Welcome to Hull Loan System, a diamond brokerage business engaged in making loans on diamond jewelry as fast and simple as pawning a diamond, but better in every way. The Hull Loan System makes loans to individuals, all of which are collateralized by diamond jewelry. We have been in the diamond brokerage business in Minneapolis since 1939. Our loans have the added benefit of being totally private.
We report to no credit agency and we do no credit checks. If you own a diamond or piece of diamond jewelry, we can make a loan to you based on the value of the diamond in secondary markets. We hold the diamond jewelry in our possession as collateral and security on the loan. The transaction is similar to pawning a diamond, but is a regulated loan under Minnesota state law.
The entire process usually takes less than an hour. People often confuse us with a pawn shop. But we operate as a regulated lender under Minnesota state law. And that separates us from the pawn shops in that we usually offer more money and it will always be at better interest rates and for longer payback periods with more secure storage of your collateral.
We report to no credit agency and we do no credit checks. If you own a diamond or piece of diamond jewelry, we can make a loan to you based on the value of the diamond in secondary markets. We hold the diamond jewelry in our possession as collateral and security on the loan. The transaction is similar to pawning a diamond, but is a regulated loan under Minnesota state law.
The entire process usually takes less than an hour. People often confuse us with a pawn shop. But we operate as a regulated lender under Minnesota state law. And that separates us from the pawn shops in that we usually offer more money and it will always be at better interest rates and for longer payback periods with more secure storage of your collateral.
Services
The Hull Loan System has been in business since 1939 in Minneapolis, Minnesota.
It was opened in that year as a branch office of a Des Moines, Iowa firm (Aliber and Company) which predates World War I.
It was originally intended to be what it is today: a diamond brokerage business, making loans on diamonds and selling them.
But the diamond loan business was insufficient at that time, and it became a full service loan company with a substantial portion of their portfolio always in diamond loans.
It was opened in that year as a branch office of a Des Moines, Iowa firm (Aliber and Company) which predates World War I.
It was originally intended to be what it is today: a diamond brokerage business, making loans on diamonds and selling them.
But the diamond loan business was insufficient at that time, and it became a full service loan company with a substantial portion of their portfolio always in diamond loans.
All of the loans we make are collateralized by diamonds or diamond jewelry.
Diamond loans are the only type of loan we make.
That means that if you are able to use your diamonds or diamond jewelry as collateral, we are able to make a loan to you.
Since most of our customers are individuals, the diamonds tendered are usually mounted in rings, pendants, earrings or bracelets.
In other words, we take as collateral the diamond jewelry that ordinary people own for the usual reasons of engagement, wedding and fashion, and enable them to borrow money based on the value of that jewelry in secondary markets.
Diamond loans are the only type of loan we make.
That means that if you are able to use your diamonds or diamond jewelry as collateral, we are able to make a loan to you.
Since most of our customers are individuals, the diamonds tendered are usually mounted in rings, pendants, earrings or bracelets.
In other words, we take as collateral the diamond jewelry that ordinary people own for the usual reasons of engagement, wedding and fashion, and enable them to borrow money based on the value of that jewelry in secondary markets.
Our most direct competitor is the diamond pawn shop.
When most people think about using their diamond jewelry to obtain cash, they think of it as a pawn.
But the regulated loans on diamond jewelry we make at the Hull Loan System are better than pawning diamonds in every way.
First, we charge MUCH lower interest rates.
As a regulated lender under Minnesota state law, the interest rates we charge are those set in the Regulated Lenders Act.
They are: 33% per YEAR on the first $1275 lent and 19% on any amount above that.
When most people think about using their diamond jewelry to obtain cash, they think of it as a pawn.
But the regulated loans on diamond jewelry we make at the Hull Loan System are better than pawning diamonds in every way.
First, we charge MUCH lower interest rates.
As a regulated lender under Minnesota state law, the interest rates we charge are those set in the Regulated Lenders Act.
They are: 33% per YEAR on the first $1275 lent and 19% on any amount above that.
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