Pawn loans are a great option when you need extra cash, especially if you have a short employment history, a poor credit score, or some other issue that makes it difficult for you to take out a loan from the average financial institution. You might have heard that you can visit a pawn store for a cash loan, but if it's your first time taking out a collateral loan from a pawn broker, you might be looking for more information. These are five key things you'll probably want to know before your first pawn transaction. Once you see how easy it is to take out a pawn loan on a gun, you may never want to deal with banks and credit unions for typical loans again!
1. It's Important to Choose the Right Pawn Shop for Pawn Loans on Guns
There are different pawn shops out there that offer pawn loans on guns, but Chesapeake Pawn and Gun is the only pawn shop you need! We are a local store right here in Chesapeake, so you don't have to travel far for your short-term loan. Because we are more of a gun shop than the average pawn store, we truly appreciate and value your gun, so we'll make you a great loan offer. If you're actually interested in selling your gun instead, we will make you a great deal!
2. You'll Need Your ID When Taking Out a Pawn Loan
We look at two things when you come in and ask us for a loan: the value of your gun and your ID. Even if we have worked with you before, we will still need you to bring your unexpired, government-issued, valid photo ID. This is true for any pawn transaction.
3. You Don't Have to Worry About a Credit Check
The average pawn shop loan -- on a gun or other items of value, such as power tools, musical instruments, jewelry, or another item of value -- is a great option for someone who doesn't easily qualify for a personal loan because of their credit score. In fact, we won't even look at your credit history at all. Bad credit is never a problem here! You also don't have to have a bank account or proof of income. Your high-value items -- such as your firearm -- will get you approved for these easy financial products.
4. Extensions Are Available on Pawn Loans
Worried about losing your firearm because you aren't able to pay your collateral-based loans on time? You don't have to be...we can give you some extra time to repay your loan. All you have to do is come in and tell us that you need an extension before the due date on your loan. You will be required to pay the interest and fees, but then you'll have more time to repay the loan.
5. Your Pawn Ticket Has Valuable Information
When you come in for a typical pawn loan from us, you'll be given a pawn ticket. It will have information about the amount of your loan, the amount of money you'll be required to repay to get your personal property back, and your due date. Hold on to it so you'll have easy access to this information. Of course, if you have any questions, just ask. We offer an easy way to borrow money, and we are always happy to answer your question.
6. Background Checks Are Required When You Pick Up Your Gun
The whole way that a pawn shop loan works is by you bringing us your firearm (or whatever type of item you are using), us granting you a loan based on the item's value, then us holding on to your item until you return to repay the loan. With guns in particular, this is legally considered a "transfer of possession," which means we do have to a background check before we return your gun. Don't worry...we'll take care of it...it's just important to be aware of it. It's a requirement based on federal and state law.
Pawn shops like Chesapeake Pawn and Gun make it easy for you to take out pawn loans on guns, regardless of your credit score. Come see us for a pawnshop loan today, and we'll loan you the quick cash that you need. Skip payday loans and other predatory loans, and come see us for a loan with a reasonable price that should suit your financial needs!