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How Does A Pawn Shop Loan Work

      You start exploring easy loan options, and you might have come across information about pawn shop loans, or a friend or family member might have recommended that you come to Hilltop Pawn in Virginia Beach. As someone who hasn’t taken out a pawn loan before, you might not really understand how they work. They’re actually quite simple, and our financial product works well for many people just like you, who are hoping to borrow money.

What Are Pawn Shop Loans?

Pawn shop loans are granted by licensed pawnbrokers at the same pawn shops that you might have visited in the past to buy or sell used items. They are collateral-based loans, which means that you have to secure the loan with collateral in order to receive the cash.

Why Take Out a Pawn Loan?

People from all walks of life and in all situations come to us for pawn shop loans. These are just some of the things you can do with the cash from one of our loans:

  • Prevent bank overdrafts

  • Get caught up on bills

  • Cover food and expenses until payday

  • Take a vacation

  • Cover holiday expenses

  • Handle unexpected medical, dental, or veterinary bills


We won’t even ask why you’re borrowing the money or what you’re going to use the loan funds for. You can take out a pawn loan from Hilltop Pawn for any reason!

What Are the Benefits of a Pawn Shop Loan?

As you may know, pawn loans aren’t your only easy borrowing options. There are title loans, payday loans, bank loans, and more. If you’re wondering why you should consider a pawn loan instead of one of these other options, these are some of the things you’ll want to think about:

  • There’s no credit check.

  • There’s no income verification or job check.

  • You’ll get your loan funds the same day.

  • Your credit won’t be affected if you default on your pawn loan.

  • Our interest rates are state regulated and cannot be higher than 10 percent per month.

  • You don’t have to worry about online payday loan scams.


Why is Collateral Required for a Pawn Shop Loan?

You could be wondering why you need collateral to take out a pawn shop loan. The reason is simple: it allows us to protect ourselves when loaning money. If you default on your loan, we’ll be able to resell your collateral to recoup our loss.


This doesn’t just benefit us, either; it also benefits our customers. Because we’re able to protect ourselves with collateral, we are able to loan money to more people. We don’t have to check credit, verify your employment or income, or take other precautions before granting the loan. having bad credit is not an issue with us. This means that even if you’ve been turned down for other loans before and struggle to find borrowing options that work for you, there’s a good chance we can help.

Can I Get Turned Down for a Pawn Loan?

The only way you will get turned down for a pawn loan is if you don’t bring in adequate collateral, if you aren’t at least 18, or if you don’t have a valid, unexpired ID when you come in.

How Much Money Will a Pawn Shop Pay Out for Loans?

Many people wonder how much money will a pawn shop pay out for loans? This is entirely dependent on you and the collateral that you bring in. We grant loans of all amounts, from $5 to $50,000. Consider how much you want to borrow, and bring in the appropriate collateral. When you do, we’ll be happy to grant a loan of the size that you need!

Do Pawn Shops Make Loans on Gold and Diamond Jewelry?

Now that you know you need collateral for one of our loans, you might be trying to decide what you will use as collateral. If you’re wondering, “Do pawn shops make loans on gold and diamond jewelry?,” it may be because you have a few items in your jewelry box that you’re interested in using.


Gold and diamond jewelry are very commonly used as collateral for our loans. We accept class rings, wedding rings, engagement rings, gold necklaces, and more. Designer jewelry, antique jewelry, and vintage jewelry are popularly used.

How Does a Pawn Shop Determine Value of Gold Jewelry?

If you decide to use your gold jewelry as collateral for your pawn loan, you might be curious about how we will determine its value. This depends on the condition of the piece in many cases. If the jewelry is sellable as-is, then we may appraise it higher. Even with damaged pieces, however, we look at gold content and the weight of the piece. We’ll pay you a percentage of the current spot price for gold after evaluating gold content and determining how much your piece weighs, based on the troy measurement system. If your gold jewelry has a diamond, sapphire, or other valuable stone, we will consider the value of the stone when we’re appraising your jewelry and making you an offer. If you have more questions about “How does a pawn shop determine value of gold jewelry?,” we are more than happy to tell you more.

Can I Get a Pawn Shop Loan on High Quality Watches Like Rolex, Omega and Cartier?

Virginia Beach residents know they can come to Hilltop Pawn for reasonably priced, high-quality watches from top brands. You might now be wondering if you can come to us with your luxury watch and use it as collateral for one of our loans. If you’ve ever wondered, “Can I get a pawn shop loan on high quality watches like Rolex, Omega, and Cartier?,” we’ll be happy to help you out. Your loan offer will be based on the specific brand and model of watch that you have, its condition, and a few other factors.

Is Designer Jewelry a Good Choice for Pawn Loan Collateral?

Many people call us because they’re curious about who loans money on designer jewelry like Tiffany & Co, Yurman, and Harry Winston. The answer is, we do! Hilltop Pawn makes top dollar loan offers to customers who bring us high-end jewelry from top designers. After all, we know our customers regularly come to our pawn shop and jewelry store looking for these designer pieces, so we feel confident we can resell them in the event that you default on your loan.

What Other Items Can Be Used to Take Out a Pawn Loan?

Many people who come to us for a loan bring along either gold or diamond jewelry or luxury watches. These are all very popular items to use for collateral loans, but they aren’t the only items we take.


Hilltop Pawn in Virginia Beach will actually take a variety of different items of value for our collateral loans. People bring us video game systems and accessories, televisions, laptops, guitars and other musical instruments, and much more. You might be surprised by what we’ll take, and you can always give us a call or stop by if you’re curious about whether or not you can use something as collateral for one of our loans.

Do I Need to Bring Anything Else to Get Approved for My Loan?

All you need to bring with you -- in addition to your collateral, of course -- is your government-issued, valid ID. Even if you have worked with us before, you will need to bring an unexpired ID each time you come in to take a loan. We are required by state law to see your ID and document some of your information.


You do not need to bring along proof of your income, bank statements, or any of the other documentation that you typically need when applying for a loan. Again, it’s a streamlined process, and our requirements are minimal.


However, in some cases, bringing documentation related to your collateral is a good idea. If you have authenticity paperwork or other similar documentation, it’s not a bad idea to bring it for us to look at. This may help you get a bigger loan in some situations.

How Long Does it Take to Get a Pawn Shop Loan?

You might need to borrow money as soon as you can, so you could be looking for the fastest borrowing option possible. This is where a pawn shop loan from Hilltop Pawn can really come in handy. Our loans allow you to get cash in your hand in no time.


How long the process will take does depend on a few things, like how busy our shop is and how many items you bring in for us to evaluate. We know you want to be in and out as quickly as possible, though, and we’ll do everything we can to help you get your funds right away. In many cases, you can be in and out in minutes! There’s no long wait to have your application approved or to have funds deposited into your bank account. Everything’s done quickly and in cash!

What is the Repayment Process Like?

Before taking out a pawn shop loan, one of your top questions might be about what the repayment process will be like. After all, you might intend to repay your loan so you can retrieve your collateral. Luckily, repayment is easy.


Pawn loans in Virginia are granted for 30-day periods initially. The due date will be listed on your pawn ticket. You do have the option to renew or extend your loan if you need more time to pay, but you’ll need to stop in and make a small payment to do so.


When you are ready to repay your loan, bring your pawn ticket, and visit us at Hilltop Pawn. Your repayment amount, including interest, is listed on the pawn ticket, so you will know how much to pay. Once you’ve made your full payment, we will give you your collateral back, and you’ll be free to leave with it. If you need to take out another loan in the future, you can even bring the same collateral back for your next loan.

What Happens if I Don’t Repay My Pawn Loan?

We understand that things happen. Even though you might fully intend to repay your pawn loan when you come in, you might find yourself in a situation where you simply can’t repay your loan on the due date. Luckily, this doesn’t have to be a big deal!


For one thing, if you can make a small payment, you do have the option to extend your loan. Many people do this if they don’t want to lose their collateral and simply need a little more time to get the money together. If you have a pawn loan with us and need to extend, just stop by, and we can help you out.


If you aren’t able to repay your loan at all, you should know that the consequences aren’t too serious. We won’t call you or send you letters in the mail to harass you about when you’re going to repay your loan, which is common with many lenders. We also won’t make a negative entry on your credit report. In fact, your credit report will not be affected at all. The only thing that will happen is that you will lose your collateral, since we will resell it in our shop to get the money back from the loan.


You don’t even have to worry about being barred from taking out further pawn loans from us or anyone else. Even if you have defaulted on one or multiple pawn loans at our shop, you still have the option to come in and take out another loan in the future. Just remember that you will need to bring along collateral when doing so.

How Does Pawning Jewelry Work?

Jewelry is one of the most common items you can pawn. How does pawning jewelry work? First, gather up your jewelry, come in to our shop, and let us know that you're interested in taking out a pawn loan. With pawn loans on jewelry, we look at the value of your jewelry. Then, we make you a loan offer. With pawn shop loans, you leave your jewelry with us for the time being. Then, when you come in and repay your pawn shop loan, you'll get your jewelry back.

Why Get Pawn Shop Loans on Jewelry?

When you're interested in pawn loans, using jewelry for your pawn shop loan makes sense. For one thing, since pawn shop loans are based on the value of your collateral, bringing in valuable jewelry is a good idea, since this gives you additional borrowing power. Plus, jewelry is small and easy to bring in to our shop. Pawn loans on jewelry are perfect if you want to borrow money today. How does pawning jewelry work? Just bring your jewelry in, get your loan offer, and leave with your cash. It's all so easy!


As you can see, pawn shop loans are actually quite simple. We make them even easier here at Hilltop Pawn Shop in Virginia Beach. Visit us today if you have further questions or if you’re ready to take out your loan.

Glenda-Craddock-Jewelry Stores.JPG
Jewelry Expert

How Pawn Loans Work

Here at Hilltop Pawn Shop, we understand that anyone can suffer from cash flow issues. If you’ve found yourself running a little short on cash, we are here to help.


Our pawn loans are SHORT-TERM LOANS THAT ARE REGULATED BY VIRGINIA STATE LAW. Basically, you will need to bring in an item of value -- or multiple items -- for us to hold as collateral.


Then, BASED OFF OF HOW MUCH THE ITEM IS WORTH, WE'LL GIVE YOU A LOAN OFFER. If you choose to accept, we can quickly and easily write up a loan contract and loan you the cash.


All you need is your state-issued ID to prove that you’re at least 18. WE DON'T CHECK YOUR CREDIT, and we accept a wide range of items as collateral for our pawn loans.

After you take out your loan, you’ll have a few different options. Your first option is to come back in and pay off your loan within the 30-day loan term. You’ll pay back the amount that you borrowed plus a small loan fee and interest charge that is regulated by Virginia state law. Then, you’ll get your item back immediately. If you aren’t able to pay off your loan in 30 days, it’s not a big deal. All you have to do is bring in the amount of your interest and fees. Once you pay this sum, we’ll renew your loan for another 30 days to give you more time to come up with the cash.


Lastly, if you are unable to pay back your loan for any reason, or if you decide that you just don’t want your item back, you don’t have to do anything. We will keep your item, and you won’t have to worry about paying back the loan. This will not have a negative impact on your credit, and you will not have to worry about us calling and hassling you about the money. You can also come back to us anytime that you want to take out another loan.

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