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How Pawn Shops Work in Virginia Beach Q&A

Virginia beach Pawn Shops are not all the same. One stop in Hilltop Pawn Shop and Jewelry will make you a believer. Here are the most often asked questions about pawn shops here in Virginia Beach and just about everywhere. Give us a call today.

Q: How Does Getting a Loan from a Pawn Shop Work?

A: How Pawnshop loans Work; this will be a summary of the entire Question and Answer Page. First Pawn shops make collateral loans, so your loan is based on the item you bring in, not on Credit so there is no credit check. You do not need any credit information at all to get a Pawn Loan. 

            You bring something in of value like gold or diamond jewelry or other valuables (listed Below) and the pawn broker will examine the item and determine the loan value, and thus loan amount, of the item. This value is based on what the pawn broker believes the item can be resold for. In some cases the item will be based on a scrap value. This happens mostly on jewelry items when the piece is so worn or broken it simply isn’t fixable. So the Pawnbroker will value it based on scrap, meaning selling the gold and gems to metal or diamond dealers. Regardless of how the price is determined you will get an offer to buy or loan the item. 

            Let’s assume you agree to the price. You then will provide our driver’s license and the staff will write the loan up and produce and agreement, or contract, with all the description and your information on it. State Law dictates the information that must be on the pawn ticket so you will find the info to be the same no matter where you go. 

            When you leave you will know what all your options are at that point for returning for your item or not.

            Option 1: you may return at any time during the 30 day pawn loan period and redeem your item by paying the loaned amount plus interest and fees. The interest and fees are also set up and regulated by the state of Virginia Legislature so you will find the same rate cap wherever you go in the state. Day 1 or day 30 is the same cost to you.

            Option 2: Let’s say you don’t have the full amount to redeem your item but you don’t want to forfeit it either. No problem, you simply return to the pawn shop and pay the interest and fees portion and this will renew the loan for another 30 days. It’s as if you got the loan out and then put it right back on loan. You now have another month to get your finances straight. This can be done as many times as you need, until you are able to redeem your item for good. Pawn loans are meant to be a short-term loan but this is a safeguard to prevent forfeiture.

            Option 3: Let’s say at some time during the month you decide you no longer want the pledged item that you brought in to secure the loan. Then simply do not come back for the item. This default will not affect your credit score or your credit at the pawn store. The interest charges and the loan contract simply go away. You no longer owe anything to the local pawn shop. Your item will become the property of the pawnbroker and they will sell it to recover the money they lent and to make a profit on the transaction. This in no way effects your ability to get another loan at the same Pawn Store, they are happy to extend credit to you again. 

            A Pawn transaction or loan is very different than a bank loan or heaven forbid Payday loans in that it is the ONLY LOAN on the commercial market that has no ability to affect your future. Meaning if you don’t pay it back only pawn stores don’t and can’t report you to a credit bureau or any other credit agency. Credit cards or a rich uncle are probably the best options for quick cash but if you don’t those options then your local pawn shop can help. 


Q: How Do I Get the Most Money When I sell or Loan to a Pawn Shop?

A: This is quite simple. And in every transaction each side is thinking of themselves. The key is to find a way to make both sides happy.

            If you are getting a loan you don’t need to tell the pawnbroker your financial situation simply tell them how much you want to barrow. From this point the broker will say yes or do a further inspection to determine the price they will offer. In reality we want to make the loan as much as possible so we end up loaning more money. After all that is our business. However, we want the loans to be good loans that won’t default. If we can loan you what you want then this is win-win. If we can’t get to that amount you have a decision to make about if you will accept that much. On a bright note remember, taking as little as possible now makes it easier to redeem later.

            If you are selling something then think of this as a used car deal. Wash and wax first, or in this case clean your product and bring all the associated paperwork along. Let’s say you’re selling an engagement ring. You can clean it if you have the right equipment but really just hit it with a tooth brush and dry it. The pawnbroker is used to looking at jewelry that has been worn. As he inspects it he may ask to clean it first. I personally think this is fine as long as it stays in site. In our stores we have large windows customers can look through to see anything we are doing to their jewelry. Again the store and the seller are looking for a win-win. We pride ourselves on being reasonable and with like-minded customers it usually works out.


Q: What Do Pawn Shops Pay the Most Money For?

A: Pawn Shops pay the most for Jewelry. Gold and Diamond jewelry to be specific and Rolex or other high quality watches. These items are typically loaned on by the high-end pawn shops in your area. Here in Virginia Beach Hilltop Pawn Shop and Jewelry is the best known and the sister store of the largest pawn shop in the state, Greenbrier Pawn Shop and Jewelry.

            First, when it comes to getting large amounts of money on a cash loan or a sale transaction Jewelry is the most common item for several reasons. One it’s easy to carry around, in fact you may be doing it right now. Two, it’s a high value item with a high resale value. A problem with some items like electronics let’s say is they out date themselves. An apple laptop you paid two thousand dollars for a year ago may be now worth four hundred because apple came out with 2 new versions in one year. Jewelry isn’t like that. Yes, gold price fluctuates but the prices of diamonds and gems moves very slowly. And the price of an engagement ring is ninety five percent or more in the diamond. Diamonds are a girl’s best friend has more than one meaning. 

            Second, we also lend large amounts on high quality watches like Rolex, Omega, Cartier, Patek Philippe and so on. Much like diamonds and gold jewelry high quality watches are easy to carry in and out and they hold their value very well. The secondary market creates a base line value for all precious metals, diamonds and high end watches. These items are easy to get a value on for the pawn shop and since they hold great value they bring the high dollar loans our customers desire.

Q: Is it Better to Pawn or Sell a Valuable Item

A: There isn’t a correct answer to this question because it has more to do with what the customer wants. Now sometimes that’s a bit more complicated than just “do I want to sell this”. So to start realize these are two different financial products with very different loan terms or terms in general. A pawn loan is a loan you intend to return for and redeem your item. A Sale is just that you sell it and that’s it, the item now belongs to the pawnbroker. Where it gets a little foggy is maybe you want it back or you might decide later you want it back. So in this case simply opt for the loan and now you have a month to make your decision. Remember, unlike a traditional loan it’s ok to default on a loan when you’re working with the pawn industry.


Q: What is the Most Pawned Item

A: The most pawned or sold item is jewelry for the simple reason that it’s not only high value but small and easy to carry. Now there are lots of other variations of jewelry as well as other types of goods. Here is a partial list of valuable items that make the best collateral for the average pawn shop loan or sale;

  • Gold Jewelry

  • Designer Jewelry

  • David Yurman, Pandora, Neil Lane, Tiffany & CO.

  • Vera Wang, John Hardy 

  • Diamond Jewelry

  • Unwanted gold, platinum or silver pieces

  • Gold Bullion

  • Gemstone Ruby Emerald Sapphire Jewelry

  • Rolex Watches

  • Omega, Cartier, Patek Philippe, Audemars Piguet

  • Tiffany & CO., Tag Heuer

  • Laptops (must be less than 18 months old)

  • High end Electronics

  • Musical Instruments

  • Quality and Vintage Guitars

  • Firearms (any Condition and Type)

  • Apple Products

  • Anything of Value

Q: How do Pawn Shops Determine How Much Money to Give You

A: This is fairly straight forward to understand “in most cases”. Regardless of the what the product you offer as collateral or the perceived value of the item the typical pawn loan or sale is based on what the pawnbroker believes he can sell the item for if you default or if he buys it out right from you. In the end the store makes a profit the same way a traditional jeweler does, buying at a lower price than selling. Now the “in most cases” part is are you dealing with a reputable local store and thus a reputable pawn shop owner. Meaning if they do a large amount of business they work off of volume and always seems to pay more than the small businesses in the area. We never speak bad of other stores but we are the largest and most well-known for sure in Hampton Roads. We got this way by treating our customers right.

Q: Do Pawn Shop Loans Require a Credit Check

A: No they do not. Your collateral and thus the value of your item is your credit. Pawn shops do not use nor can they affect your credit score.


Q: How Can I get a Loan with Bad Credit

A: Your local pawn shop is here to help with no credit check. The value of your good condition item is your collateral, not a credit report. We do not use your credit, only your item. See the list above of what we take but remember its really simply put, anything of value.

Q: Do Pawn Shop Loans Effect your Credit

A: Pawn Shop loans do not effect your credit. We do not use your credit to loan you money and we do not report to any credit agency.

Q: Can I get a Pawn Loan on Gold Jewelry

A: Yes, we loan money on gold jewelry and many other valuable items. See the list above for a sample of what we take on loan.

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