This is not as common as gold it is not done by many companies. Many people are unaware of this. A very large population doesn’t know about it. The common man usually doesn’t use it. Even in our opinion people don’t take silver as seriously as they take gold. You will find a large number of companies that offer a gold loan but the silver loan is offered by fewer companies. If any company offers the loan against silver it is not highlighted it is done very silently.
If in case any bank gets to agree on giving a silver loan the interest rate they give is very high sometimes it is much higher in comparison with gold in the same situation. Not only banks even pawn shops don’t use to take the white metal as security. And if they take it they offer a very low amount in exchange for the jewelry. The next thing which is very surprising is even the jewelers from whom you have purchased it don’t take it on the same price showing some defects. It is very tough to get money if you have the jewelry made up of silver.
Let’s suppose somehow you manage to get the cash and you pledged your precious asset is it the end of your problems no this is the beginning. Because now you have to pay the dividends you have promised before taking the denominations. This is not so easy to complete both the responsibilities in parallel. If you are spending in paying the interest time to time this will make the earning for releasing of your pledged asset tough if you are not earning in upper scales. Neither you will return the amount nor will you get back your ornaments.
If you are facing the same wind of crisis come to cash for gold it will help to get your ornaments back and also buy take your jewelry and give you an unbeatable price for it after cutting the paid amount i.e. is called Silver Loan Settlement. So the rest denominations can help you in different situations.