Read this first
If This Is Personal, We Cannot Help
A page whose entire job is to turn some readers away. “Borrow, don't sell” is an appealing idea for anyone holding metal — but we can only lend for business purposes, and no amount of wanting it to be otherwise changes that.
No credit check and no obligation. If borrowing is the wrong answer for your situation, you will be told that first.
What we mean by business purpose
These are commercial loans made for business purposes. They are not offered for personal, family or household use, and that is a legal characteristic of the product rather than a marketing position.
Business-purpose lending and consumer lending are separate regulated activities with different licensing. We are set up for the first. A loan made for a personal reason would be the second, and we would be doing it without the licensing that requires — which is not something we are willing to do quietly.
However good the reason
Things we cannot fund
- Paying off personal credit cards or consolidating personal debt.
- A medical bill, a family emergency, or a personal tax bill.
- A house deposit, a car, a wedding, a holiday, tuition.
- Getting through a period of personal unemployment.
- Any need where repayment comes from wages rather than business income.
- Anything at all in Nevada, Vermont, North Dakota and South Dakota, business or not.
Several of these are urgent and sympathetic situations. That does not change the answer, and telling you now is more useful than telling you after you have shipped metal to us.
Genuinely useful
What to do instead
Three real options, none of which pays us anything.
Sell it
Simple, final, and you keep close to the full value rather than 65% of it. If you are near Fort Lauderdale, our counters buy metal tested and weighed in front of you, priced against live spot. No minimum.
A pawn shop
For a smaller, short-term personal loan against metal, a pawn shop can do what we cannot — any amount, same day, no purpose restriction. Expect a lower advance rate and considerably higher interest, and read the rollover terms.
A credit union
For a personal loan of any size, a credit union or bank is the properly regulated route and usually the cheapest. It takes longer and it involves a credit check, which is exactly the trade-off you are making.
If it is a business need after all
Plenty of people arrive here assuming their situation is personal when it is not — a sole trader covering a supplier invoice, a dealer funding a purchase, an owner bridging a slow quarter. If repayment comes out of business income and the money is used in the business, it is worth a call.
FAQ
Common questions
- Why does the purpose of the loan matter?
- Because business-purpose lending and consumer lending are different regulated activities. We are set up for the first and not the second. It is a licensing question, not a preference.
- Can I say it is for my business if it is not?
- No. We confirm the purpose, and misrepresenting it on a loan application is not a small thing. Please do not.
- What if my business and personal finances are mixed?
- Common for sole traders, and worth a conversation. The test is what the funds are actually for, not which account they land in.
- So what should I do instead?
- If you need cash for a personal reason, selling is usually the cleanest route, and a pawn shop is a legitimate option for a smaller short-term loan. Both are below.
- Will you still buy my metal?
- Yes. Sell Your Gold USA has bought precious metals in Broward County since 2004, tested and weighed at the counter against live spot.
- Which states are excluded even for business loans?
- Nevada, Vermont, North Dakota and South Dakota.