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  • Writer's pictureGlenda Craddock

Does Credit Score Matter With Collateral Loans? | Greenbrier Pawn

Collateral loans vary, depending on the type of loan you're taking out or who you are borrowing from. If you have been looking into these financial products as potential loan options to meet your immediate financial needs, you could be wondering if you have to worry about your credit score impacting the loan application process. This is a very common question...after all, even the best and most responsible of people go through hard times sometimes. Lots of people have been turned down for loans that they really needed because of their credit profile, and you could be worried about it happening to you. Luckily, with pawn shop loans from Greenbrier Pawn in Chesapeake, you never have to worry about a hard or soft credit check or formal application process. Once you take a closer look at how our loans work, we think you'll find that a collateral loan from us is a good choice for you, particularly if you don't have good credit.


Does Credit Score Ever Matter With Collateral Loans in Chesapeake?

Yes, credit score does matter with some collateral loans. Auto loans and mortgage loans are both secured with collateral (cars and houses, respectively), but credit often matters quite a bit with these loans. Additionally, even if you get approved with less-than-perfect credit, things like your repayment terms will be affected...you aren't going to get the lower rate if you have bad credit, after all.


If rebuilding your credit is still one of your financial goals but you need a loan now, visit a collateral lender that doesn't care about what the credit bureaus say...Greenbrier Pawn.

Antique ring on a red jewelry box


Do Pawn Shops Care About Credit Scores? | Greenbrier Pawn

One good thing about pawn shops in general is that we never care about low credit scores with our short-term loans. The loan process of taking out a quick cash loan doesn't even include a credit check as a part of the loan offer or final approval process. Pawn shop loans are some of the only true no credit check loans out there. When you make a loan request, we don't check your credit, at all. This is convenient when you need a no-hassle, no-stress loan approval and loan agreement when you have unexpected expenses or just need extra money and have a bad credit score.


In general, pawn shops provide an easy way to borrow money without having to turn in a lot of required documents and without having a good credit score. However, if you're looking for the best pawn shop to borrow from, visit the store that Chesapeake residents know and trust to offer the best deal...Greenbrier Pawn. You can also visit our sister store in Virginia Beach, Hilltop Pawn. Either way, all you need is your collateral and government-issued ID...we won't ask or care about your bad credit history. Plus, you can gain peace of mind in knowing that you're borrowing from a company that has been in the business for years and that has made many local customers very happy, regardless of their financial situation, loan size, or immediate cash needs.


How Can Pawn Shops Make Loans Without Checking Credit?

As someone who might have struggled to borrow money from other financial institutions because of poor credit history in the past, you might be a little suspicious. The idea of being able to borrow pretty much as much money as you want with less-than-perfect credit -- or even downright bad credit -- might seem too good to be true. Although it's always good to listen to your gut, we're here to tell you...there are no tricks here. It's absolutely true that you can easily take out a pawn shop loan without ever worrying about what's listed on your credit report.


Basically, with a pawn loan, the lender's risk is greatly reduced. This is because regardless of the type of collateral you bring in, we hold your valuable asset until you repay your loan. This is our legal right as pawnbrokers, but don't worry...we'll keep your item safe until you repay your loan and pick it up. Basically, because of the value of your collateral, your loan is secured. If the borrower defaults, we can sell the item of value and get our money back...that's simply how collateral works with this loan type.


This is good for everyone involved. You get to choose how much you borrow...from small loans to higher loan amounts...based on the types of collateral you bring in. We have less risk. We're able to approve pretty much everyone for a loan. It's a good thing for both us and the borrowers. So...if you're a legal adult with high-value items who needs extra cash now, come see us today!


Don't have a friend or family member who can cosign on your loan? Been turned down for unsecured loans, credit cards, and other types of loans from every financial institution you have dealt with, all because of things from the past? Skip the banks and credit unions that put too much importance on credit score when it comes to their personal loans. Take out a larger loan amount in an easier way -- all with bad credit -- by visiting Greenbrier Pawn. It's a good option for pretty much anyone who wants to borrow money!


Case of $100 bills

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