How Does a Pawn Loan Work at Greenbrier Pawn?
A pawn loan is a very simple loan contract with a pawn shop. You might have heard that this is a great way to borrow money with a poor credit score or other challenges, and this is the truth! Before you seek out a bad credit pawn shop loan, however, you likely want to know a little bit more about how it works. Luckily, pawn loans are very simple financial products. Plus, you have us here at Greenbrier Pawn to walk you through the process of a typical pawn loan. Check out this quick guide to how pawn loans work, stop by the store, or give us a call. We are here to serve the needs of the customer, and we want to help you with getting collateral-based loans from a pawn store!
What Are the Basics of How a Pawn Loan Works?
Before taking out the average pawn shop loan, you'll need to do two things: first, grab your government-issued ID (this is required by state law). Then, pick one or more items of value that you can use as collateral. Keep in mind that the amount of money you will be able to borrow depends on how much your personal property is worth. Less valuable items work for small loan amounts, but if you want to take out a bigger loan, you'll want to bring in something more valuable, such as a Rolex watch or an engagement ring.
Once you've done these two things, just drive to our Greenbrier location. When you walk in, just let one of our friendly staff know that you want to take out a loan! We have decades of experience, so we value items accurately but quickly. Our staff will let you know how much you can borrow and how much you will need to repay, draw up the pawn ticket, and hand you the cash! As you can see, it's seriously a very easy way to borrow money. Notice, we don't check credit or require you to fill out an application, so you don't have to worry about being turned down! If you're 18 or older, have a valid ID, and have collateral, you are approved.
What Can I Use as Collateral for My First Pawn Loan?
A pawn broker will secure your personal loan with one or more items of value. What types of items do pawn shops take? These are some of the items you can use as collateral if you're hoping to take out one of our easy and quick cash loans.
Video games and consoles
....and so much more! Curious if we will accept a certain type of item for one of our loans? Give us a call or bring your item of value in, and we'll talk!
When Do I Get My Collateral Back?
We'll hold on to your gold jewelry, musical instruments, or other collateral in our shop until you repay the loan. Don't worry -- we will keep your items safe and secure, and they'll be in the same shape that you dropped them off in when you pick them up. The sooner you repay your loan, the sooner you'll get your items back. We recommend choosing an item of value that you don't mind going without for a few weeks, while keeping the value of the item and how much you want to borrow in mind, too.
What Happens if I Can't Repay My Pawn Loan?
First of all, if you need a longer amount of time to repay your loan, don't worry -- this is something we can help you with. Check your pawn ticket for your due date. Visit us before that date and let us know that you'd like to extend your cash loan for another 30 days. All you have to do is pay the interest charges and fees to extend the pawn transaction. This is a good solution if you want to avoid losing your collateral but need a little more time.
If you are unable to repay your pawn loan -- or if you just don't want to -- the consequences aren't too serious. All that happens is that you lose your collateral, since we'll need to be able to resell it so we can get our money back. That's it. Because of this, it is important to be careful about pawning an item with sentimental value.
Are you worried that you'll start getting letters in the mail or collections calls? Don't be. We won't bother you at all, nor will we make an entry on your credit report. Plus, if you need to come back to borrow some extra money from us in the future, you still can! Your ability to borrow from us in the future will not be affected by your defaulted pawn loan!
If you've never taken out a pawnshop loan, there's nothing to be worried about. It's very easy, and at Greenbrier Pawn, we will do our best to ensure that you have a great experience. Walk into our pawn store with your high-value items, and walk out with extra cash today. Also, if you have any questions before you come in, don't hesitate to pick up the phone and call us at 757-382-9066. We are looking forward to seeing you and helping you with your collateral loan!