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  • Writer's pictureGlenda Craddock

What Are Collateral Loans at a Pawn Shop in Virginia Beach?

Collateral loans at a pawn shop in Virginia Beach are a very popular option when you need a short-term loan. Why go with online car title loans, high-interest and low-limit credit cards, or other similar financial products when we have a better option that meets your immediate cash needs? If you don't know much about taking out collateral loans when you need fast cash for unexpected expenses, we are here to help. We do our best to explain the entire process of a collateral loan -- also known as a pawn loan -- here on our website, but you can also give us a call at 757-769-7254 or stop by the store when it's convenient for you. Once you learn a little more about taking out a collateral loan from a reputable lender, we think you'll see that it's often the best loan process to consider when you are going through financial issues or just need some fast money.

​What Are Collateral Loans?

There are many different types of collateral loans. In fact, a mortgage is a form of collateral loan...basically, the house you buy is the collateral for the loan. If you stop making your mortgage payments, the bank can eventually foreclose on the house to recoup some of their losses. A car loan is another form of collateral loan...again, if you don't make your payments, the bank can repossess your car, since your car is the collateral for the loan.

Basically, a collateral loan is a form of loan that is secured by some type of collateral. There are various forms of these loans and various financial institutions that offer them.

Gold bracelet

What Are Collateral Loans Like at a Pawn Shop?

​Of course, a pawn shop loan is different from the collateral loans listed above. However, there is one similarity: your loan is secured by collateral. With these loan options, part of the loan terms is that you have to bring in one or more items of value to secure the loan. With a pawn shop collateral loan, you bring in an item of value that is worth approximately the amount of money that you're hoping to borrow. Then, the pawnbroker holds on to the item to secure your loan and lends you the cash on the spot. It's a great way to borrow money for emergency expenses and more (even with a low credit score), all without having to actually sell an item that you don't really want to sell. There's a wide selection of acceptable property that you can use for one these loans, and your item will be kept safe until you pick it back up.

Why Get Collateral Loans from a Pawn Shop?

Why choose a collateral loan from a pawn shop? Well, you can get cash in-hand on the spot, which is particularly useful when you really need some emergency cash. You're sure to find the process to be incredibly easy, even if it's your first time taking out one of these bad credit score loans. You can borrow as little or as much cash as you need, depending on the collateral that you bring in. Borrow just a few bucks to get by until payday, or bring in a more valuable asset and take out a large loan's really completely up to you! With this type of loan, your credit report never matters and the credit bureaus are never notified, even if you default on your loan. Pawnbrokers do more than loan to people with less-than-perfect credit...we loan to people with no credit or terrible credit, since we don't even do a soft credit check. Pawn shop loans can help you achieve your financial goals or help you through a hard time. Skip the banks and credit unions that make it harder for you to borrow any amount of money, particularly a larger loan amount. Plus, repayment terms are simple and straightforward, and you don't have to worry about the high interest rates that go along with so many poor credit loans!

Best Pawn Shop for Collateral Loans in Virginia Beach | Hilltop Pawn

Wondering where you should take out one of these types of loans? From smaller to higher loan amounts, Hilltop Pawn is the best choice. These are some of the reasons why we are the best pawn shop for collateral loans in Virginia Beach:

  • Your approval odds are always good here...if you're 18, have an ID, and have collateral to support your loan, you can get your loan!

  • There's no formal application process whatsoever!

  • Your credit profile doesn't matter.

  • We never report to the credit bureaus, even if the borrower defaults. In fact, if you default on a loan with us, you can still come back later for another loan!

  • We are a trusted pawn shop in the community...we've been serving Virginia Beach and Hampton Roads for years. We have a great reputation and many happy, repeat customers!

  • We would love to talk to you about how our loans and collateral works. Our staff will answer any and all questions you have!

  • We truly appreciate the value of your collateral here! Take out a bigger loan on jewelry and more...we will talk to you about the value of the collateral you bring in and make you a great loan offer.

  • When we have possession of the asset that you bring in as collateral, we will keep it safe and take care of it as our never have to worry!

  • We offer everything from small loans to much bigger loans...$5 to $50,000!

There's a good chance this loan type is a good choice for you, and if so, Hilltop Pawn should be your pawnbroker of choice! Come see us for a pawn loan today!

Skip the regular personal loans, online title loans, and payday loans. There's no reason to look for financial institutions that will grant you a many of them put you through an annoying and time-consuming loan application, only to turn you down for things like your credit history. Skip the application process, proof of income verification, and credit check, and come get an instant loan approval and a quick cash loan that suits your financial needs at Hilltop Pawn Shop & Jewelry. Use the loan proceeds for whatever you want...with a minimum loan amount of $5 up to loans as big as $50,000, we have got you covered with a loan agreement that works for you, whether you're covering a big expense or need emergency funding.

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