Popular Pawn Shop in Singapore

A pawnshop is a commercial organization whose main activity is to issue short-term loans against the security of property. Unlike a bank, you can get money quickly, without unnecessary documents and without complicated paperwork, but it is less profitable. Do you need a small sum of money urgently and have no one to lend you money from? You can’t get a credit card in a couple of hours, and microfinance institutions charge high-interest rates. If you have valuable property, you can quickly get money against it in a pawnshop. So here you can find all the pawn shops in Singapore!

Pawn Shops have long been working with those wishing to borrow. Using their services is convenient and not too risky. Money is given out immediately, and all you need is a passport. No collector calls, no lawsuits, and no courts. The maximum loss is the collateral itself. The pawnshop will simply sell it if the debt is not repaid on time. You can pledge any valuable property to a pawnshop, except real estate, from a gold ring to a car. Apartments, villas, and other real estate pawnshops will not accept bail, and they are prohibited from even advertising such services.

What to Surrender at A Pawnshop?

You can surrender almost any valuable property: jewelry (they account for about 90% of the pawnshop turnover), equipment, clothing (e.g. fur coats), etc. There are also car pawn shops that provide loans on the security of cars. The second type of pawnshop activity specified in the law is the storage of property. Now it is not widespread, but the conditions for this should be created, as well as for the storage of collateral items. In addition, the pawnshop insures items (pledged and deposited). By the way, the pledged thing is necessarily insured at the expense of the pawnshop. Forcing the client to insurance at his expense is not allowed. Not be accepted in pawnshop gold ingots, gold leaf, edged weapons, uncut precious stones, metals, will not take the orders and medals of his grandfather (most often stolen items), and even the police can cause.

Pros of the pawnshop:

• Efficiency (you need only a passport for registration, and the amount you get in 10-15 minutes – as opposed to registration in the bank)
• You can get a small sum for the short term (it is important for those who need money urgently for a couple of days)
• Absence of red tape with the documents (no need to provide verification of income, no need to wait for the loan approval)
• Safe custody
• Absence of collectors’ calls and visits, lawsuits, and ruined credit history.