Bad Credit Loans & No Credit Check loans

Different Types of Loans for People With Bad Credit

If you don’t have a great credit history, you could be wondering about the different types of financial institutions you can work with to take out a loan. These are some of your options.

Pawn Shop Loans

Hilltop Pawn Shop offers pawn shop loans that do not require a credit check or application process. Unlike many online lenders, we offer cash advances and emergency loans without even doing a soft credit check. Our loans are secured with your collateral, such as jewelry or other items that we sell in our pawn shop. You can avoid high interest rates and additional fees by choosing one of our loans.

Payday Loans

Payday lenders offer short-term loans that typically have to be paid back on your next pay date. Credit checks often aren’t necessary, but there is an application process, and the annual percentage rates can be incredibly high. Payday loans are considered by many experts to be predatory, and therefore, they are either illegal or heavily restricted and regulated in many states. There are payday loan storefronts, but many of these loans are online loans.

Title Loans

Title loans use your car as collateral for emergency loans. Like payday loans, these loans are considered by many to be predatory and often come with very expensive fees. You could also lose your vehicle if you don’t repay your loan.

Help From Family Members

In some cases, you might be able to get help from a family member or friend when you’re in need of a bad credit loan. You might be able to borrow money from a family member instead of working with any type of financial institution, or you might have a loved one who will co-sign on a loan from a bank or credit union.

 

There are some downsides to borrowing money in these ways, though. You might be embarrassed to talk about your personal financial situation with your family members, or you might not have family members who are willing or able to loan you money or co-sign with you. You could be worried about what will happen with your personal relationships if you’re unable to repay your loan as agreed, too.

 

Benefits of Pawn Shop Loans for People With Bad Credit

Of all of the bad credit loans that are out there, pawn shop loans from pawn shops like Hilltop Pawn are the best option for many people. If you’re still not sure of whether or not you want to choose a pawn shop loan instead of some other type of loan, consider these reasons.

It’s One of the Easiest Ways to Borrow Money

Even lenders that offer no credit check loans will still generally require you to fill out an application. They might require you to have a bank account, and they might ask about your employment and income. If you don’t meet all of the criteria, you could be turned down. Plus, you have to go through the hassle of applying, and it can take hours or days before you get an answer about whether or not you have been approved.

 

None of these things are an issue when you choose a pawn shop loan instead. There is no application for you to fill out. There’s no delay in getting your loan; in fact, you can get your loan in mere minutes. Your credit history isn’t considered, and you won’t even be asked whether or not you have a job, much less how much you make.

 

When compared to other loans, pawn shop loans are perhaps the easiest of all to get.

Your Future Will Not Be Negatively Affected

If you miss payments on credit cards or unsecured loans, you can typically count on your credit report taking a hit. This can make your financial situation even worse. We don’t report defaults on your credit, so you don’t have to worry about your future being negatively affected due to a pawn shop loan, even if you don’t pay it back.

You Can Borrow as Much as You Want

You are in control of how much you borrow when you take out a pawn shop loan. This decision is based purely on the value of your collateral and nothing else. Your income isn’t a factor. You can truly borrow as much as you want or need.

Tips for Getting a No Credit Check Pawn Loan

Now that you’ve compared payday loans, personal installment loans, title loans, and other loan offers, you might have decided that a pawn shop loan is truly your best option. These tips will help you get the loan funds that you need, all without having to work with third-party lenders.

Gather Your Collateral

As you now know, pawn shop loans aren’t unsecured loans; instead, they’re collateral loans. This means that before you can move forward with requesting one of these loans, you’ll need to decide what you’re going to use as collateral. Bring it with you when you come to Hilltop Pawn Shop, since we can appraise your collateral and give you your cash funds all in one trip. You don’t even have to wait until the next business day to get your loan funds; instead, the money will be given to you in cash on the spot!

Bring Your Government-Issued ID

To legally take out a pawn loan or perform other pawn transactions at Hilltop Pawn or any other pawn shop, you have to be at least 18 years of age. You will also need to bring your ID. This verifies your age and allows us to collect the personal information that we are required by law to document.