We offer a wide variety of services here at Greenbrier Pawn Shop. One thing that locals know they can come to us for is a pawn shop loan. If you've never taken out personal loans from pawn shops, you might have some questions about how they work or what state law says about these loans. We get it...and since we are known as the go-to pawnshop for quick cash loans, we get a lot of questions about how the average pawn shop loan works. These are a few popular questions we get...but you can find tons of information about pawn loans right here on our website. We are also always interested in chatting with customers and answering their questions about pawn loans and pawn transactions, so you can stop by or give us a call at 757-382-9066!
1. What is a Pawn Shop Loan?
There are all different types of loans out there that you can use when you need fast cash. Loans from pawn shops are simple, no credit check collateral loans based on a form of collateral that would commonly be bought or sold at a pawn shop, such as firearms, musical instruments, video game consoles, jewelry, gold & more. The loan process makes it very simple to borrow everything from small amounts of money to the highest dollar amount.

2. How Does a Pawn Shop Loan Work?
A pawn shop loan involves bringing in valuable items and using them as collateral to secure your loan. This could be a piece of jewelry, power tools, musical instruments, electronics, or other items of value. How much you borrow is based on the value of your pawned item, and the pawnbroker will hold your valuable item until you return to repay your loan. Then, when you repay this type of short-term loan, you simply pay what you borrowed plus state-regulated interest and fees. Once your loan is repaid in full, you'll get your valuable item back. It's all incredibly simple, and many consider it to be the best way to borrow money without worrying about your credit record.The way that cash advances from a pawn shop work is actually very simple. In fact, the simplicity is one of the reasons why this is one of the best loan options out there!
3. How Much Can I Borrow With a Pawn Shop Loan?
With many loans, the lender looks at things like your income and credit score when determining how much you can borrow with their short-term loans. This is not the case with pawn shop loans, where the loan amount is instead based on the appraised value of the item of value that you bring in to secure your loan. For reference, the average pawnshop loan is about $150. However, you can borrow much less or much more based on your item's value. Here at Greenbrier Pawn, we offer everything from small $5 loans to top dollar, $50,000 loans. It's really up to you.
4. Is a Pawn Shop Loan Better Than a Payday Loan?
Payday loans are well-known as being an option for borrowing money with bad credit, but is a payday loan a better option than a pawn shop loan? Generally, no. Pawn shop loans are usually more affordable than payday loans, for one thing, since you pay lower interest rates in most cases. Additionally, you can choose the amount of money you borrow with a pawn shop loan, since you're the one bringing in the collateral to secure the loan....with a payday loan, on the other hand, how much you're approved for generally depends on your income. You also typically get more time to repay a pawn shop loan. With a payday loan, your payment is generally drafted from your checking account the very next time you get paid. With a pawn shop loan, you have 30 days to repay your loan, plus you can come in and ask for an extension before the due date as well. Avoid the high fees, take out a bigger loan, and enjoy a generally better borrowing experience with financial products from a pwn shop vs. payday lenders.
5. Can I Get a Pawn Shop Loan With Bad Credit?
With so many different types of loans, you have to have a relatively good credit score to get approved. This is not true with a pawn shop loan! In fact, pawnbrokers don't even check your credit.
If you are looking for a great alternative to a conventional loan from a bank or credit union, and if you'd like to avoid title lenders and payday lenders, we recommend that you visit us at Greenbrier Pawn. We are your local collateral loan brokers, and you can always come to us when you need an instant cash loan with simple, reasonable repayment terms. We offer fast access to cash and great customer service throughout the entire process, so stop by or give us a call at 757-382-9066!
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