Bad Credit Loans & No Credit Check loans
Bad Credit & No Credit Check Loans in Virginia Beach
No matter why you might have ended up with a poor credit score, you have probably found that having bad credit affects your life in a number of ways. One thing you might have noticed is that it’s really hard to get a loan from a bank or credit union. In fact, you might have even given up on the idea of being able to take out emergency loans until you’re able to bring your credit score up. Luckily, all is not lost, and there are short-term loans and other loan options for people who don’t have a great credit rating with the major credit bureaus. In fact, we can even help you here at Hilltop Pawn Shop.
Why Take Out a Bad Credit & No Credit Check Loan?
Every financial situation is different. If you’re found yourself short on cash, though, no credit check loans could really help you out.
What Can You Use Your Loan For?
No matter the type of loan you take out or the specific loan agreement that you sign, you can use your loan for all sorts of things. Handling medical bills and medical expenses, performing home improvements, getting caught up on federal student loans, paying for a vacation, or preventing an over-drafted bank account are all examples of things you can use a bad credit loan for.
Why Choose a Loan That Doesn’t Require a Credit Check?
There are many reasons why people seek pawn shop loans, payday loans, and other loans that don’t require a credit check:
Many direct lenders perform a hard credit check. Unlike a soft credit check, a hard credit check can actually cause your credit score to go down. If you have less than perfect credit already, you probably don’t want to lose any points. Even if your credit is decent, you probably want to maintain your score. If you use a no credit check lender, then you won’t have to worry about your credit being affected.
In some cases, adding a loan or credit card to your credit report can affect you in other ways. For example, when you’re in the process of purchasing a home, any changes to your credit report can delay closing or even prevent you from getting approved. If a lender performs a credit check, there is a good chance they will list the loan on your credit report. If you use a lender that doesn’t perform a credit check, however, you shouldn’t have to worry about this.
If you have a bad credit score, you may have trouble getting approved for unsecured loans when the lender performs a credit check. Instead, you’ll probably want to look for payday lenders or pawnbrokers who will approve you for a loan without pulling your credit report at all.
Different Types of Loans for People With Bad Credit
If you don’t have a great credit history, you could be wondering about the different types of financial institutions you can work with to take out a loan. These are some of your options.
Pawn Shop Loans
Hilltop Pawn Shop offers pawn shop loans that do not require a credit check or application process. Unlike many online lenders, we offer cash advances and emergency loans without even doing a soft credit check. Our loans are secured with your collateral, such as jewelry or other items that we sell in our pawn shop. You can avoid high interest rates and additional fees by choosing one of our loans.
Payday lenders offer short-term loans that typically have to be paid back on your next pay date. Credit checks often aren’t necessary, but there is an application process, and the annual percentage rates can be incredibly high. Payday loans are considered by many experts to be predatory, and therefore, they are either illegal or heavily restricted and regulated in many states. There are payday loan storefronts, but many of these loans are online loans.
Title loans use your car as collateral for emergency loans. Like payday loans, these loans are considered by many to be predatory and often come with very expensive fees. You could also lose your vehicle if you don’t repay your loan.
Help From Family Members
In some cases, you might be able to get help from a family member or friend when you’re in need of a bad credit loan. You might be able to borrow money from a family member instead of working with any type of financial institution, or you might have a loved one who will co-sign on a loan from a bank or credit union.
There are some downsides to borrowing money in these ways, though. You might be embarrassed to talk about your personal financial situation with your family members, or you might not have family members who are willing or able to loan you money or co-sign with you. You could be worried about what will happen with your personal relationships if you’re unable to repay your loan as agreed, too.
Benefits of Pawn Shop Loans for People With Bad Credit
Of all of the bad credit loans that are out there, pawn shop loans from pawn shops like Hilltop Pawn are the best option for many people. If you’re still not sure of whether or not you want to choose a pawn shop loan instead of some other type of loan, consider these reasons.
It’s One of the Easiest Ways to Borrow Money
Even lenders that offer no credit check loans will still generally require you to fill out an application. They might require you to have a bank account, and they might ask about your employment and income. If you don’t meet all of the criteria, you could be turned down. Plus, you have to go through the hassle of applying, and it can take hours or days before you get an answer about whether or not you have been approved.
None of these things are an issue when you choose a pawn shop loan instead. There is no application for you to fill out. There’s no delay in getting your loan; in fact, you can get your loan in mere minutes. Your credit history isn’t considered, and you won’t even be asked whether or not you have a job, much less how much you make.
When compared to other loans, pawn shop loans are perhaps the easiest of all to get.
Your Future Will Not Be Negatively Affected
If you miss payments on credit cards or unsecured loans, you can typically count on your credit report taking a hit. This can make your financial situation even worse. We don’t report defaults on your credit, so you don’t have to worry about your future being negatively affected due to a pawn shop loan, even if you don’t pay it back.
You Can Borrow as Much as You Want
You are in control of how much you borrow when you take out a pawn shop loan. This decision is based purely on the value of your collateral and nothing else. Your income isn’t a factor. You can truly borrow as much as you want or need.
Tips for Getting a No Credit Check Pawn Loan
Now that you’ve compared payday loans, personal installment loans, title loans, and other loan offers, you might have decided that a pawn shop loan is truly your best option. These tips will help you get the loan funds that you need, all without having to work with third-party lenders.
Gather Your Collateral
As you now know, pawn shop loans aren’t unsecured loans; instead, they’re collateral loans. This means that before you can move forward with requesting one of these loans, you’ll need to decide what you’re going to use as collateral. Bring it with you when you come to Hilltop Pawn Shop, since we can appraise your collateral and give you your cash funds all in one trip. You don’t even have to wait until the next business day to get your loan funds; instead, the money will be given to you in cash on the spot!
Bring Your Government-Issued ID
To legally take out a pawn loan or perform other pawn transactions at Hilltop Pawn or any other pawn shop, you have to be at least 18 years of age. You will also need to bring your ID. This verifies your age and allows us to collect the personal information that we are required by law to document.
Why Hilltop Pawn is the Best Place to Get a Pawn Loan
We Have Decades of Experience
Hilltop Pawn Shop was first opened in Virginia Beach in 2010. We have a much longer history in the local pawn industry than that, though. Our sister store, Greenbrier Pawn, was opened in Chesapeake in 1996. We have decades of experience with granting pawn loans and providing other pawn shop services.
We Offer Big Loans
Some pawnbrokers grant bigger loans than others. Hilltop Pawn Shop is your #1 stop if you’re looking to take out a pawn loan that is bigger than the average pawn shop loan.
There are a couple of reasons for this. For one thing, we grant loans up to $50,000. Not all pawnbrokers offer loans of this size. Additionally, we provide fair appraisals for your collateral. You don’t have to worry about us lowballing you and not offering the loan amount you deserve.
We Accept All Items of Value
Some pawn shops are very picky about what they will and will not take. That’s not the case at Hilltop Pawn! Even though we’re primarily a jewelry store, we take all items of value for our pawn loans. These are just some examples of things you can bring in:
Engagement rings and wedding rings
Antique or vintage jewelry
Valuable metals or gemstones
Musical instruments and equipment
If you’re curious and want to find out whether or not we’ll take your item as collateral before bringing it to the store, you can always give us a call beforehand!
We’ll Help Every Step of the Way
At Hilltop Pawn Shop, we pride ourselves on providing the best customer service of any pawn shop in Virginia Beach. We strive to make the borrowing experience simple and pleasant. We’ll guide you through the steps of taking out your loan, and we’ll answer your questions along the way. You’re sure to be surprised by just how simple the borrowing process is when you come to Hilltop Pawn Shop.
How to Manage Your Bad Credit Pawn Shop Loan
Not only is it easy to take out a pawn shop loan, but it’s easy to manage one, too. If you’re looking for advice for managing your first pawn loan the right way, these simple tips should help.
Pay Attention to Repayment Terms
At Hilltop Pawn Shop, we are fully transparent about how much you have to repay and when you’re supposed to repay your loan. Make sure you pay attention to these repayment terms. Then, you can make sure that you get your loan paid back and that you’re able to retrieve your collateral. If you have any questions about the repayment terms for your loan agreement, don’t be afraid to ask! Our helpful staff will be more than happy to answer any questions that you have.
Keep Your Pawn Ticket
You’ll be given a pawn ticket when you take out a pawn shop loan. Keep this pawn ticket in a safe place. You may want to refer to it later to remind yourself about your repayment date or amount. Plus, you’ll need it when you return to the shop to pay back your loan and collect your collateral.
One upside of a pawn loan instead of cash advances and online loans is the fact that there aren’t really any major consequences of defaulting on your loan. If you can’t repay your loan, you can simply leave your collateral with us. Your credit score won’t be affected, and defaulting will not impact your ability to take out future pawn loans from us, either. Just be aware that if you do not repay your loan in full -- including interest charges -- you will not be able to get your collateral back.
Hilltop Pawn Shop & Jewelry
Welcome to our brand new store. Stop in and see the difference. You'll never use another Pawn Shop again. We look forward to serving you.