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7 Things Singaporeans Should Be Aware About Pawn Stores

7 Things Singaporeans Should Be Aware About Pawn Stores

Right straight right Back when you look at the ’80s, middle-class Singaporeans associated pawn stores with poverty. If perhaps you were seen walking into one, your acquaintances could not enable you to live it down; they instantly assumed you’re in severe need of cash.

However these times, pawn stores are getting to be a recognized the main loans scene (sigh) and current reports reveal that they’ve been from the increase since 2008. Listed below are 7 things you need to know about pawn stores.

Just how do Singaporean pawn stores work?

Just how do Singaporean pawn stores work?

Once you pledge your item (usually something valuable like jewellery, diamonds, silver, electronic devices, watches or branded bags) up to a pawn store, the pawn store will provide you money in return. The total amount is 60% to 80per cent associated with market value for the pledge, that will be decided by the pawn shop’s specialist valuer. These form of loans are known as loans that are collateral-based.

The main regional pawn shops in Singapore are Maxi money, Money Max, Value Max and money Mart.

You’ve got about half a year to come back the total amount. Many pawn stores hold your pledge when it comes to amount of six months before auctioning it well if you fail to repay the debt.

Every time you make a payment, they are going to expand the time by another half a year. The attention grows that are payable every month.