Liberty Loan offers collateral lending. A collateral loan is also called a secured loan. It is a loan where in exchange, the creditor may sell that which is offered for collateral if the loan is unpaid. In other words, you are under no obligation to redeem your loan (also known as a Pledge), unless you want to do so.
A collateral loan means, you give us your gold (for example) and we evaluate it and agree to a loan amount. We make a contract for 4 months and then if you choose to come back, you pay us the loaned amount plus interest and any charges that have accumulated, then, we will give you back your items, and next time you need money you can come back in and borrow again!
Rates of Interests
For loans over $25.01 and up
4 month loan @ 7% interest per month, any fraction thereof at the same rate.
For Loans $10 – $25
16 week loan. 3% interest for the first week, 2% per week after.
WHEN YOU AGREE TO A LOAN, WE ENTER INTO A LEGAL CONTRACT BETWEEN YOU AND LIBERTY LOAN, WHERE WE ARE OBLIGATED TO HOLD YOUR ARTICLES FOR THE 4 MONTHS, AND HAVE TO RETURN THEM TO YOU WHEN YOU REDEEM YOUR PLEDGE. YOUR OBLIGATION IS ONLY TO PAY BACK THE PRINCIPAL AND ANY INTEREST AND CHARGES ACCRUED TO THE DATE YOU PICK UP.
What we accept for collateral:
- Jewelry (Gold, silver, diamonds, and precious/semi-precious stones)
- Gold and Silver Coins
- Fine Watches (Rolex, Cartier etc.)
- Scrap Gold
- Musical Instruments (in good condition)
- Electric Power Tools (in good condition)
We buy only, the following items:
- Current Electronic Merchandise ( Laptops, Digital Cameras, etc.) Current means 6 months old or less from manufacture date.
What we don’t accept for collateral:
Gasoline powered Tools
WE REPORT ON A DAILY BASIS TO OUR POLICE DEPARTMENT ALL TRANSACTIONS, NO MATTER HOW SMALL!
You must be at least 18 years of age and provide a valid government issued ID to make a loan.
No credit check
If you have less-than-perfect credit or no credit and want to avoid high-interest bad credit loans, Liberty Loan is your perfect choice. We can provide you with fast cash loans up to $50,000. There is never a credit check and your loan is strictly confidential.
When you need fast cash loans for unexpected situations, depend on Liberty Loan. Find out how much fast cash you could borrow with your diamond and gold jewelry. If you need more information about our collateral loans, please contact us, visit our location, or call Liberty Loan at 617.889.6942 and ask for Rick or Victor. We’re happy to help and will answer any questions you may have. We are fluent in Spanish, English and Portuguese.