Introducing WAX Credit

WAX Insurance has introduced Wax Credit in NY, CA and FL, with plans to expand to TX, PA and NJ.

With WAX Credit, users can use their collectibles as collateral to apply for a loan starting at $25,000 (other limits are available). For now, these collectibles must be watches.

Here’s how it works: An applicant completes a collectible-based loan (CBL) application/form on the site for someone from WAX to reach out within 24 hours. If the terms are acceptable, WAX will send a pre-paid, fully insured shipping label. Later, the WAX team will inspect the item and then follow up with a final agreement and contract. And once the CBL contract is finalized, the CBL will be available via wire or electronic ACH transfer. The customer can then pay via monthly installments.

Recall that WAX was founded in 2018 to offer insurance (from Markel and/or Chubb) for watches and other collectibles.

Bottom Line: Going beyond Insurance is insurance.