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  • Writer's pictureGlenda Craddock

Can I Get a Pawn Loan With Bad Credit?

A pawn loan from your local pawn broker is a good way to get some extra cash when you need it. If you've been turned down for loans because of a bad credit score in the past, you might be worried that you will not be able to take out a pawnshop loan, either. After all, once you've been turned down for credit card applications, bank loans, or loans from credit unions, it can be pretty discouraging. Luckily, you can absolutely get a pawn loan with a poor credit score! Come see us for an easy, fuss-free pawn transaction, no matter what might be listed on your credit report.

Do Pawn Shops Check Credit Scores?

First, you could be wondering if pawn shops check credit scores. After all, there are some lenders out there that claim to work with people with bad credit, but many of them do still pull your credit. In fact, even some lenders that offer payday loans run credit checks, although they will often still offer a loan contract (with a very high annual percentage rate and various extra fees) to people with a low score.

If you're looking for a financial institution that will not run a credit check at all, we are here to help! You might not traditionally think of a pawn store as being a lender, but here at your local score, we will offer you a typical pawn loan -- which are collateral-based loans -- without pulling your score. When we tell you we don't care about credit history or score, that's precisely what we mean!

Woman's arm with multiple bracelets, watches, and rings

What Other Qualifications Does a Pawn Shop Have for a Pawn Loan?

You're probably wondering if there are other qualifications that you have to worry about for a pawn loan. Not really! Basically, you just have to be at least 18 years old, bring in a valid, government-issued ID, and bring in an item of value. The value of the stuff you bring in determines your loan amount, not anything else.

Do you need a bank account to take out a pawn loan? Nope...we deal in cash! Is it a problem if you have a short employment history, or if your income isn't very high? Nope, we don't ask about those things, either. From small loan amounts to much bigger loans, pretty much everyone qualifies, as long as you have personal property that is valuable enough to back the loan.

Will My Credit Be Affected By a Pawn Loan?

In many cases, when you take out a loan, you have to worry about your credit being affected. For one thing, if the lender does a "hard pull" on your credit report, this can ding your score by a few points. Having a debt listed on your credit report can also affect your debt to income ratio. In some cases, this can impact you, like if you're in the middle of applying for a mortgage. Luckily, you don't have to worry about your credit score being affected by taking out a pawn loan, so if you are worried about either of these things, you don't have to be!

You could be worried about your credit being affected if you don't have the extra money to repay the loan. You don't have to worry about that either. All that happens if you can't repay your loan, we'll keep your collateral. (Keep this in mind when determining what type of item you want to use as collateral for one of our loans). We won't send the loan to collections or report to the credit agencies if you don't repay your personal loan. We won't even call or send you a letter to ask about it. Also, remember that you can get an extension if you come in and extend the loan before the due date. This gives you a longer amount of time to repay your short-term loan with us, all without worrying about losing your special item. As your local store, we'll do everything we can to help you with a loan that suits your financial needs, all while making things as easy as possible for you.

As you can see, your credit report doesn't matter when you borrow with us, and you don't have to worry about your credit score being affected in any way, either. We have decades of experience in making pawn loans on gold jewelry, sporting goods, musical instruments, power tools, and various other items of value. Come see us, and let us help you with your quick cash loan today!


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