top of page
  • Writer's pictureGlenda Craddock

Pawn Loans Fast | No Credit Check | Virginia Beach

Updated: Mar 28, 2023

What is a Pawn Loan from a Pawn Shop

A pawn loan can take the form of many types of loan products. In the case of a Pawn Shop loan it is a short term loan that’s renewable. The loan amount is based on collateral you would bring in not your credit report. In fact your credit history is never pulled. The only thing we use to base your loan amount is the value of the item you bring in to leave with us while you still have the loan. The loan may be redeemed at any time during the term of the loan. A Pawn Loan is a 30 day loan that’s renewable. So at the end of the loan term as stated in your loan agreement you have three options.

1. You can come in and pay the interest and fees portion of the loan and this renews the loan for another 30 days. Basically an interest only loan. The principal portion stays the same as does the total loan payoff amount.

2. You can come in at any time during the 30 day time period and redeem your loan by simply paying the principal amount with the interest and fees as well.

3. And lastly you can simply decide not to return for your item. After a time period the item will default and the pawnbroker will sell the item to recoup the loan proceeds that were fronted the loanee.

The annual percentage rate and terms are defined in State Code. As such this is how pawn shops work in Virginia. The Pawn Shop can’t charge higher rates than the state code stipulates. If protecting your credit profile is important to you then pawn loans are the best personal loans option. The small required monthly payment allows you the added freedom of increasing your cash flow.

How much can I get from a Pawn Shop loan

The amount you can get from this type of loan is solely based on the collateral you bring in to pledge. Although most loans range from a couple hundred dollars to several thousand dollars we have made many twenty to thirty thousand dollar loans. The vast majority of laons are made on gold and diamond jewelry and high quality watches. Here is a partial list of high value items we lend against:

· Gold and Diamond Jewelry

· Other Precious Metal Jewelry

· Gold Coins

· Silver Coins

· Designer Jewelry

· Rolex, Omega, Cartier, Tag, ECT…

· Vintage Instruments

· Current Model Computers & Electronics

· Firearms

· Very High Quality Camera Equipment

· Basically Anything of Value

How can I use a Pawn Loan from Hilltop Pawn Shop

As this is a pawn loan there are no restrictions on how you use the

money. The loan purpose is your business and as such we don’t report use to any agency. Over the years we have heard many uses:

· Medical Bills

· Student Loans

· Personal Expenses

· Auto Down Payment

· Credit Card Debt

· Pet expenses

· Automobile Expenses

· Make Payroll

· Christmas / Birthday Gift

Truly we have heard thousands of uses. And that’s the best thing about a personal loan from a pawn shop. How you use the money is up to you. Your credit is not needed and safe and now you have cash in hand for whatever you need.

Do I have to Qualify for a Personal Loan

To qualify for a pawn loan you simply need to bring something of value in as well as your state issued identification. That’s it from a “what do I need to bring” standpoint. At this point we will evaluate your item or items and make you a loan amount offer. If you accept the loan we will begin the process. Depending on the collateral you bring in it could take up to twenty minutes to create the loan agreement. Most other loan lenders have a lending board to deal with so they may take some time to get funding. In our case you will deal with an owner or more than likely one of our children who run the stores. So you are dealing with a decision maker.

How Quickly can I Get a Pawn Shop Loan

As I mentioned above this process is actually very quick. Since the term length, loan fees, loan options, monthly payments, annual percentage rate, repayment terms, eligibility requirements are all set by the state. And there is no credit check, maximum loan amount, loan approval, minimum credit score requirement, application process and no eligibility requirements the entire process can take as little as 15 mins and rarely takes longer than 30 mins.

Can a Pawn Shop Loan Effect My Credit?

Absolutely not. This is not like Credit Cards or an auto loan. We do not report when your late paying or if you don’t come back and default on your loan. In fact if you default on a loan with us you are still welcome to get another loan. That’s the point of this being a collateralized loan. You are covered by your collateral. If you leave an item it’s really no different to us than if you had said you wanted to sell that item instead of getting a loan.

How do I Pay Off a Pawn Loan

Very simply put you will pay the loan off Lump Sum. At the point you decide to pay off your loan and redeem your item you simply bring the principal, interest and fees and redeem your item.

Hilltop Pawn Shop Virginia Beach

If you’ve heard Nest Business Day or Plus Origination Fee, Pending Credit Approval or if you been dealing with high-interest credit card debt and can’t qualify for a loan, Hilltop Pawn Shops Loan is the loan for you. Give us a call today to protect your excellent credit with the best pawn loan product around. Google Glenda Craddock Pawn Shops for our store nearest you.

223 views0 comments


bottom of page