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  • Writer's pictureGlenda Craddock

Do Pawn Shops Do Payday Loans?

When you need a cash advice to get you by until your next payday, taking out a payday loan can be highly tempting. Don't assume that online payday loans are your only options for short-term loans, even if you're worried about a credit check. Pawn shop loans in Chesapeake are subject to state laws and can be a much better option for your financial needs. Come see us at Greenbrier Pawn today! We'd be happy to tell you about the differences between pawn shop loans and payday loans, and we'll help you with securing fast cash with minimal eligibility requirements.

Can You Get a Payday Loan from a Pawn Shop?

When looking for a financial solution when you're short on cash, you might have come across payday loans. Many people who are suffering from financial problems look into payday loans to help them with covering their essentials and financial obligations, especially if they have a poor credit score. You might be having a hard time finding a local storefront payday lender, and you could be worried about online lenders that advertise these advance loans. Because of that, you could be wondering if you can visit your local pawn shop for a payday loan.

The answer is no, although that doesn't mean that your local pawn shop doesn't offer an easy way to help you borrow money. Payday advance loans from an online payday lender are very different from pawn shop loans. If you're willing to explore different -- and better -- borrowing options that payday loans, we encourage you to consider us as your loan provider. Instead of taking out a payday loan or payday cash advance, you can take out a pawn loan instead.

Cash money from a pawn loan

Why Pawn Shop Loans Are Better Than Payday Loans

Are you wondering why you should consider a pawn shop loan instead of a payday loan next time that you're looking for personal loans to cover unexpected expenses? Well, there are actually a number of reasons why pawn shop loans are better than even the best payday loans.

Qualifying is Easier

Payday advances are known as being easier loans to get approved for than most traditional loans, and this isn't untrue. Many payday lenders don't check your credit score, but some of them do. Even if they don't, they'll generally want to know about things like how long you've had your job, when you get paid, and how much. If you haven't had your job for long, don't have a high income, or have a non-traditional income, you might struggle to get approved. A payday lender will also require you to have a bank account.

Qualifying for a pawn shop loan is a lot easier. You don't have to have a bank account. We won't even ask about your job or monthly income. Just bring us your ID to prove you're at least 18 years of age, and bring us collateral. That's it.

Work With a Local Business

There are some decent companies out there that offer cash advance loans, but there are also a lot of online payday loan scams. Avoid scams by working with the local pawn shop and jewelry store that Hampton Roads residents have come to know and trust, Greenbrier Pawn Shop.

​Choose How Much You Borrow

With a payday loan, the amount you can borrow is generally based on your income. If you're dealing with a financial crisis and need a larger amount of quick cash, a payday lender might not help you. With a pawn shop, since your loan is based on your collateral, you get to choose how much you borrow!

Pay Less in Interest and Fees

Payday lenders are known for difficult repayment terms and expensive interest rates and fees. On the other hand, pawn stores are regulated by the state. Our interest rates are much more affordable, and we're always 100% transparent about how much you have to repay, too.

Get a Pawn Shop Loan from Greenbrier Pawn Shop Today

Now that you know more about pawn shop loans vs. payday loans, you likely see that pawn loans are generally better financial products. If you have decided that a pawn loan is your best option, you don't have to look for a pawnbroker to work with. Instead, come see us at Greenbrier Pawn Shop & Jewelry right here in Chesapeake, where we offer in-store loans for our customers. You can also come see us if you're interested in selling unwanted items of value, such as diamond jewelry, gold jewelry, luxury watches, and more. Either way, we'll help you get the cash you need, and we'll make it easy, too!

Don't bother with payday lenders that charge exorbitant interest rates and fees and often have a frustrating application process. Instead, come see us for a large or small loan, depending on your needs. We don't care about your bad credit score! Avoid the debt trap or scams that can go along with payday lending and online loans. Come see the local business that you know and trust, Greenbrier Pawn Shop & Jewelry in Chesapeake. We've been helping customers with credit difficulties with getting fast and easy loans for decades now, and we're here to help you, too!

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