Pawn Loan – The Fastest and Easiest Loan
A pawn loan refers to a type of loan for those who need cash urgently over a short period of time. Unlike a bank loan, you do not have to undergo troublesome processes such as submitting relevant documents for approval. The biggest advantage of getting a pawn loan is that you are only required to bring your ID or MyKad without worrying about your income or credit status.
How does pawning works?
The process of a pawn loan involves you (the pawner) submits a valuable item to the pawnbroker. The item, which is typically valuables like branded/designer handbags, watches, jewelleries, gold, diamonds, smartphones and motor vehicles, will be used as a form of collateral in exchange of monetary loan. The aforementioned collateral is also known as pledge or pawn. The pawnbroker will evaluate the pawned item based upon the overall age, condition and current market values. Once you agree with the loan amount, the pawnbroker will issue a receipt or a pawn ticket and hand out the cash over to you. To pawn your valuable item, you can go to the respective pawnshop in person. Alternatively, you can even take a picture of your valuable item and send to the pawnshop’s number, in which the person-in-charge will contact you to explain the loan amount. A location will be arranged to collect the valuable item once the loan amount is agreed upon, and the cash handout will be given in return. In Malaysia, the term of a pawn loan is 6 months while the interest rate is 2% per month.
Benefits of a pawn loan
Here are some of the advantages of obtaining a pawn loan:
- You will receive instant cash easily once you agree with the loan amount of your valuable item determined by the pawnbroker.
- You do not have to worry about good or bad credit scores, or even your monthly salary income to qualify for a pawn loan.
- You can redeem your valuable item once you repay the loan amount.
- A pawn loan is also useful for low-income group or unemployed individuals.
If you are financially strapped and need cash in a hurry, do not hesitate to contact us. We are a licensed pawn broker who is able to help your financial woes. Alternatively, you may also be interested in our other financial services: Personal loan, SME loan, Housing loan and others.