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  • Writer's pictureGlenda Craddock

How Do Pawn Shop Loans Work at Hilltop Pawn?

Updated: Sep 23, 2023

Pawn shop loans in Virginia Beach make it incredibly easy for you to borrow money. You might have heard that your local pawn shops offer a great borrowing option when you need quick cash, but if you've never taken out one of these loans before, you could be wondering how it works. Well, we're here to walk you through it, and we're always ready to answer any questions that you have. Once you see just how simple a pawn shop loan really is, we think you'll see that it's the perfect borrowing option, and a great alternative to payday loans and other loans.


Cash


What Do You Need to Take Out a Pawn Shop Loan in Virginia Beach?

With a traditional loan, you often have to gather up paycheck stubs, bank statements or tax returns, your social security card, and much more. You don't have to worry about all of that when you're doing a pawn transaction. You only need two things: your driver's license or other government-issued ID, and your items of value. That's it!

What Do Pawn Shops Take?

As your local pawn shop, we accept a variety of items for our collateral loans. Here, we're more of a jewelry store than your average pawn shop, so we are always interested in accepting gold and diamond jewelry. We also commonly offer loans on Rolex watches. However, we accept so much more than that!

  • Power tools

  • Video game systems

  • Apple products

  • Gold, silver, and platinum

  • Brand name merchandise

  • Musical instruments

When you're deciding what you want to bring to your local pawn broker to take out a loan, there are a couple of things you should keep in mind. For one thing, you'll have to leave your item with us until you repay your loan, so make sure you bring in items that you don't mind doing without for a few weeks. Additionally, remember that if you don't repay your loan, you will lose your collateral, so be mindful when bringing in items with sentimental value, like a family heirloom or engagement ring. Of course, you can bring these items in to take out a typical pawn loan, but just make sure you only do so if you know you can repay the loan.

Lastly, remember that the amount you can borrow is based on the value of the items you bring in. If you want to be able to borrow more money, you should bring in higher value items. The best collateral for a bigger loan will be your more valuable items, like modern electronics and diamond jewelry. The first step of your loan is performing a visual inspection and determining approximate resale value of your item, which our in-store experts are highly experienced with. The higher the value of your collateral, the higher your loan offer will be!


Get your pawn shop loan today! Come see us!

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

One reason why our customers love our loans is because you can get your loan really quickly. You don't have to take the time to fill out some long application, nor do you have to wait for someone to look over your application and let you know if you're approved or not. The whole process usually only takes about 10 or 15 minutes, depending on how many items you bring in as collateral. After all, we'll need to take a few minutes to look over each item of value to make you a loan offer.

Once you accept your loan offer, you'll have the cash in your hands in mere minutes. You don't have to worry about waiting for a day or two for the money to hit your bank account, like you do with some loans.

When Do You Have to Repay Your Pawn Shop Loan?

The due date of your pawn loan will be listed on your pawn ticket, so hold on to it for future reference. The average pawn shop loan is a 30-day loan. However, we do offer extensions. To get an extension, you'll need to come in and pay your interest and fees, and we'll renew the loan for you to give you more time to pay.

Of course, you can repay your loan any time before your due date, so come in when it's convenient for you. We're open six days a week.

What Happens if You Can't Pay Back Your Pawn Shop Loan?

As mentioned above, if you aren't able to repay your loan in 30 days, don't panic. You do have the option to extend your loan. If you aren't going to be able to repay your small personal loan at all, you could be worried about the consequences. We will keep the collateral; this is how we are able to recoup the loss from the unpaid loan. After all, that's why we assess your item's value when we make you a loan offer. However, that's it. You don't have to worry about us knocking on your door, calling you and hassling you, taking some type of legal action, or sending your loan to a collections agency. You also don't have to worry about us listing the unpaid loan on your credit report. Pawn shop loans really do offer a hassle-free way to borrow money when you're in a tough spot, and there's very little risk.


If you want to take out a short-term loan, visit one of our local pawn stores. Here at Hilltop Pawn Shop & Jewelry, we offer fast and easy collateral loans that are a great option when you need to borrow money. Come see us...we'd love to help you out! We offer an easy way to get the money that you need, right now!

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