A pawn loan can be a great way to borrow money. You can pawn various items, but if you're a gun owner, your gun might be the perfect item to use as collateral. If you've been looking into cash loans, we suggest that you head to your local pawn shop and consider pawning your gun. These are just some of the reasons to give this borrowing option a try next time you're in a financial pinch!
1. It's a Fast Way to Borrow Money
Sometimes, when you're running short and need to gather an amount of money pretty quickly, long loan approval times can be a real hassle. Some banks and lending institutions make you wait for hours or days before getting an answer. Even if you're approved, you may not get your loan funds for a few days. When you need money right now, this generally isn't really ideal.
When you come to a superior pawn shop like Chesapeake Pawn and Gun, on the other hand, we can help you out with a pawn loan in mere minutes. Pawning guns is one of the fastest ways to borrow money!
2. There's No Credit Check to Pawn a Gun
If a credit check has held you back from getting approved for a loan in the past, you could be worried that it will prevent you from gun pawning, too. This is not the case at all! We don't perform credit checks on any of our customers when they take out a pawn loan. Your credit score is none of our business. If you have fair credit, no credit, or downright bad credit, it doesn't matter to us. You can still use one of our loans to cover an unexpected expense or just put some fast cash in your pocket.
3. You May Not Mind Going Without Your Gun for a While
The deal with a pawn loan is the fact that you will be borrowing off the collateral value of your item of value; in this case, a gun. To protect ourselves and reduce our risk -- while still loaning the most cash, even without performing a credit check -- we will hold your item of value until you return to repay the loan.
You can actually use a variety of different items to take out a pawn loan, but you'll need to pawn something that you don't mind going without for a while. You may not want to pawn your engagement ring or wedding ring, since you likely wear these items every day. You may not want to pawn the laptop that you use daily for work. On the other hand, if it's outside of hunting season or if you have a few other firearms in your gun safe, you might not mind giving up your gun for a few weeks until you can repay your loan.
4. You Can Get Your Gun Back
You may have thought about taking your gun to a firearms dealer and gun store -- like the best pawn shop in Chesapeake, Chesapeake Pawn and Gun -- to sell it to get some cash. This is an option, and if you aren't interested in getting your gun back, we are gun dealers who are more than happy to buy it from you.
However, a pawn loan is a great option if you don't actually have unwanted items and if you actually want your items back. We'll keep your firearm in a locked case until you return to retrieve it, and it'll be in the same condition when you pick it up as it was when you brought it in. A pawn loan is a good idea if you need cash, are willing to use your own firearms to get that cash, but would like to get your gun back. Just be aware that we'll have to perform a background check before returning your gun; this is in accordance with the law.
5. You Don't Have to Repay (if You Don't Want To)
With most loans, you have to sign some type of contract stating that you will repay the money owed, plus interest and fees. Things happen that can sometimes make this difficult, but with many lenders, this is a problem. You often have to worry about interest and late fees growing, collections calls and letters in the mail, and a big hit on your credit report.
None of these issues are the case with our pawn loans. Instead, we'll just keep your gun if you change your mind. Your credit will not be affected. You can even pawn a different gun with us later!
As you can see, if you are someone who is hoping to borrow some money and who has a firearm you can use as collateral, pawning your gun is a great idea. Bring your firearm in and let us know you're interested in pawning, and we'll help you get started!