Precious metals buyer Gold Standard Ltd is going into the loan business.The company, which recently surpassed more than $5 million in gold, silver and platinum items purchased — decided to launch the service based on customer feedback.“In the course of our 18 months in business, the response to our buying service has been overwhelming as people have sought to capitalise on the high price of gold and silver and simply cash in on their unwanted items,” said Jonathan Hitchcock, partner at Gold Standard.“Over the last six months, we’ve also had an increasing number of customers who are facing financial need or an upcoming purchase that would also like to have the option to repurchase the items they are leveraging. After carefully researching how we might best address those requests, we are pleased to launch the secured loans service.”Secured loans are loans made with the borrower pledging an asset — in this case, precious metal jewellery, coins, or bullion — as collateral.“We have had people come to us who have speculatively acquired investment grade gold and silver bullion or coins only and — if not for a temporary cash crisis — would not be divesting themselves of their precious metals,” said Mr Hitchcock. “Likewise, there are people who sell personal items they would ordinarily hold on to but feel they cannot afford to simply because of a pressing financial need.“This service gives people the opportunity to use the items they might otherwise be selling under duress to meet their financial obligations.”Mr Hitchcock expects the typical loan duration will be in the short-term range — from 30 days to six months — though the option to extend them will exist. He also sees some advantages over traditional loans.“Whether you have perfect credit or not has no bearing on your ability to get a secured loan,” said Mr Hitchcock. “Getting a loan like this will also never hurt your credit — you can walk away or extend it without penalty.”While the addition of the secured loan option may drive more customers into its doors, Mr Hitchcock anticipates the core of the business to remain standard purchases.“We believe it will be a welcome option for a segment of our customers, but we see it primarily as an extension of our buying service,” he said.Gold Standard is located in the new phase upstairs in the Washington Mall. Its hours of operation are Monday to Friday 9am-5pm; Saturday 10am-4pm. For further information, telephone 292-2746, e-mail info@goldstandard.bm or visit www.GoldStandard.bm.