1. Assess your gold’s worth: Before approaching a lender, have a general understanding of your gold’s value. This knowledge will aid you in negotiating more effectively.
  2. Be cautious of hidden fees: Always read the fine print. Some lenders may impose processing fees or other charges that can accumulate.
  3. Select a manageable repayment period: Choose a repayment schedule that aligns with your financial situation and budget.
  4. Familiarise yourself with interest rates: Interest rates can vary among lenders. Compare rates from different providers to ensure you secure the best possible deal.
  5. Understand the loan-to-value ratio: This ratio indicates the amount you can borrow against your gold. Different lenders have varying limits, so knowing this can help you optimise your loan amount.