Updated: Oct 17
Pawn loans are a very common type of pawn transaction. A busy pawn broker like Chesapeake Pawn & Gun will often grant a pawnshop loan to multiple customers throughout the day, every day. It's a very common type of cash loan, and a pawnshop loan might just be ideal for you if you've been looking to take out a personal loan, especially if you don't have a high credit score. If you're wondering how pawn loans work, we think you'll be happy to find that this type of collateral loan actually comes with a very simple and fair loan contract. Once you learn more, we think you might find that taking out a pawn loan on one or more of your valuable items is actually a great financial decision.
Pawn Loans: No Credit Check or Application Needed!
When you apply for a loan from one of the banks or credit unions, they will often pull your credit report. If you have bad credit, you might get turned down. There are payday lenders that will offer a loan to people with bad credit, but their interest charges are often exorbitantly high, and you generally have to repay in a shorter amount of time, like on your very next payday. There are also a lot of online payday loan scams that you have to worry about. Additionally, you generally have to have a bank account to take out a pawn loan, which is a problem for some loan seekers.
When you visit a pawn store like Chesapeake Pawn and Gun to take out a pawn loan, on the other hand, you don't have to worry about getting turned down -- even if you have poor credit. Unlike with most bank loans, we don't check credit before granting a short-term loan. You don't even have to fill out an application that asks about things like your employment history or income, which is common with the average financial institution that offers loans.
It is entirely possible to get approved for a loan when you need extra cash, even if you have bad credit! We offer the better option to borrow money when you have a less-than-perfect credit history, no matter what amount of money you're hoping to borrow.
What Do I Need to Take Out a Pawn Loan?
What do you need to take out a pawn loan? Not much at all. Of course, you'll need your ID. That isn't a rule we decided on; it's state law. Make sure it's a government-issued ID (like your driver's license) and that it isn't expired.
Then, you can gather one or more items of value to use as your collateral. The item's value is what determines your loan amount, so keep this in mind when you're deciding which type of item to bring. Firearms are commonly pawned here at Chesapeake Pawn & Gun, and you can often borrow quite a bit when you pawn a gun. We also accept jewelry and other items of value for our pawn loans.
Do I Have to Undergo a Background Check When I Pawn a Gun?
One thing to be prepared for when pawning a gun is the fact that you will need to undergo a background check before you get your gun back. This is true when you get a typical pawn loan on a gun anywhere, since it's the law. Although the needs of the customer is always a top priority for us, following all local, state, and federal laws is something that is very important to us, too.
Pawn shops like Chesapeake Pawn and Gun offer useful financial products for customers who need quick cash but want to avoid predatory payday loans. Gather up one or more high-value items and bring them to our local store. Then, we'll offer you a great deal on a pawn loan that will hopefully suit your financial needs, all with simple and transparent repayment terms. From small loan amounts to $50,000 loans, we offer an easy way to borrow extra money when you need it, all without a big hassle.