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  • Writer's pictureGlenda Craddock

What is a Pawn Loan? | Virginia Beach

Pawn shop loans in Virginia Beach make it very easy for you to borrow money. In fact, there really isn't an easier way to borrow money, especially if your credit score isn't the best. There's no reason to jump through hoops to take out a traditional loan when your local pawn broker can help you out. We're here to tell you a little more about our loans, but you can definitely stop by or call us if you have additional questions. We're here and ready to guide you through the process of taking out your first pawn shop loan. Once you borrow money this way once, you'll likely want to use a pawn loan as your only borrowing option in the future, too.


​So, What is a Pawn Loan?

If you don't have a lot of experience with pawn stores or have never taken out a pawn loan, you might be a little confused about how it all works. Don't worry -- it's simple. A pawn loan is a collateral loan. You bring in an item of value, we make you a loan based on the value of the item. You leave your item with us, and you'll pick it up when you come in and repay your loan.

Pawn Loans: Easy Approval, No Credit Checks

Why take out a loan from a local pawn shop instead of a bank? Well, the answer is simple. Many people don't have a great credit score. You might have fallen behind on bills, or medical bills might have really added up. Maybe you went through a divorce or a period of unemployment. It doesn't matter. We don't care if your credit score isn't good or if your overall financial situation isn't the best. We know everyone deserves a second chance. We don't check your credit score at all. We also don't ask about your job or income. As long as you're at least 18 years old, have a valid driver's license or other government-issued ID, and bring in something to back the loan, we'll loan to you, no problem.

What Can I Pawn?

You can use all types of collateral for a pawn loan. Gold and diamond jewelry are popular. However, we also take things like power tools, video game systems, Apple products, musical instruments, firearms, and more. If you're curious about whether or not we'll take your item for one of our pawnshop loans, just call us! We're highly flexible when it comes to our collateral loans, so bring us what you've got.

How Much Can I Borrow With a Pawn Shop Loan?

The average amount of a pawn shop loan is around $150. However, people take out loans of all different sizes from us. Sometimes, you just need a few bucks to get by, and we offer loans as low as $5. On the other hand, we can loan up to $50,000 for big-ticket, valuable items, such as if you bring in a couple of valuable Rolex watches. Our in-store experts will perform a visual inspection of your items and make you a loan offer. If you want to take out a bigger loan, bring in more items. If you bring in higher value items, you'll be able to borrow much more than the typical pawn loan amount. How much you borrow is really up to you. Bring us your best collateral, and we'll make you the best loan offer!

Why is a Pawn Shop Loan a Good Alternative to Other Loans?

You could be wondering why a pawn shop loan is better than some of the other financial products that are available. Well, as mentioned above, we make it much easier to borrow money than the average bank. Additionally, you can avoid the high interest rates and predatory practices of payday lenders. The pawn industry is heavily regulated everywhere in the United States, including Virginia. We are required by law to keep our interest rates at a certain level. Of course, you'll have to pay for the service, but we keep it reasonable.

Plus, even if you can't repay, your credit is not affected. We'll just keep your brand name merchandise or other collateral to recover the money we loaned you. There's really no risk, and there's definitely no impact on your credit report. That's just not common at all in the lending world!

Why Hilltop Pawn Shop is the Best Place for a Pawn Loan

​Most pawn shops will offer you a pawn loan based on the value of your item. You might be wondering why you should come to us for a small personal loan instead of another pawn shop. Well, we are a family-owned store. We've been a fixture in Hampton Roads for years now. We offer excellent service and top offers for your items of value, whether you're taking out a loan or selling. Visit the local store you can trust when you're ready to take out a pawn loan, and we'll help you out!


Are you ready to get some quick cash without all of the hassle? Visit one of Glenda Craddock's pawn shops -- Hilltop Pawn Shop here in Virginia Beach, or Greenbrier Pawn in Chesapeake -- and we'll be more than happy to help you out. There's never a credit check, and you can avoid predatory payday loans, too. Bring your valuable items in as collateral, and you can get a cash loan in no time!

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