How Much Money Will a Pawn Shop Pay Out for Loans?
Pawn shop loans are very popular cash loan options, particularly for people who need money fast or who don’t have the best credit. If you need to borrow money, you may be thinking about taking out one of these loans yourself. You might be wondering, “How much money will a pawn shop pay out for loans?,” which is a popular question. The answer is, we make pawn loans in amounts that range from $5 to $50,000. Of course, there are a few things that impact your pawn loan amount.
Which Pawn Shop Are You Visiting?
Some pawn shops are able to grant bigger loans than others. Hilltop Pawn Shop has been in business since 2010, and our sister store -- Greenbrier Pawn, which is located in Greenbrier -- has been open since 1996. Because we’re well-established and have been in the business for a while, we are able to grant large pawn loans. As long as you have the collateral to back it up, you can borrow up to $50,000 at Hilltop Pawn.
What is the Value of Your Collateral?
As mentioned above, the primary thing that impacts the amount of your pawn loan is the collateral that you bring in. Basically, the whole reason why we are able to grant loans to people without performing credit checks or income checks is because the loans are backed by collateral that our customers bring in.
When you bring in your collateral, we will assess its value. Then, when we determine how much your collateral is worth and how much we will be able to resell it for, we will make you an offer.
What Can You Use as Collateral?
One exciting thing about taking out a pawn loan is the fact that we accept just about anything of value as collateral. These are just some examples of things you can use as collateral:
● Gold jewelry
● Silver jewelry
● Diamond jewelry
● Musical instruments
● Video game consoles
● Luxury watches
How Does Hilltop Pawn in Virginia Beach Calculate Value?
Different items are valued differently. With jewelry, we’ll determine if it can be sold as-is or if we will need to value it based on its gold content and stones. Calculating value for pawn shop loan purposes is a very straight forward procedure. With electronics, we’ll consider things like how modern and popular your items are. The same is true with video game consoles. Because we’ve valued many items of all different types in our time here in Virginia Beach, we’re highly experienced at evaluating items and making offers. You can always feel good knowing that we will offer you a top-dollar loan for your collateral.
How Much Do You Want to Borrow?
You don’t have to accept the max loan offer that we give you. Some people choose not to. If you know you want to retrieve your items, you may want to stick with a lower loan amount that you know you will pay back. A smaller loan equals less in interest, too. We’ll tell you the maximum that you can borrow based on the collateral you have presented, and you can then let us know how much you want to borrow.
As you can see, there are a few different things that impact your pawn loan offer. We are here to answer your questions about pawn loans and to help you take out a pawn loan for the first time.