Direct Financial

When you give a pawn shop a precious item (commonly diamonds, gold, electronics, jewelry, or branded bags), the pawn shop will loan you money in exchange. The sum is between 60% and 80% of the market value of your promise, as determined by the pawn shop's experienced appraiser. Collateral-based loans are the name for these types of loans. Maxi Cash, Money Max, Value Max, and Cash Mart are the prominent local pawn shops in Singapore. You have around six months to repay the funds. If you don't pay your loan, most pawn shops will retain your commitment for 6 months before attempting to sell it off. They will lengthen the duration each time you make a deposit by another 6 months. With every passing month, the amount of interest rate increases. You'd be well off abandoning the promise once a year has passed. Here's what you need to understand about pawn shops: o   Let's pretend you're not in good financial shape. You're not sure you'll be able to make regula...

    Did you know that there’s a 6-part  Pawnbrokers Act? Singapore indeed was a little late in having a pawnshops-specific act that benefited the consumer, but the act is pretty strong and one of the best in the world. But of course, not everyone has got the time to go through it. That’s why we are here. Are pawnshops really cheaper in Singapore? Can pawn shops be compared with banks? Is pawning your asset better than a personal loan? You should  compare personal loan rates using loan calculators  before deciding. Here are the top things to know about pawn shops in Singapore before you think of pawning something or taking part in a pawnshop auction. Heads up – the ride will be bumpy! Make sure you carefully understand the implications because there’s nothing worse than a nasty shock later such as knowing that you have to pay much more than the loan amount if you delay.   1. Pawnshops do have interest rates Yes, there are fees. You cannot...