Do banks take ring appraisals as collateral for a personal loan?
Generally no. Some banks may, as a courtesy to the borrower, but the bank has to maintain dual control over the ring itself, store it in a safe deposit box, have faith in the appraisal, and have a marketable outlet to sell it if the loan defaulted. They wouldn't allow the consumer to keep it. This is a lot of trouble for the bank in order to make one loan. Also, wedding rings can't be taken as collateral, except when being purchased.
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Generally no. Some banks may, as a courtesy to the borrower, but the bank has to maintain dual control over the ring itself, store it in a safe deposit box, have faith in the appraisal, and have a marketable outlet to sell it if the loan defaulted. They wouldn't allow the consumer to keep it. This is a lot of trouble for the bank in order to make one loan. Also, wedding rings can't be taken as collateral, except when being purchased.
