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  • Writer's pictureGlenda Craddock

Your Guide to Pawn Shop Loans in Virginia Beach

A pawn shop loan is a short-term loan offered by pawn shops like Hilltop Pawn Shop & Jewelry here in Virginia Beach. You might have never thought as your local pawn broker when you thought about loans; instead, you might have thought about a more typical bank loan through one of the major financial institutions, or you might have thought about payday loans. We offer something a little different from either. Even though our loan option might not be a traditional loan, it can likely be a great financial product for you. This guide is designed to help you learn a little more about pawn shop loans through pawn stores like ours, but we're happy to answer any and all questions that you might have about our collateral loans, too!

Pawn shop loan cash

1. What is a Pawn Loan?

So, just what is a pawn loan? Well, the concept is actually surprisingly simple. A pawn loan is a type of collateral loan that is backed by items of value that you bring into our store. If you have a car note, you essentially have a type of collateral loan...basically, your car loan is backed by your vehicle itself, and if you default on payments, your car can be repossessed. This is a secured loan that protects the lender.

Our loans are similar, but a little different. We don't want your car! Instead, you simply bring us items of value to hold on to until you repay your loan. We accept various valuable items for our pawnshop loans. Some customers bring us musical instruments or video game consoles, while others bring us gold or diamond jewelry or luxury watches.

The point is that we are able to loan to pretty much anyone, as long as you're 18 or older and have a valid ID, because your loan is backed by the value of the item that you bring in.

Our loans make it easy for you to borrow money, even if you've had trouble doing so in the past. We don't check your credit score and don't care about your credit history. We don't ask for income verification, and you don't even need a bank account. Just bring your item of value and an ID, and we're ready to work with you.

2. How Do Pawn Shop Loans Work at Hilltop Pawn?

Pawn shop loans work similarly at most pawn shops. They are state-regulated in all 50 states, after all. The process is pretty quick and easy. You bring your item to your local pawn shop (Hilltop Pawn) and let us determine how much it's worth with a quick visual inspection. How much it's worth depends on things like the type of item, its condition, and so on. We determine the item's value so we can determine your loan amount. You show us your driver's license or government-issued ID, we make you a loan offer, and we offer you a loan contract. If you decide you're interested in borrowing from us, great! We'll hand you your cash and pawn ticket. If not, you'll get your items back, with zero obligation or cost. The entire process isn't complicated at all, and it generally only takes minutes.

3. Why Do Pawn Shops Give Loans?

You might primarily think of a pawn shop as a place to sell unwanted items for quick cash, or a great place to go when you're looking for jewelry, luxury watches, and other items for half the price. Because of that, you could be wondering...why do pawn shops give loans?

Well, for one thing, at Hilltop Pawn Shop & Jewelry, we like to offer services that benefit our variety of clients. Different customers come in with different needs. One person might be interested in selling a piece of jewelry because they simply don't want it anymore; others might be on the fence about selling, but they might really need the cash right then.

For the latter, we like to offer a loan option. With this option, it's possible for you to take out the cash loan that you might really need, but you don't really have to give up your item forever if you don't want to.

It's worth it for us to offer this option, since we will hold on to your collateral until you repay the loan. If you don't repay, we'll be able to sell your item to get our money back, so it's a relatively low-risk option for us. This is why we're able to loan to anyone without performing a credit check, income verification, and so on. Just remember that if you can't repay by your due date but want to retrieve your item, don't worry; we will work with any customer. Just stop by the store when you get a chance (but before the final repayment date on your pawn ticket), and let us know you're interested in renewing your loan. You'll only have to pay the interest and fees that are already owed, and you will have another 30 days to get the money together to repay the whole amount.

Plus, of course, there are interest rates and fees that go along with taking out a pawn loan, so of course, we make a little bit of a profit. That's the nature of any business, naturally. However, our interest rates are regulated by state law, so you never have to worry about predatory or unfair loans. We are also fully transparent about how much you will need to repay, and we're always willing to answer your questions about interest charges or anything else related to the pawn transaction.


4. Should I Sell Jewelry or Get a Pawn Loan?

Depending on your financial situation and your own preferences, you do have the option to sell jewelry instead of using it to take out a loan. If you don't want your jewelry back, or if you aren't in a position to repay a loan right now, just let us know that you're interested in selling your jewelry. We'll assess the value of your item and pay you cash for gold jewelry, diamond jewelry, antique jewelry, and more on the spot.

On the other hand, if you would like to get your jewelry back, you can take out a loan. Your jewelry is great collateral for a small personal loan from us, and you'll be able to get your jewelry back when you repay your loan.

Should you sell your jewelry or get a loan? It's completely up to you!

5. Where to Get Pawn Loans Near Me in Virginia Beach?

Are you hoping to get a pawn loan without having to drive out of town? Are you looking for the lender that will give you a fair loan based on the value of your collateral? You don't have to look any further than Hilltop Pawn Shop & Jewelry. We're based right here in Virginia Beach, and we've been working with locals for years. Come see us to take out a fast and easy pawn loan, all without a hassle or a credit check.


If you're looking for an alternative to credit cards, payday loans, and bank loans, we are here to help. In fact, we offer one of the best options for borrowing money quickly and easily. Stop by our local store here in Virginia Beach -- Hilltop Pawn Shop & Jewelry -- and our knowledgeable staff will be more than happy to help you with our fast and hassle-free way to borrow money. Borrowing from us is always a good choice!

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