top of page
  • Writer's pictureGlenda Craddock

How Do Pawn Shop Loans Work?

Pawn shop loans in Chesapeake are incredibly simple. If you've never taken out a loan from one of your local pawn shops, you might not really know how they work. Once you borrow quick cash this way once, you'll know exactly what to do next time. It's truly a hassle-free way to borrow money, and our knowledgeable staff will answer all of your questions, handle the work, and make your loan as easy for you as possible. Understanding how pawn shop loans work is easy, and we're here to help.

Cash loans

​What is a Pawn Shop Loan?

So, what is a pawn shop loan? Pawn shop loans are collateral loans that are offered by the same pawnbrokers who you can count on when you're hoping to buy and sell pre-owned items. Pawnbrokers grant you a cash loan, which is secured by your collateral. Because of this, your loan is based on the value of your collateral. You deal directly with the pawn shop that you're borrowing from, with no need to go through the hassle of a bank loan. The average amount of a pawn shop loan is around $150, but how much you can borrow really depends on you. Bring the best collateral, and you can borrow much more. Repayment is fast and easy, and getting one of these loans from a pawn broker might be perfect for your current financial situation.

Where to Get a Pawn Shop Loan in Chesapeake

There are pawn shops all over the country that all offer collateral loan contracts that are state-regulated. However, which pawnbroker you visit does matter. First, of course, you'll likely want to find a pawn shop that is located near you. There's no reason to travel to get a pawn loan when you have a local store near you! If you're in Chesapeake, you can get a better than typical pawn loan by visiting Greenbrier Pawn Shop. We offer higher value loans that you can't get just anywhere, and our in-store experts are fast and accurate when it comes to valuing your items and making you a loan offer. We have been involved in the jewelry and pawn industry since the 1990s and have a great reputation in the community, so visiting us is a good choice if you're ready to take out a better than average pawn shop loan from one of the local small businesses that you can count on.

What is the Process of Getting a Pawn Shop Loan?

With many financial products, the process of applying for a loan involves filling out an application. You may have to list your social security number so the lender can perform a check of your credit report. In addition to a credit check, many lenders will ask for copies of your paycheck stubs or other proof of your income, a list of references, your employer information, and more. Once you submit all of this paperwork, someone will determine if you are or aren't approved for the loan. If you're approved, you may even have to wait a day or two (or even longer) to have the borrowed money deposited into your bank account.

The process of a pawn shop loan is a lot faster and easier than this. You don't have to fill out an application, and we never pull your credit score. A pawn transaction is a whole lot faster. Bring in your collateral and driver's license, let us take a look at it, and we'll determine the value of the item. Once we've done so, we'll make you a loan offer and let you know your repayment date and amount. Accept the offer, get your borrowed money in cash, and head out the door. The whole thing can be handled right here in your local pawn shop in minutes. Not only is it an easy way to borrow money, but it's a great way to borrow money without a credit check.

What Can I Use as Collateral for My Pawn Loan?

It's important to carefully consider which item of value you'll use for your pawn loan for a couple of reasons. For one thing, the item's value is what determines how much you can borrow. We don't look at your income or anything like that when making you a loan offer, we look strictly at the collateral that we're able to secure with your items of value. If you want a bigger loan, bringing in more valuable items -- and perhaps bringing in multiple items, like multiple pieces of jewelry from your jewelry box -- can help you achieve your goal.

Additionally, remember that you will need to leave your collateral with us for the amount of time that you have a loan out. You'll then get your item back when you repay your loan and interest in full. This means you should only bring in collateral that you don't mind doing without for the 30-day term. Additionally, because you will forfeit your collateral if you don't repay your loan, you should be careful about what you bring in. Make sure that you're either sure you'll be able to repay your loan or that you only bring in items that you don't mind losing if you aren't able to pay.

The way pawnshop loans work is all very easy. Come see us for the easiest borrowing experience ever, whether you're taking out a small personal loan, or a much bigger loan. From $5 to $50,000 and everything in-between, we're the place to visit when you want to take out a cash loan. There's no reason to take out payday loans or a traditional loan when we can help you out with a fast and easy short-term loan right here. You've already seen us on come see us!

Cash in hand

11 views0 comments


bottom of page