When you’re interested in borrowing money, you do have a few options. If you’ve heard of pawn shop loans or know about a great local pawn shop, a pawn loan might be exactly what you have in mind. Luckily, at Hilltop Pawn Shop in Virginia Beach, we can help you with an instant cash loan that will allow you to get some quick cash with minimal hassle.
Pawn Shop Loans | Instant Cash Pawn | How They Work
Pawn Shop Virginia Beach
Pawn shop loans are simple collateral loans that allow you to borrow money more quickly and easily than ever. These short-term loans have lower interest charges than many loans, and you don’t have to worry about the hassles of a credit check. These are no credit check loans.
Basically, all you have to do is bring valuable items to the pawn shop that could be resold in our shop if you were unable or unwilling to repay your loan. We’ll hold those items securely here at Hilltop Pawn Shop and send you on your way with a cash loan. The amount of money that you will be loaned is based on the value of your collateral. The average pawn shop loan is about $150, but you can borrow more or less here. We grant loans ranging from $5 to $50,000!
We’re subject to state and local laws and are always transparent about how much you’re being charged in interest and how much you have to repay to pay off your loan. You don’t have to worry about not getting your items back, since we’ll give them back to you the same day that you stop by our shop to repay your loan.
Why a Pawn Shop Loan vs. Other Loans?
You might already know that you want to borrow money, but you might not be sure of which financial institution you want to borrow from or what type of loan you want to take out. Once you compare pawn loans vs. payday loans and other financial products, though, you’ll probably see why pawn shop loans are often a clear choice.
Pawn Loan vs. Payday Loan
Payday loans are very popular among people who are looking to borrow money quickly and easily, thus the phrase Instant Cash Pawn. These lenders do often work with people who have bad credit. However, there are many downsides when compared to a pawn loan.
Even though payday lenders do frequently work with people who have poor credit, they may still pull your credit report. They’ll want to know about your employment history and income, and they’ll base their lending decision off of these factors. They’ll need your bank account information and may withdraw your repayment straight from your account on your due date.
Payday lenders are illegal in multiple states and are heavily restricted in others. This is because of their high annual percentage rate and high fees, among other predatory lending issues. You may not even be able to get a payday loan in your state, and even if you can, you might regret it because of just how expensive it can be. After all, the Consumer Financial Protection Bureau recommends against payday loans in most cases because of just how predatory they are.
Also, be aware that only small loan amounts are often granted with payday loans. Basically, you’ll typically be required to only borrow as much as you can repay with your next paycheck. With a pawn shop loan, on the other hand, you can borrow as much as you want, as long as you have the collateral to secure it.
Pawn Loan vs. Credit Card
If you have a credit card, you may be thinking about using it instead of taking out a pawn loan. However, depending on the credit card you have, you might be restricted to using it at certain stores, or you might not be able to withdraw cash without paying hefty cash advance fees.
Applying for a new credit card may involve a hard pull on your credit, which can reduce your credit score by a few points. Also, depending on the annual percentage rate and annual fees of your credit card, it might be more expensive to use a credit card instead of taking out a pawn loan.
Instant Cash Pawn vs. Bank Loan
Of course, you may have the option to take out a personal loan from your bank or credit union. Bank loans can be hard to qualify for, however, particularly if you have a low credit score. The application process can be lengthy, and even if you get approved, it might take a few days to get the money. Unlike a traditional loan with a bank, pawn loans don’t require an application process or a pull of your credit report. You also get the cash in hand the same day.
Most financial products from a bank or credit union can have a negative impact on you financially if you have trouble repaying them. Your late monthly payments or default of the loan might be listed on your credit report and could impact you in a number of ways for the next seven years. You never have to worry about a defaulted pawn shop loan ending up on your credit report.
How Does a Pawn Shop Loan in Virginia Beach Work
Pawn loans or or an Instant Cash Pawn is a simple process that usually takes about five or ten minutes. For a full run down on what to expect based on what you have just give us a call is the easiest way or you can check out the page
Pawn Loans | Pawn Shop loans | Instant Cash Pawn
Whatever you want to call our cash loans you are welcome to do so. Pawn Loans, Instant Cash Pawn or Same Day Cash Loans. In the end they all mean the same. You get the money you need, for whatever the purpose, and have easy terms to reclaim your item. How does a pawn shop loan work? follow the link to read the entire process or simply give us a call.
Top Reasons to Take Out Your First Pawn Loan
People visit their local pawnbroker to take out a collateral loan for a host of different reasons. These are all examples of reasons why you might want to take out a pawn loan for the first time.
Some months, it can be hard to cover rent or pay an unusually expensive electric bill. Falling behind on your bills can affect your credit score, put you at risk of disconnection or eviction, and lead to late fees and other costs. If you’re a little short on cash to cover your bills this month, short-term loans from your local pawnbroker can help you get back on track.
You might feel as if you’ll never be able to take a vacation or buy yourself something nice, no matter how hard you work. With the help of a pawn shop loan, though, you can treat yourself. You can use the loan to finance a family vacation, couples’ trip, solo adventure, or something blingy and beautiful.
Tackle the Holidays
The holidays can be quite expensive. You might need to buy all of the food, drinks, decorations, and other essentials to host family gatherings, or you might need to cover travel expenses to visit your loved ones. There’s no reason to be stressed out around the holidays when you can use an easy pawn shop loan to get quick cash to cover everything.
Handle Unexpected Expenses
No matter how hard you might try to plan for your financial needs, unexpected expenses can sometimes come up. Your car might break down, or you might have to take your pet to the vet. It’s easy to panic when you find yourself in one of these situations, but if you bring in your valuable items for collateral, we can give you a loan to cover these costs.
Get By Until Payday
Many of our customers visit our pawn shop because they need a little help getting by until payday. It can be hard to cover expenses for food, gas, and other essentials in-between paychecks, but one of our loans can help you out, and you won’t have to worry about the hassle and expense of going with payday loans.
Where to Go for Your First Pawn Shop Loan
If you’re ready to take out your first pawn loan, Hilltop Pawn Shop is here to help. We think you’ll find that our local store is the only pawn shop you’ll want to deal with after you give us a try.
Hilltop Pawn Shop is conveniently located in Virginia Beach in the Hilltop area. We are located at 1965 Laskin Road at the bottom of the ramp next to Ski World and across from Captain George’s Seafood Restaurant.
Convenient Business Hours
We are open every day except Sunday. If you need to take out a quick loan on a Saturday, your bank might not help, but Hilltop Pawn Shop will.
Decades of Experience
Hilltop Pawn Shop & Jewelry has been open since 2010, but our sister store Greenbrier Pawn Shop & Jewelry was opened in 1996. We have decades of experience. We can easily walk you through the process of taking out a pawn loan. Plus, since we have granted many pawn loans and purchased many items from our customers in all of these years, we will know how to accurately assess and appraise your items to give you top dollar for them. This is true whether you’re using your valuable items as collateral for a loan or if you want to sell them. We are always focused on the needs of the customer and strive to make your experience great.
Instant Cash Pawn From Our Sister Store
Hilltop Pawn Shop & Jewelry is your go-to pawn shop in Virginia Beach, but we have a sister store, too. If you’re in the Chesapeake area, stop by Greenbrier Pawn Shop & Jewelry for the same services.
What to Bring to Secure Your Pawn Shop Loan
If you’re hoping to maximize your pawn loan amount, you’ll need to bring in the right valuable items for collateral. You don’t have to just pick one item; whether you bring in one item or 20, we will appraise it and potentially use it as collateral for your loan. We accept more than what you’ll find on this list, since we do accept most items of value. If you’re looking for some inspiration, though, these are some of the more popular items that we commonly use as collateral for our loans.
Vintage Guitars, bass guitars, Brass Horns and all sorts of musical instruments can be used as collateral here. Speakers, amplifiers, and other related equipment can be brought in, too.
Jewelry and Accessories
From vintage jewelry and family heirlooms to modern engagement rings and necklaces, we accept valuable jewelry as collateral. We also accept luxury watches and other accessories.
Precious Jewels and Metals
Your precious metals and jewels don’t have to be in the form of wearable jewelry for us to accept it as collateral. Loose diamonds, silver bullion, scrap dental gold, and other forms of precious jewels and metals are all high-value items that can help you get a sizable loan.
Silver and Gold Coins
Collectable coins, Silver or gold coins that can be very valuable or melted down for scrap, and various other coins are all acceptable collateral at Hilltop Pawn Shop.
You can bring in computers, tablets, computer equipment, and other electronics.
How to Get Approved for Pawn Shop Loans
It’s true that a pawn shop loan is one of the easiest loan types that you can apply for. If you’re still a little nervous that you will get turned away, just remember these simple tips:
You must be the owner of the item that you want to pawn.
You’ll need to bring a government-issued ID to prove your identity and age.
You should visit the pawn shop in person with the items you are hoping to use as collateral. Then, you can get an accurate loan estimate, and you’ll already be well on your way to getting your quick cash.
Bring in items that are in good condition to increase your chances of getting approved.
How to Make the Most Out of Your Pawn Loan
You’re sure to have a great experience with your first pawn loan if you follow these tips:
If you aren’t sure of whether or not you can repay your loan, avoid using special items or items that have sentimental value as collateral.
Read over your pawn ticket for date information about when your loan needs to be repaid. Read over the repayment terms to determine how much you will need to bring to the shop to retrieve your collateral and pay your loan off in full.
Bring more collateral if you want to take out a bigger loan.
Consider selling unwanted items instead of taking out a loan. Then, you can get the money you need to cover your financial needs without having to pay the money back.
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.