Bad Credit & No Credit Check Loans
Bad Credit Loans | Greenbrier Pawn Shop
People end up with low credit scores for many reasons, so if you don’t have a great credit score, you should know that you aren’t alone! You might have dealt with job loss, medical bills, divorce, or any number of expensive life issues. Now that you have a low credit score, you might have found that simple things like borrowing money are a whole lot harder than they used to be. Luckily, there are options, and Greenbrier Pawn in Chesapeake is here to help.
What Are Your Options for Bad Credit Loans?
When you have bad credit, it might feel like you don’t have any options for borrowing money at all. You might have already applied for loans at various financial institutions -- such as your bank or credit union -- and you might have been turned down. You might have applied for a credit card, and you might have gotten turned down. Now, you might not feel as if there is anywhere else you can turn.
It’s true that it can be more challenging to borrow money when you have bad credit. It’s not impossible to borrow money when you need it, though. These are some of the options for no credit check loans for people who have poor credit scores.
Pawn Shop Loans
Here at Greenbrier Pawn in Chesapeake, we offer some of the best loan options for people who have bad credit. Our pawn shop loans are incredibly easy to get, and you never have to worry about filling out an application or undergoing a credit check.
All you have to do is bring items of value in to our pawn shop to use as collateral for your loan. The eligibility criteria is simple. You simply have to have enough collateral to secure your loan, and you have to be an adult with a government-issued ID. Of all of the bad credit loan options out there, you’ll probably find that a pawn shop loan is your quickest, easiest, and most affordable way of borrowing money.
Payday loans are short-term loans or cash advances. Many people use these loans as emergency loans. They are unsecured loans, which can be a good thing if you don’t have collateral. However, they are illegal or heavily regulated in many states. This is because they are considered to be one of the most predatory loan options out there. You can expect higher interest rates and additional fees if you borrow from one of these lenders. Additionally, you will generally be required to pay your loan back on your very next payday, and loan amounts will be based on your income.
Title loans allow you to use your car as collateral to take out a loan. You will be granted a loan of about 25% to 50% of your car’s value, and your vehicle will be on the line if you don’t repay the loan. You may be subject to high interest rates and fees. These loans are illegal or heavily restricted in many states. For example, although title loans are technically legal in Virginia, there aren’t many title lenders out there because of strict regulations against their predatory business model.
Loans from Family Members
Of course, you can always ask one of your family members for a loan. This can be a good way to borrow money without having to undergo a credit check or application process. However, not everyone has a family member who can or will loan them money. Additionally, you have to worry about the possibility of your relationship with your loved one being strained if you are unable to repay the loan based on your loan agreement.
Loan With a Co-Signer
In some cases, you can get approved for a loan from a bank or other financial institution if you have a co-signer. Generally, the co-signer will need to have good credit and will otherwise need to qualify for the loan, such as by having adequate income to meet the lender’s requirements. It can be hard to find someone who is willing to co-sign on a loan, and that person’s credit score is on the line if you don’t repay the loan.
Reasons to Avoid Credit Checks?
Even though these loan options are all available for people who have low credit scores, you don’t actually have to have bad credit to make use of them. People like to avoid credit checks and credit check loans for lots of reasons, including:
If a lender does a hard credit check on your credit report, your credit score could actually go down. You can avoid a hard credit inquiry if you use third-party lenders or pawn shops that don’t run credit checks at all.
You may not want to have your loan listed on your credit report. For example, if you are buying a house soon, you may want to avoid opening up a new line of credit that will show up on your credit report.
It can take a while to get approved for a loan that requires a credit check, even if you have a good credit score. If you’re in a tough financial bind, you might be hoping to get the money a little faster. You don’t even have to wait until the next business day if you choose a pawn shop loan, since you can get your cash in minutes.
Why Pawn Shop Loans Are the Best Bad Credit Loans
As you saw above, there are a variety of ways to get loan funds without meeting minimum credit score requirements or without having to undergo a credit check at all. With all of these loan options, you could be wondering why a pawn shop loan is your best option for borrowing cash. You’ll probably find a pawn shop is a good option for you for all of these reasons:
Even though payday lenders don’t have the same eligibility requirements that traditional lenders usually have, they may still pull your credit score. At the least, they may do a soft credit check. This could lead to you being turned down if your score is really low.
Unlike payday loans, pawn shop loans are legal in all 50 states. Pawn shop loans are regulated, and pawnbrokers follow all state laws when granting these loans. You don’t have to worry about being charged more than you thought, losing your collateral if you repay your loan, or any other issues.
You don’t have to worry about asking a family member for a loan or asking them to co-sign on a loan with you. You can avoid the embarrassment of telling others about your financial situation, the financial strain this could put on your loved ones, or the possible strain that could be put on your relationships if you default on the loan.
You don’t have to take the time to fill out an application.
You don’t actually have to have a job or a certain income level to get a pawn shop loan. In fact, we won’t even ask if or where you work or how much money you make.
You can borrow as much money as you want or need. Just bring in ample collateral, and we’ll say yes. At Greenbrier Pawn, we grant loans up to $50,000.
You don’t have to use your car as collateral. Instead, you can use items that aren’t as important, such as jewelry or electronics. Then, if you default on your loan, you don’t have to worry about losing your car. This is a common problem for people who take out title loans.
Your credit rating will not be affected, even if you default on the loan. You will never get any collections calls, emails, or letters if you don’t repay your loan. Also, you can take out another loan at Greenbrier Pawn in the future, even if you don’t repay your first loan.
You can use the money for anything that you want to use it for, and you don’t have to tell us the reason why you’re taking out the loan.
The annual percentage rate for taking out one of our loans is usually cheaper than for a payday loan.
You don’t have to have a bank account, nor do you have to worry about your loan repayments being automatically drafted from your bank, which is often the case with payday loans. This can lead to problems like an overdrafted account. You also don’t have to wait days to have the money deposited in your account. Instead, you’ll receive it in cash on the same day you take out your loan.
You don’t have to worry about online scams. Instead, you can deal with a local business in person. This can give you peace of mind due the many scams that are out there related to online loans.
Why Choose Greenbrier Pawn for Your Bad Credit Loan?
Greenbrier Pawn is conveniently located in Chesapeake. We also have a sister store in Virginia Beach, so if that location is more convenient for you, you can stop by Hilltop Pawn.
Regardless of which store you visit, you can take advantage of our decades of experience in the industry. Because we have so much experience with appraising many items of value, we will offer you the most cash for your items. This is true whether you are selling them straight out or if you are using them to secure your loan.
We offer loans up to $50,000 and will do everything we can to make the borrowing process easy for you. Our emergency loans are quick and easy, and we’ll be transparent about the loan agreement and repayment process, too.
What Can You Use Your Bad Credit Pawn Shop Loan For?
People look for the best loans for people with bad credit for lots of reasons. These are just some examples of things you can use your bad credit pawn shop loan for.
Preventing or covering overdrafts in your account
Paying rent or other bills
Taking a family vacation
Paying for food, gas, and other essentials until payday
Buying essentials for your kids
Paying for holiday travel, meals, gifts, decorations, and more
Taking Out Your First Pawn Loan With Bad Credit
If you don’t have a good credit score with the major credit bureaus and want to take out one of our emergency loans without having to worry about your credit history, just remember these simple tips.
Visit the Right Pawn Shop
Even though all pawn shops in Virginia are state-regulated, this doesn’t mean you’ll have the same experience at every shop. For the best experience and the highest value loans, visit Greenbrier Pawn in Chesapeake. We will help you have the best possible experience when taking out a pawn loan.
If you’re in Virginia Beach, you might find our Hilltop Pawn Shop location to be more convenient. At either location, we’re here to help!
Bring the Right Collateral
For bigger loan amounts, bring in the right collateral. We accept guns, jewelry, musical instruments, coins, precious metals, loose diamonds and gemstones, electronics, watches, and other items of value.
Bring Your ID
Don’t forget to bring your government-issued ID when you visit Greenbrier Pawn Shop! We are legally required to check ID, but the process only takes a few minutes.
Consider Selling Instead
A pawn loan can be a great idea if you need emergency loans and don’t want to permanently give up your collateral. However, if you have items that you wouldn’t mind getting rid of -- such as jewelry that simply doesn’t suit your style anymore -- then you can always just bring those items to our shop and sell them. Then, you can leave with your cash, and you won’t have to worry about repaying your loan or paying additional fees.
Greenbrier Pawn Shop
Stop in anytime or call us for more info.
Greenbrier Pawn Shop & Jewelry
1011 Edenway N
Chesapeake, VA 23320
Cash Loans or Sell your Items
We buy sell trade and lend cash on all items of value. If you need a loan give us a call and see how we can help you get the money your need today. Greenbrier Pawn Shop & Jewelry next to Greenbrier Mall