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  • Writer's pictureGlenda Craddock

5 Common Questions About Collateral Loans in Chesapeake

Collateral loans are one of the biggest things we do here at Greenbrier Pawn. In fact, we've been helping Chesapeake and Hampton Roads residents with collateral loans since 1996. In our years providing these bad credit personal loans to the people who need them the most for their financial goals and financial needs, we have obviously gotten a lot of questions. These are answers to some of the most common questions we get about these popular loan options. If you don't find the answers you're looking for about pawn shop loans here, check out the other posts and pages on our site...we have tried to provide as much information as possible for transparency and educational purposes. You can also pick up the phone and call us at 757-382-9066, or stop by our store when it's convenient for you.


1. What are Collateral Loans at a Pawn Shop in Chesapeake?

So, what, exactly are collateral loans at a pawn shop in Chesapeake? You might have heard that a pawn shop is a good place to borrow money, but maybe you don't really understand how these loans work. Basically, pawn shop loans are short-term loans based on the value of your collateral. Bring in jewelry, a gun, gold or silver, or other items of value. Instead of running a hard or soft credit check with any of the credit bureaus, we simply look at how much your items of value are worth.


How collateral works in this context is simple. Once we decide how much your item is worth, we make you a loan offer. We will also tell you more about the loan agreement, such as the due date when you'll need to repay and how much you will need to repay, including interest and fees. Then, if you want to take out a loan, we'll take down some personal information from your ID (like your date of birth, name, and address...it's required by state law), and we'll hand you your cash. In exchange, we'll hang on to your valuable asset and keep it safe in our shop until you repay your loan. Because we have your item of value, we are able to make riskier loans than other financial institutions (like banks and credit unions) might be able to make with their unsecured loans. It's a win-win for everyone...an easy loan approval for you, and a safer lending experience for us. Your approval odds are 100% if you're of age, have an ID, and have an item of value. We make both small loans and much higher loan amounts, and everything works the same...it all depends on collateral value.


2. What's the Best Place to Get Collateral Loans in Chesapeake?

​You might have heard that you'll have an easier loan approval and better interest rates by borrowing from a pawn shop, which is true. Now, you just have to figure out which reputable lender you'll borrow from. There are other reputable pawn shops around, sure, but why go to them for a pawn shop loan? Instead, come get a pawn loan from Greenbrier Pawn, a fixture in the Chesapeake community since 1996.


White gold diamond stud earrings

3. What are the Benefits of Collateral Loans | Greenbrier Pawn

What are the benefits of collateral loans? Well, that's simple. For one thing, there's no formal application process...in fact, there's no application process at all, really. We don't care about your credit profile, bank account, employment history, or income. Plus, you don't even have to wait until the next business day to get your loan proceeds...you'll get the money fast. Avoid the risk of online lenders and get your money fast...a pawn loan is a good option. Plus, we don't charge the high interest rates that payday lenders and online title lenders charge. Our loans are state-regulated for this type of loan. Also..credit history never matters, which is a big deal for many people who are concerned about their credit report getting in the way of taking out a quick cash loan that suits their financial needs.


4. Does Credit Score Matter With Collateral Loans? | Greenbrier Pawn

There are assorted loan options out there for people with a low credit score....payday loans, auto title loan options, car title loans, online title loans, etc. Many of these aren't actually no credit check loans...they're just often more flexible about working with people who have bad credit. Additionally, they typically still expect you to go through a hassling loan process, complete with a loan application, asking for required documents, wanting proof of your income and employment before final approval, and so on.


When we say your bad credit score doesn't matter, we mean it. When we say we offer the easy way to borrow money, we mean that, too. Your financial situation is your business, and your credit score is your business, too. You can borrow as much money as you have collateral to support, period. We never check your credit score when offering you a loan that suits your immediate cash needs.


5. Can You Use Collateral Loans for Your Business? | Greenbrier Pawn

Having trouble coming up with enough money to start your new business or cover business expenses because of your poor credit history? Our collateral cash advances can be used for anything you want. It's one more thing to love about our loan product. We don't ask why you want fast cash or what you're using the money for. We know it's none of our business! Bring us your high-value items and ID, and we'll make you a loan...period. Use it for personal reasons or business reasons...it's up to you.


Interested in learning more about this popular loan type? Contacting us at Greenbrier Pawn is a good choice, and we'll help you take a closer look at these types of loans so you can make the right financial decision for you. Ready to take out a collateral loan? All you have to do is bring your items of value in, and we'll make you an offer, draw up a simple loan agreement, and hand you cash on the spot. We take all different types of collateral, we don't care about poor credit, and you never need a friend or family member to cosign for you. From the minimum loan amount to much higher loan amounts (including up to $50,000!) our financial products are a great solution for many. We'd love to tell you the value of the collateral you bring in today, with no obligation...then you can decide. Once you learn how much you can borrow with less-than-perfect credit (or worse!), we think you'll be quite interested in our offer!



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