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  • Writer's pictureGlenda Craddock

5 Common Questions About Pawn Shop Loans in Chesapeake

Getting a cash loan when you need one isn't always easy. At least, it can seem like that, anyway. However, believe it or not, borrowing quick cash is easier than you might imagine...all you have to do is look into pawn loans in Chesapeake. A lot of people don't know just how useful a pawn loan can be as a financial product, but we're here to tell you a little more about our easy short-term loan option. Of course, you're always welcome to give us a call or stop in at Greenbrier Pawn if you'd like to learn more about taking out your first pawn loan. Hopefully, you can find some answers to some of your questions below.


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1. What is a Pawn Shop Loan?

If you're new to this type of borrowing, your first question is likely, "What is a pawn loan?" Basically, a pawn shop loan is a great option for someone who is looking for an easy way to borrow money, even if they don't have long-term employment history and even if they don't have a great credit history. These loans are based on collateral on various valuable items. Instead of having to go to a bank or other financial institution, you simply go to a local store. A pawn shop that buys and sells pre-owned items will generally offer these pawn loans, such as Greenbrier Pawn here in Chesapeake. For many, a pawn loan is a better option than some other borrowing options, and you may find it's a good idea next time you need to borrow money, too. This is especially true if you don't have a great credit score or otherwise want to avoid a credit check, or if you'd like to be the one to choose your loan amount!

2. How Do Pawn Shop Loans Work?

So, just how will the process work if you choose to take out a pawn loan? It's all incredibly easy, especially if you work with the right pawn shop. The first step is to determine which items you want to use as collateral for your pawn loan. Gold jewelry, video games, sporting goods, power tools, and musical instruments are all examples of different things you can use for these collateral loans. In fact, you can use a combination of different items of value for pawnshop loans, which is a great way to borrow more money at one time.

Once you've determined which items you want to use, you will need to grab your ID and head to a local pawn shop. If you're in Chesapeake, Greenbrier Pawn is the best pawn shop for you to visit. You'll then let an associate know that you want to take out a loan, and you'll need to hand over the item so they can value the item and make you a loan offer. The process of valuing your item is generally pretty quick, but please allow a little more time if you're bringing in multiple items to use as collateral.


The average amount of a pawn shop loan is about $150, but this varies depending on the value of the stuff that you bring in. If you accept the loan offer, you'll leave your item at the shop. The associate will take down some basic information from your ID, and they'll write up a contract. It's all very simple, and you simply sign and take the cash with you. Of course, if you have any questions about our simple pawn loan contract, never hesitate to ask. We're here to help, and we want you to understand every aspect of your loan.

The typical pawn loan is a 30-day loan, so you'll repay within 30 days and get your item back. If you need extra time, that's not a problem. We just ask that you come in, pay the interest and fees that are owed, and renew your loan for another 30 days. It's very common for someone to renew the average pawn shop loan because they need a little more time, and additional fees are typically minimal. Just make sure you get up with us before your due date if you need to extend your loan; this will help you avoid losing your collateral.


3. Do Pawn Shops Do Payday Loans?

You might have heard of payday loans as an easy way to borrow money ,and you could be wondering if a pawn shop is a good place to get one. The truth is that we don't actually offer payday loans here. What we offer is a whole lot better.

Many people think that payday loans are helpful for their financial needs, but they can often become a trap. Repayment terms are typically strict (for example, you'll generally have to repay the whole loan on your very next payday), and interest rates and fees can be exorbitantly high. There is a reason why payday loans aren't allowed in many states, after all.

Additionally, for payday loans, even if you don't have to have a good credit score like you do with a bank loan, you'll still generally have to provide proof of income. You'll also generally need a bank account. None of these things are necessary when you borrow from us.

You also have to watch out for a lot of scams when it comes to online payday loans. There are some legitimate (although expensive and predatory) online payday lenders out there, but there are a lot more scams that could leave you worse off than you were before you ever applied for the loan.


If you're looking for the best options for borrowing money and improving your financial situation, a loan from one of our pawn stores is usually going to be a better option than a payday loan.


4. Should I Sell Jewelry or Get a Pawn Loan?

Of course, a pawn store offers you a couple of options for getting the money that you need. The first is to take out a pawn loan. If you have valuable jewelry, then you can use that jewelry as collateral for your pawn loan. In fact, even though we accept a variety of items for our loans, jewelry makes some of the best collateral if you want a higher value pawn loan. Of course, you also have the option to sell jewelry instead, if you'd prefer. This is true for diamond jewelry, gold jewelry, and much more.

If you're wondering if you should sell your jewelry or get a pawn loan, it really comes down to a couple of things. Are you going to be able to pay the money back? Do you even want the item back?

If you have jewelry or other high-value items that you simply don't want anymore, there's no reason to take out a pawn loan, since we'll pay cash on the spot instead. On the other hand, if you do want your items back, or if you haven't made your mind up for sure yet, ask about our collateral loan. You can always back out and leave your item with us (without repaying the loan) if you'd prefer, and there will be no repercussions. However, you'll have the option to pay your loan and interest charges and get your jewelry back if you prefer.


5. Where to Get Pawn Loans Near Me?

Now that you know a little more about pawn loans, you might be interested in taking one out for the first time. If you're located in or around Chesapeake, the only pawn shop that you ever need is Greenbrier Pawn. We make it easy for you to get cash today.

Why choose us instead of another pawn shop in the area? Well, for one thing, we accept many different items of value for our loans. Jewelry is an obvious option, but we also accept watches, video game consoles, gold and precious metals, sporting equipment, and much more, too. Bring us pretty much any type of item of value, and we'll offer you a loan.


Another reason to choose us is because we have decades of experience in valuing many different items of value. This means that we know the amount of money that your personal property is worth, more so than other pawnbrokers who might not have as much experience assessing and valuing such items. Additionally, we have a great reputation in the community, and we offer everything from small loan amounts to loans in the amount of $50,000 or more. It's all based on your item's value, so come and see us to borrow the extra money that you need.


If you're ready to make use of these unique financial products and want to work with the Hampton Roads pawn store that you can count on, come see us at Greenbrier Pawn Shop & Jewelry in Chesapeake today!


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Conclusion

Taking out a pawnshop loan is an excellent way to take out the personal loan that you need. If you're looking for a reputable pawn broker that you can get a loan from, you don't have to look any further than Greenbrier Pawn Shop & Jewelry. We'll help you with a fast and easy pawn transaction. In no time, you can walk out with a pawn ticket and the cash that you need, in-hand.





Don't wait! Come see us today!


757-382-9066

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