Is Pawn Shop Essential Singapore

Is pawn shop essential singapore

Is pawn shop essential singapore. Interestingly business was so good that pawnbrokers like valuemax went public. For example if you pledged a piece of jewellery valued at 10 000 which was then auctioned at 15 000 the pawn shop is required by law to give you back the 5 000. Due to the high rate of interest most loans are short term. Find their locations contact numbers contact forms and more in our website now.

List of licensed pawnbrokers in singapore. Previously people believed that the shops were for poor people. Pawn shops are not explicitly named in the government s list of essential services during the circuit breaker period but the association which respresents them says they have been allowed to open. Click here to view the complete list of licensed pawnbrokers in singapore.

In 2012 for instance singapore s pawn shops gave out 644 7 million sgd in loans which is the highest in the history of the industry. How pawn shops work in singapore and how much can you borrow it is essential to understand how pawn shops in singapore operate. The history of pawn shops in singapore is long and checkered. Our vision mission and core values.

We rank and review the best pawn shop in singapore for you each month. Another good thing about pawn shops is that they are required by the pawnbroker s act to give you back an excessive amount from the auction sale of your pledge. Pawn shops charge anywhere from 10 to 25 per month in interest.