solid fundamentals, that just don’t have the liquidity on hand to deal with the sudden downturn from a lockdown. Many were covered by the Paycheck Protection Program (PPP), but for small business owners with limited savings, this was often not enough to keep things going.
A lot of the owners we’ve talked to have considerable luxury assets on hand – vintage cars, designer watches, and gold bullion. Selling these isn’t an option: they’d get a fraction of the market value, and besides, many of these items have sentimental value you can’t put a price tag on. Vasco’s asset-based lending program will get you the liquidity you need on hand. You’ll be able to meet your working capital requirements and keep the business up and running until things get back to normal.
Making it through a separation
My husband and I had a tough separation. There were a lot of loose ends to tie up, so we went to court. Lawyers are expensive and 2020 was just terrible timing: I was recently laid off and came up short when it came to legal fees. I needed a way to free up some cash. I couldn’t sell my ring – I wasn’t sure if he was going to contest that, too. I got a Vasco collateral loan with it instead. After the free evaluation, I got cash on the spot and I managed to pay my legal fees. I’m in a much better place right now: new job, new life, and I got the ring back!
Divorce is hard, but it’s also costly. Going through that during this year of uncertainty can be a nightmare. We’ve helped separated people pay for legal fees and get their lives back together with a Vasco luxury asset loan. Sometimes, our clients can’t sell their wedding ring because it’s contested, or they just don’t want to. In these cases, a gold loan frees up liquidity at a critical time, while giving them the opportunity to get the ring back.
At Vasco, we’re here to help you get things done. Whether you’re struggling with a student loan, business capital, going through a separation, or something else, we’re there to help you bridge that gap and do what needs to be done. Reach out today at (number). Let’s set you up with a free asset evaluation.