A cash loan with bad credit might seem impossible. Most financial institutions, like a local bank or credit union, won't grant loans or credit cards to people who have less-than-perfect credit. If you've been turned down for a much-needed loan because of a credit decision, we understand you might be really frustrated, especially if you really need the loan proceeds for something important, such as getting by until your next paycheck, avoid overdraft fees in your bank account, or covering important medical bills. Skip the local and online lenders who judge you solely by your credit score, and visit Hilltop Pawn, where we don't even perform a credit check. We have a short-term loan option that will suit your financial needs, regardless of your credit difficulties. You don't even have to wait until the next business day...you can get your loan money in cash on the spot!
Do Pawn Shops Check Your Credit for Their Cash Loan Options?
The answer is NO. Some lenders claim to work with people who have bad credit, but they still run your credit report and take your credit history into account when determining whether or not to approve your loan application. Then, they may charge you higher rates and fees because of your score, or they might turn you down completely. That's not how we do things here. Your FICO score is none of our business, and we will never even check it! A pawn shop is the best place to get a quick cash loan when your financial situation is impacted by a low credit score.
How Can Pawn Shops Grant Loans Without Checking Credit Score?
You could be wondering why we are willing to offer a fast cash loan without performing a credit check. The reason we don't consider your credit when making a lending decision is because we don't have to. With the way our loan products work, we secure the loan by collateral. Basically, we hold one or more items of value until you come and repay your loan on or before your due date. If you can't or don't want to repay your loan, you simply forfeit your collateral. It's a good system, since it allows us to make loans to people who might be going through credit counseling, who might not have a long employment history, or who otherwise struggle with getting a loan approval. Yet, at the same time, we are protected. It's a win-win for everyone!
Does Credit Rating Impact the Amount of Your Cash Loan at a Pawn Shop?
You might be worried that you cannot take out higher loan amounts because of your low credit score. We don't restrict our customers to small-dollar loans due to their credit scores, since again, we won't even know what your credit score is! The amount you borrow is based on the value of your collateral, so bring us your more valuable collateral, and we'll offer you a convenient way to borrow up to $50,000!
Is Credit Score Ever Impacted By a Pawn Loan?
The answer is NO. Since we don't run credit checks, you don't have to worry about a ding on your credit score, which is an issue that goes along with hard credit inquiries. If you can't repay your personal loans with us, we don't report the issue to the credit bureaus, either. Our financial products never impact your credit score in any way, even if you aren't able to repay your loan based on the information in your loan agreement with us.
The eligibility requirements for one of our loans are simple...be at least 18 years of age, have a government-issued ID, and bring us collateral. That's all! We'll take down a little personal information from your ID, but that's it. Our customer service professionals will assist you with each step of taking out a loan, and we are more than happy to explain the actual loan terms to you before you walk out the door. We think you'll find our loans to be one of your top picks once you visit us, so stop by today, whether you're taking out a smaller loan or the maximum loan amount!