Where to Find the Best Pawn Shops Near You
Need quick cash but don’t know where to go?
When we require extra financial assistance, we usually turn to friends and family for help. We sometimes explore other options, such as bank loans and legal money lenders. However, we tend to overlook the possibility of pawn shops as another alternative.
If you’re in Singapore and looking to pawn some valuables, it’s important to be cautious. Don’t rush into pawning with the first pawnbroker you come across. Researching and choosing wisely is crucial, or you could lose your beloved possessions or pay an exorbitant amount to retrieve them. Protect yourself from falling prey to fraudulent pawn shops by educating yourself about licensed pawn shops.
This article can provide you with more information on how they operate.
Table of Content
List of Panwshops in your Location
How to Get an Instant Cash Loan from Pawn Shops
Quick Tips for Finding Legit Pawnbrokers
How Pawn Shop Works
We often associate pawn shops with leaving our treasured possessions in exchange for cash. But there’s more that you need to know about it.
Pawn Shop Singapore
Pawn shops in Singapore are not only for getting cash in exchange for a valuable item to bridge a financial gap. It is a practical way of decluttering. You can sell valuable items instead of throwing them away and get instant cash, especially during challenging financial moments.
The Pawning Process
Pawn shops operate on a straightforward premise. You provide an item of value as collateral, and the pawnbroker will provide a loan based on its worth. You may retrieve your item upon repayment of the borrowed sum plus interest.
An appraiser will verify your precious item in their pawn shop. If you bring jewellery, silver, or gold, they will assess if it is genuine or just an imitation. Your jewellery undergoes close examination. They check its weight and use a magnifying glass to see its authenticity and look for any damage. This way, the appraiser can determine the market value of the pledge, but on its second-hand retail price.
The cost of your item is affected by several factors.
Economic Trend. Jewellery and gold are greatly affected by the fluctuating trend. A pawnbroker needs to predict the future value to avoid loss.
Edition. Pawn shops check if your designer bag or watch is from a limited edition. If it is, you can claim a higher loan amount. If not, expect a lower value.
Buy and sell website. With online services, a pawn shop now considers reviewing what internet. This way, they can compare the current prices offered to the public.
Quality. Most importantly, your valuables get scrutinised by an expert from the pawn shop. If you have gems or silver, they look into its weight, metalwork, cuts, and rarity.
Sentimental value. Although not all pawnbrokers check this aspect, some pawnshops still use it. You might get a higher value if you have a high emotional attachment to your pledge. It is because you have a higher drive to redeem it, which is a gain from pawn shops in Singapore.
Ownership. When you pawn an item, you must prove that you own it. If you fail to do it, the pawnbroker will suspect it was stolen or acquired illegally. Instead of receiving a cash loan, you might end up getting detained. Or worse, your item will be considered suspicious and undergo a police investigation.
Once your pawned item receives its equivalent value, you can get a loan and use it for whatever purpose. But don’t forget that you still have to pay it back with interest. You cannot retrieve your items if you fail to repay your instant cash loan.
If you borrow money from licensed pawn shops, you take a risk. But a whole part of it depends on your ability to repay. To retrieve your designer watch, you must be diligent with your payments.
Pawnbrokers Act
If you cannot repay your pawnshop loan, your pledged item will be forfeited and become the property of the pawnshop. They have the discretion to either keep it for safekeeping or sell it. However, in most cases, they will need to recover the lent amount and thus sell the item to someone else.
As per the Pawnbrokers Act revised in April 2015, a pawn shop cannot auction off unredeemed items but can sell them.
Failing to repay your loan within six months would mean bidding farewell to your cherished possession. Therefore, if you have a strong emotional attachment to your pledged item, settling the loan is advisable. However, if you can meet the repayment deadline, reclaiming your belongings will be hassle-free.
Pawn Shop Gold Price
Gold is one of the most tried and tested investments available. Its highly valuable asset allows you to have a strong return in the future. Even though the market remains volatile, gold is still the safest investment form in the country.
If you are in dire need of money but have gold stored in your vault, you can pawn it in legal pawn shops in Singapore. It is more advantageous since it offers fair and honest appraisals from established and well-trusted buyers. Most importantly, you can get your cash on the spot. There’s no more agonizing waiting game.
Factors to Determine A Gold’s Value
Various pawn shops buy gold. But if you plan to sell your gold, do not stick to the first one offering to buy. You have to consider a trustworthy pawnshop that knows the best value of your gold jewellery.
To know if you are at the right pawn shop, assess if the pawnbroker is the following:
The three basic methods in determining a gold’s value.
Purity of the Gold Jewellery. The basic information needed when pawning gold is the purity rating. Check the table below.
When it comes to gold items, anything less than 24 karat is best for jewellery making as pure 24k gold is too soft. If your item is less than 99.99%, it is likely an alloy with other metals such as silver, platinum, or copper. To avoid incorrect pricing, inspecting for engravement and knowing the purity level written in your gold piece before going to any pawnshops is important.
However, selling your gold article is not solely reliant on karat. It’s also important to consider today’s gold price and weight in grams. Additionally, if your jewellery contains gems or diamonds, the pawnshop will need to determine its worth separately, as purity only accounts for the gold item itself.
Weight of the Gold Item. Determining the value of your gold can be done simply and easily by measuring its weight. A jewellery scale, measuring up to a tenth of a gram, is used by knowledgeable pawnshop experts to provide the most accurate assessment. However, it is important to note that this method may not be suitable for gold jewellery that contains other adornments. Additionally, it is worth inquiring about other precious metals you may possess, as licensed pawnshops may accept these items provided proof of ownership can be presented.
Gold Price. The price changes almost every day. If you wish to know the current market value, you may check this website.
As of today (June 23, 2023), 1 gram of pure gold is SGD 83.543.
Gold Price Calculation
If you have all the vital information about your gold, you can sell it at a more fair price.
(Weight in grams x Purity) x current market gold value = pawnable amount
Here’s an example scenario.
You have a gold necklace with an 18-karat engraved—purity is 75% (0.75) and weighs 50 grams. You have to multiply 50 by 0.75. Then, multiply the answer by the current market price of gold per gram.
(50 grams x 0.75) x SGD 83.54 = SGD 3,132.75
**Take note that the market gold price was based on the article’s written date. It may vary depending on the value of gold in the market per gram.
Pawn brokers will pay 25% and up of the gold worth. Searching for pawn shops near you with an excellent track record is best if you need quick online cash when selling your gold.
What Do Pawn Shops Buy in Singapore
Pawning offers a convenient and versatile option. It accepts a wide variety of collateral items. You can pawn any of the following:
- Piece of jewellery (yellow or white gold, diamond)
- Musical instrument
- Antique material
- Branded timepieces
- Bars and coins (gold, platinum, silver)
- Designer items
Pawn Shops Near You
When you pawn your beloved possession, you put it on the line. That’s why you should entrust your pledge to licensed pawnshops in Singapore. Here are the nearby pawnshops you can visit.
ValueMax Group
ValueMax is one of the famous pawnshops in Singapore that allows pawners to receive hassle-free instant loans. Its services include pawnbroking, jewellery, gold, diamond, and luxury watch goods.
Maxi-Cash
Maxi-Cash is a leading pawn shop in Singapore. It offers pawnbroking as a financial service for retail and trading of good value pre-loved items. Its services include gold, timepieces, jewellery, Citigems, and designer bags.
MoneyMax
Moneymax provides the best value designed for its customers. It offers competitive payouts that ensure you receive a fair price for your pawned items. In addition, Moneymax has an experienced team that evaluates and provides the most accurate valuation for customers like you. Its pawnbroking services include jewellery, luxury watches, leather goods, and designer bags.
These three are just some of the top pawn shops found in the country. If you find other pawning shops, double-check whether it’s legit.
Related Article: Quick Guide: Understanding MoneyMax Pawn Shop Singapore
List of Pawn Shops Near Your Location
If you need urgent cash while in Singapore, visit these pawn shops. However, you must have acceptable and pawnable items to claim your loan cash.
North Region
Hougang Pawn Shop
Hougang comes from the Teochew/Hokkien dialect, which means river end. Before the 1990s, it was a pig farm. But after the farmer’s relocation, it became a famous and most populated residential area.
If you plan to move into a new city, Hougang is the best place to be. Its commercial malls include Serangoon Shopping Centre, Hougang Mall, Hougang 1, and Heartland Mall. Whatever you need, these malls got you covered.
In addition, Hougang offers community centres and sports halls. You can stay fit and active and have a healthy lifestyle in their parks. You can visit Hougang Neighbourhood Park, Punggol Park, and Realty Park Playground.
Regarding transportation, the area has multiple bus routes and integrated transport networks. These are your Hougang Central Bus Interchange and Hougang MRT Station. If you’re moving the whole family, you can choose between HDB properties and condominiums. Plus, your kids can continue their studies with the various schools present.
The best part of moving to Hougang is the availability of pawn shops. Get the best options from this list.
- MoneyMax Group Pte Ltd
- ValueMax Group Limited
- Megacash Corp Pte Ltd
- Maxi-Cash Group Pte Ltd
- Heng Heng Pawnshop Pte Ltd
Pawn Shop Woodlands
Woodlands is a charming place to visit when you’re on vacation. It provides the most prominent tourist hotspot in Northern Singapore.
One of Woodlands’ best offers is its proximity to Johor Bahru City. Its connection with Johor-Singapore Causeway attracts travellers, business people and more.
Woodlands houses the country’s most relaxing, only natural hot spring—Sembawang Hot Spring. Feel rejuvenated and have good times while enjoying the scenic beauty of Singapore.
Woodlands Waterfront Park is your next bet if you are a nature lover. It is an 11,000-hectare area with a tranquil coastal park. It offers a magnificent overlooking sea from the north and a wide range of playgrounds with all equipment.
Do you love fishing or fresh fish and seafood? Head to Senoko Fishery Port. The place is packed with fun activities where you can enjoy your fresh catch with friends or family.
Or are you a shopaholic or a food lover? Market Street boasts with outdoor mall filled with high-end fashion shops. On top of that, you can watch a movie, dine at world-class restaurants, or stay in a four-star hotel.
Above all these, Woodlands support your travel financially if you need additional budget while on the go. You can drop by any of these pawn shops in Woodlands.
- Shing Heng Pte Ltd
- VaueMax Group Ltd
- Thye Eik Pawnshop Pte Ltd
- Maxi-Cash Group Pte Ltd
- Soon Yu Pawnshop Pte Ltd
Ang Mo Kio Pawn Shop
Ang Mo Kio in northern Singapore means red-haired man’s bridge from the Hokkien dialect. Meanwhile, Ang Mo is a colloquial term for Caucasians. Although Ang Mo Kio was uninhabited in the 19th century, it started to welcome settlers during the booming stage of the rubber industry. From there, a huge land area became rubber plantation estates.
And the growth of Ang Mo Kio didn’t stop there. With its continuous development, it attracts more families. Various condominium complexes, HDB flats, and apartments are within reach. Also, the place is complete with all levels of education—primary, secondary, and tertiary.
In addition, travelling across the area is convenient with its two serving MRT stations—Ang Mo Kio and Yiou Chu Kang. You can explore and experience the site hassle-free. You can drop by Kebun Baru Birdsinging Club and savour the melodic sounds of the birds chirping.
Then you can head to one of the country’s largest and most beautiful parks—Bishan-Ang Mo Kio Park. Enjoy a day out from work or school with your family and friends. Its river has lush banks of wildflowers and green forests, a pond garden, and a rare animal view.
But if, in the middle of your tour, you encounter money trouble. No worry. Ang Mo Kio also provides lending facilities like these pawnshops.
- Trustcare Enterprise Pte Ltd
- Hin Fatt Pawnshop Pte Ltd
- ValueMax Group Limited
- Maxi-Cash Group
- Fook Cheong Pawnshop Pte Ltd
Central Region
Toa Payoh Pawn Shop
Toa Payoh came from the Hokkien dialect, which means big swamp. Before, the area was a squatter’s district. Residents worked as hawkers, domestic helpers, factory workers, pig farmers, or mechanics. During the 1960s and 1980s, the area was famous for its vice. That’s why many crime syndicates live and operate here. But after the redevelopment program, it became one of the most accessible residential towns. From being the vice and squatter’s district, it is now the most desirable location to live in Singapore.
There are many reasons why Singaporeans, citizens, and foreigners love Toa Payoh. You can stay at condominiums like Trevista, Trellis Towers, and Sky Eleven. But if you prefer to live in a residential, you can choose Gem Residences.
In addition, you can find the best hawker experience here. Your top options are Sliced Fish Soup, Ocean Curry, and Sam Soon Oyster Omelette. Then, you can cap off your palate with sweet treats at The Daily Long Press. If you prefer something warm, visit Oasis Taiwan Porridge.
Moreover, you shouldn’t miss shopping in Toa Payoh. Everything is almost available at Toa Payoh Central and Toa Payoh Market. While you’re at it, you can maximize the sporting facilities nearby. Toa Payoh Stadium, Toa Payoh Swimming Complex, and Toa Payoh Sports Hall are open to public. If you prefer a retreat instead of rigid activities, drop by Toa Payoh Town Park. You can enjoy many flora, waterfalls, and koi ponds here.
Furthermore, Toa Payoh boasts about the various financial aid present. If you have a precious gold necklace, you can pawn it at these shops.
You can have quick cash ready just as you need it in the following.
- Thai Hong Pawnshop Pte Ltd
- Heng Seng Pawnshop Co Pte Ltd
- MoneyMax Group Pte Ltd
- Min Tai Pawnshop Pte Ltd
- Maxi-Cash Group Pte Ltd
Pawn Shop Redhill
Redhill is a mature estate on the border of the city. It came from a legendary story of a clever young boy. The kid was murdered out of jealousy for saving the entire village from swordfish. His blood flowed down and stained the hill where he lived. Thus, the name of the area.
Redhill is one of the underrated neighbourhoods in Singapore. It houses untouched nature parks from one end with a city centre on the other. If you are trying to decide where to go on a short weekend trip, Redhill offers most of what you need.
Start your itinerary with a food trip. You can find sumptuous meals at Bak Kee Teochew Satay Bee Hon, Seng Hong Coffeeshop, and Chao Yuan Gourmet. Then, treat yourself to a shopping spree of handmade products at Redhill Market. Various stalls of potters, artists, and investors are available here. It is the perfect memorabilia for your weekend getaway.
Lastly, cap your evening at Clarke Quay. It is a historical riverside city hub that stretches along Singapore banks. You can capture the scenic view of the river while dining. Also, you can avail fun, entertainment and adventurous options—extreme swing and reverse bungee. Or you can experience a romantic ride with a river cruise.
But what if you need more funds in the middle of your trip? You can check out these legit pawn shops for safe financial aid.
- MoneyMax Group Pte Ltd
- Fund Express Pawnshop Pte Ltd
- Thai Onn Pawnshop Pte Ltd
- Soon Hin Pawnshop Pte Ltd
- Maxi-Cash Group Pte Lt
Bishan Pawn Shop
Bishan is an urban planning area in the centre of Singapore. Its name originated from Kwong Wai Siew Peck San Theng, which means a Chinese cemetery. In English, it means Pavilions on the Jade Hills. It serves the burial needs of Hakka and Cantonese immigrants from Guangdong, China.
As of today, Bishan turned into a residential area full of fantastic cafes, lush parks, and nostalgic tourist destinations. Also, it is famous for its distinctive colourful roofs. Its linkway structures elicit images of the pavilions on the green. Many move and live a new life in this part of Singapore.
One of the reasons for staying here is the numerous options of mouthwatering dining spots. You can taste the best meals and desserts at Burp Kitchen & Bar, Covet Coffee, Denzy Gelato, Sin Ming Roti Prata, Ming Kee Chicken Rice, and more.
For a relaxing yet fun exploration, you can check out these shops and parks in Bishan. You can visit Books Beyond Borders, Bishan-Ang Mo Kio Park, MacRitchie Reservoir, Aramsa Spa, Clock Playground and more.
On top of it all, Bishan houses the licensed pawn shops in the country. For emergency financial matters, you can head here.
- MoneyMax Group Pte Ltd
- ValueMax Group Limited
East Region
Bedok Pawn Shop
Bedok is one of Singapore’s most visited towns. It is in the eastern region with strategically planned residential houses. It is a perfect spot for peaceful living. Everything you need is nearby.
Bedok is rich with the latest shops and malls. Some of these are Bedok Mall and Djitsun Mall Bedok. Plus, you have a lot of sumptuous restaurants nearby. You can indulge your cravings at 85 Fengshan Market, Lek Lim Nonya Cake Confectionery, Bedok Market Place, and Katong Sin Chew Bakery.
Bedok offers various activities, like watching daredevil tricks at Xtreme Skate Park and being bold and brave at Fun Forest Adventure. Also, you can appreciate the majestic view at Bedok Jetty. Then, relax your body with a full body massage at Ayur Centre.
On top of that, you have accessible pawnshops that can assist you with urgent funding needs.
Check out these pawnshops present in Bedok.
- Lian Foong Pawnshop Pte Ltd
- ValueMax Group Limited
- Megacash Corp Pte Ltd Main Office
- Shing Heng Pte Ltd
- Maxi-Cash Group Pte Ltd
Pawn Shop Tampines
Tampines is a fast-growing tourist spot in the country. It is the third-largest town in the urban planning of the Eastern area of Singapore.
Tampines came from the indigenous Ironwood trees called “tempinis” that grew abundantly in the area. Before, it was full of swamps, forests, sand quarries, and rubber plantations. But now, it is extensively developed to cater latest trends and needs of its residents.
If it’s your first time travelling in Tampines, you need an itinerary ready to your itinerary. This way, you won’t be overwhelmed by the different activities you can do.
If you’re up for a shopping spree, visit Tampines Mall, Century Square, and Our Tampines Hub. Get the best and tasty meals at Tampines Round Market & Food Centre. Also, you can capture the best Instagrammable spots at Tampines Central Park. In addition, you can explore your inner child in Timezone and Tampines Changkat Butterfly Garden. You can visit The Historical Tampines Chinese Temple if you opt for a quiet moment.
The best part of Tampines is the wide availability of licensed pawn shops.
Pawn your valuable article at any of these trusted pawnshops.
- Fund Express Pawnshop Pte Ltd
- Chye Hin Pawnshop Pte Ltd
- Shing Heng (East) Pte Ltd
- Hua Lian Pawnshop Pte Ltd
- ValueMax Group Limited
Joo Chiat Pawn Shop
Joo Chiat is in eastern Singapore with a multicultural heritage. The name of the area came from Chew Joo Chiat. He is a humble harvester and trader that became a prosperous landowner, then the King of Katong.
Joo Chiat is an overpopulated district with a bustling neighbourhood. Walking around it, you can encounter both old and modern Singapore. Also, you can find the best dining area, shops, and spots to explore.
You can taste their yummy treats at Micro Bakery & Kitchen, Petin Pain Bakery, and Awful Chocolate Bakey & Cafe. But if you prefer heavy meals, you can dine at Five Star Hainanese Chicken Rice, Kim Choo Kueh Chang, Ponggol Nasi Lemak and more.
If you prefer shopping, whether your needs or wants, you can. Stop by stores named Onlewo, Lavavella, A Vintage Tale, TheAC, and Singapore Trading Post. But if you want to explore more about the culture, you can allot some time. You can visit Katong Antique House, Heritage shophouses, Sri Senpaga Vinayagar Temple, The Intan, and many more.
But what most people miss is the pawnshops ready to serve qualified pawners. You can visit the following in Joo Chiat.
- Maxi-Cash Group Pte Ltd
- Min Lian Pawnshop Pte Ltd
- MoneyMax Group Pte Ltd
West Region
Clementi Pawn Shop
Clementi is an old neighbourhood in the western part of Singapore. It transformed from being a swampland to one of the top thriving new towns in the country. So it’s no surprise why many locals and foreigners love to stay here.
You can have fun and enjoy here whether you’ll stay for the meantime or for good. Explore the richness of nature in the district at Maju Forest and Clementi Forest. If you have a pet dog, create more bonding moments at Clementi Woods Park Dog Run and Glass Roasters. Then you can have memorabilia from Caricaturist.SG. It roves around carnivals and pop-up events. But you can find it in the NEWest Mall.
In addition, you may let go of your inner child quest at Wonderful World of Whimsy and Gamewerks. Afterwards, take the relaxing me-time you deserve at Syouji. Their whole body massage and foot reflexology are worth the price.
Beat the heat from exploring Clementi at MIXUE. It offers refreshing shakes, ice creams, and smoothies. But if you prefer some downtime, Sunset Way Coffee Shop, Balmoral Bakery, and Burnt Cones are excellent choices.
Among other things, Clementi takes pride in its legit pawn shops.
You can bring your prized possession for urgent financial needs here.
- Cash Box Pawnshop Pte Ltd
- Loong Shing Pawnshop Pte Ltd
- Maxi-Cash Group Pte Ltd
- MoneyMax Group Pte Lt
Pawn Shop Boon Lay
Boon Lay is within the Jurong West Planning Area. Its name was after Chew Boon Lay, one of the pioneers of extensive rubber plantations in the early 20th century. From being a large-scale industrial estate, Boon Lay developed into a housing estate. With this, many low-cost accommodations helped workers find a suitable place to stay.
The charming Boon Lay is packed with tourist destinations that even locals visit. For example, the Science Centre offers scientific and technological awareness and know-how. It houses innovation replicas, scientific instruments, models, and journals.
Meanwhile, Waterway Point is a mall with ample shops. Aside from buying various items you like, you can also try delicious food here. On top of that, you can enjoy watching a movie in the cinema hall.
Of course, you should not miss the most iconic resort in the country—Marina Bay Sands. It is an ideal destination if you are fond of luxury items and experiences. Plus, you get to see the stunning view of the entire city of Singapore.
Most importantly, Boon Lay serves residents with pawn shops you can trust. You can find the following within the district.
- ValueMax Group Limited
- MoneyMax Group Pte Ltd
- Shing Heng Pte Ltd
- Maxi-Cash Group Pte Lt
Jurong East Pawn Shop
Jurong East in western Singapore is a large yet quaint neighbourhood estate. It is famous for its exciting tourist attractions. If you and your friends plan to go here, you need an itinerary ready. Or else you might be overwhelmed by the various activities you can do.
You must know what you want to do if it’s your first time in Jurong East. You can go to Westgate Shopping Mall or IMM Outlet Mall for shopping escapades.
If you prefer nature more, you can head to parks and gardens. These are the Japanese Garden, Singapore Botanic Garden, National Orchid Garden, Chinese Garden, and Jurong Bird Park.
If you want to learn more about culture and history, you can visit museums. Your options are the Lee Kong Chian Natural History Museum, the Science Centre, and The Live Turtle and Tortoise Museum.
Aside from entertainment, Jurong East offers pawn shops suitable for your urgent money needs. You can check the following.
- MoneyMax Group Pte Ltd
- Thai Shin Pawnshop Pte Ltd
- Ban Yu Pawnshop Pte Ltd
- Fund Express Pawnshop Pte Ltd
- Maxi-Cash Group Pte Lt
How To Get An Instant Cash Loan From Pawn Shops
Pawn shops in Singapore offer a simple and hassle-free process of pawning. You can get your instant cash loans in minutes.
Who can pawn?
If you have a valuable possession and require quick cash, you can pawn it if you possess the following:
- Your age must be at least 18 years old and above.
- You must present identification. It can be your passport or a valid Singapore Identification Card. If you’re a foreigner, bring all your foreign documents for successful pawning.
What can you use to pawn?
A pawn shop in Singapore accepts any pledges you possess. It can be your branded watch, jewellery, or even gold.
Steps on how to pawn
If you want to succeed in getting quick cash from a pawn shop, you must follow these steps.
Step 1. Research is a must.
You can find various pawn shops in Singapore. Before you drop by any pawn shop, ensure you have done your part to search for the best and nearest to you.
Step 2. Visit the pawn shop.
Once you have chosen the most suitable pawn shop, visit them. Make sure to bring the requirements needed as well as your pawnable item.
Step 3. Get your valuable article quoted.
As you present your item, the pawn shop expert will get it valued and quoted. This way, you will know how much you will receive for it.
Step 4. Receive your instant cash.
If you agree on the price of your item, you’ll get your cash immediately. Claim it together with your Pawn Ticket. Ensure your ticket reflects the value and weight of the item and loan amount. Also, ensure the pawn period shows six months from the day you pawn.
Step 5. Redeem your pledged item.
Getting your cash is still the beginning of your pawning journey. Of course, you still have to claim your article back. You can redeem it after you paid the principal and interest in full within six months. Or renew the loan by paying only the interest. Just be sure that you have the pawn ticket with you.
What is a Pawn Ticket?
A pawn ticket is like your Note of Contract. It contains vital information about the entire pawning process. It includes the following:
Item
It indicated that you had a precious article left in the pawn shop to pawn.
Pawner Details
It includes your personal information and contact information.
Pawning Date
It is the date when you applied for the pawn.
Expiry Date
It is the last day of the redemption period.
Pawn Amount
It is the approved loan amount of the pawnbroker for your item.
Interest Rate
It is the calculation between the amount of the pawn loan, the number of loan months, and 1.50% per month or part of the principal loan amount.
Here is the formula:
Interest Rate = (Pawn loan amount) x (Number of loan months) x 1.50%
Example Scenario:
You pledged your diamond earrings for SGD 500. The pawnshop offers a 3-month loan term with an interest rate of 1.5% monthly. The computation will be:
SGD 22.50 = (SGD 500 x 3 months) x 1.50%
If you pay in full on the first month, your total repayment is SGD 522.50. If you fail to repay in three months, the interest rate is multiplied by three months—4.50%. So you have to settle SGD 567.50.
Always remember to review your pawn ticket after receiving it. This way, you can correct any incorrect details about it.
Most importantly, always keep your ticket. Or else you have to say goodbye to your precious pawned article.
Quick Tips for Finding Legit Pawnbrokers
Pawning is a significant risk for you and your beloved pledged item. If you leave your valuables to fraud shops, you lose your prized article for life. That’s why it is crucial that you do your research beforehand. Here’s what you should do to ensure you are dealing with trusted pawn brokers.
Registered as a Licensed Pawn Shop in Singapore
For a safe and secure pawning transaction, check if your chosen pawn shop belongs to the list of Licensed Pawnbrokers in Singapore.
The Ministry of Law in Singapore implemented strict rules for pawn brokers to follow. One of these is acquiring a license before starting business operations.
Moreover, The Registry of Pawnbrokers has a Pawnbrokers Act regulating all licensed pawnshops in the country. It regularly conducts revisions based on the current needs and situation to enhance the pawning industry in Singapore.
Offers Different Redemption Options
A legit pawn shop in Singapore allows you to redeem your pledge after you present your pawn ticket and identification. Also, it offers you various means such as:
Full Redemption. It means you are ending the liability and obligation between you and the pawnbroker. You repay the principal loan and due interest in the total amount.
Partial Redemption. Partial withdrawal applies when your pledge consists of a few articles. It means you can redeem only a part of your pawned item. But it is only possible to repay a partial loan and interest due from the original principal loan amount. After you complete the partial redemption, the balance loan amount of your remaining pawned article is now a new pledge.
Renewal. You have no plans to withdraw your pawned item. You settle the interest payable. The pawn shop can extend your redemption period for another six months.
Partial Renewal. It comes into two sub-categories.
- You renew to extend your redemption period and reduce the loan amount. It is possible if you pay off the due interest on the principal loan and part of the original pawn amount. But remember, it still depends on the pawner’s discretion.
- You renew to extend your redemption period and request to increase the pawn amount. It is possible to pay off the principal loan’s due interest and acquire the additional balance from the increased loan amount. You can only increase the principal loan amount if you request to start your pawned article at a much lower value.
Various Modes of Service for Forfeiture Notice
Pawnbrokers Act 2015 has an under section 63(1) that tackles a notice of forfeiture. It must be served within two months from the redemption period expiration. Instead of the traditional method of services, the law added more means to contact you. It is to welcome the current digitisation. These are as follows.
Registered Post. Your home address will receive a forfeiture notice.
Email. Like before, you still get notified through the active email address you provided.
In-person. Your pawn shop will request your physical presence to inform you about your pawning status.
SMS. With the provided mobile number, you will receive a short message service from the pawnbroker.
Internet-based messaging tool. For better accessibility and communication, the pawnbroker will use your WhatsApp, Telegram, and other social networking sites. But don’t worry. They are only allowed to use it with your consent.
Taking out quick cash from a pawn shop in Singapore comes with a great risk of losing your beloved pledge. Fortunately, you can still have instant cash without collateral with Cash Mart. Its personal loans offer a low-interest rate, flexible terms, and payment schemes tailored to every borrower’s need. Check it out today!