top of page
  • Writer's pictureGlenda Craddock

What are Collateral Loans at a Pawn Shop in Chesapeake?

Collateral loans at a pawn shop in Chesapeake are a fantastic alternative to payday loans, auto title loan options, car title loans, and assorted other loans offered from various banks, credit unions & other financial institutions. You may not typically think of pawn shops when you're in a situation when you need to borrow fast cash. However, once you visit us once and find out how easy the loan process really is when you need quick cash, we think you will visit over and over again. We never care about your low credit score, if you have a bank account, or even if you have a job. Come see us for our short-term loans, and we think you'll be happy with the deals we offer! We have provided a lot of information about our loans on our website for educational purposes, but we'd love to chat in person or over the phone if you want more information about things like how our loans work, what type of collateral we accept, and so on. We want to help you meet your financial goals with small loans, higher loan amounts, or anything in-between....regardless of poor credit or other challenges! No hard or soft credit check, ever!

Are There Different Types of Collateral Loans?

Yes, there are actually different types of collateral loans. Car loans and mortgages on real estate are technically types of collateral loans, since the loan is secured by a valuable asset of some kind -- in these cases, a car or a house. If you don't make your payments on a collateral loan, you could face foreclosure or repossession. On the flip side -- and in your favor -- the bank allows you to borrow money that they never would've likely loaned you otherwise, simply because there is collateral there to secure the loan.

A pawn shop loan is similar in that the loan is secured by collateral. However, we are definitely a little different from most collateral loans. Even with collateral in place, with things like mortgages and car loans, there is typically a lengthy application process. You'll have to fill out a formal application, turn in required documents (like bank account statements, employment history information, proof of monthly income, and so on), and wait for a final approval.

You don't have to worry about waiting for a review of documentation or any type of credit check when you borrow extra money from Greenbrier Pawn. We never care about whether you have a good credit score, and this type of thing never impacts the actual loan amount you can take out when you need extra cash, your annual percentage rate, or your loan terms. We also don't care about what you spend the loan proceeds on. That's your business! Just bring in collateral that is valuable enough to allow you to borrow enough money to cover your unexpected expenses, and our loan product should work beautifully for you.

How Do Pawn Shop Collateral Loans Work?

There are assorted state laws in place related to pawn shop loans...this is the case in all 50 states, in fact. Basically, you bring your item of value to a pawn shop and let an employee know you're interested in a loan. The staff member will determine the value of your valuable asset. Then, they'll make you a loan offer on the spot, and if you agree, you'll get the cash right then. You'll leave your item with the pawnbroker for the time being, then pick it up when you repay your loan by the due date. These pawn shop cash advances are truly just as simple as they sound, believe it or not.

Band style ring encrusted with blue stones

Where Should I Go for Pawn Shop Collateral Loans?

Interested in these types of loans? Wondering where to go?

Well, first, we'll be honest...this type of loan is heavily regulated by the state. This means that there are some similarities between how things go from one pawn shop and another. You can get a loan with less-than-perfect credit at pretty much any pawn shop around. This doesn't mean it doesn't matter where you go, however...visiting Greenbrier Pawn is always a good option.

Why choose us in particular for pawn personal loans?

Well, for one thing, we have a lot of experience with granting these financial products. We've been doing it for decades. This means we're able to assess and make financial decisions about the value of the collateral you bring in in no time. We offer higher loan amounts because we know what your items are truly worth, and we want to make you a loan offer accordingly. Because of our experience in the industry, we work more quickly and accurately than some of the different lenders out there that offer pawn loans. 

We also strive to be fully transparent, and we always want you to feel 100% comfortable when you come in. This means we will carefully go over the loan agreement with you, and we are more than happy to answer any questions. We also understand if you're curious and just want to get a loan offer beforehand before committing to anything, and we can help with that, too. We will assess the value of your collateral on the spot for free, with no obligation. Then, it's up to you to determine if our loan type is right for you and if you're interested in borrowing from us.

Have a bad credit score, or just want an easy way to borrow money that will help out your current financial situation? You can enjoy peace of mind while borrowing as much money as you need by visiting Greenbrier Pawn and asking about one of our loan options. As Chesapeake residents know, we always offer the best deal, whether you're selling unwanted jewelry & gold, buying fine jewelry at a discount, or if you're taking out a pawn loan. Your approval odds are basically 100%...we just require that you're at least 18 years of age, that you have a valid ID, that you have collateral to back your loan, and that you are the legal owner of the item and are therefore allowed to pawn it. Want to know more about how collateral works, or have general questions about our business or how we can help you? Give us a call or stop by today...once you take a closer look, we think you'll see that Greenbrier Pawn is always a good choice for unsecured loans from a pawn shop. Why bother with a financial institution that will harp on your old credit history and defaulted credit cards? We'll grant you the loan you need, no matter your credit report, and we'll provide you with the inviting atmosphere and high-end customer service that you deserve throughout the entire process, too!

2 views0 comments


bottom of page