Pawn Loan
Instant cash loan – better than a bank
A pawn shop can offer a personal loan with an interest rate that is often lower than most unsecured personal loans from a bank.
Benefits:
In & Out Service – Secure a cash loan within minutes of walking in the door
Low Interest Rates – Lower than most banks
No Credit Checks
Fast Process – No lengthy forms or contracts
Minimal Security Deposit
Deferred Payments
No Loan Term Limits as long as minimum payments are made during any given loan term – Automatic Extensions.
No Compounding – Unpaid interest does not increase your principal loan amount.
Drawbacks:
You need to secure the loan, but not with your home or car. Personal Items of Value such as watches, jewelry, or brand electronics are accepted. The more valuable your item(s), the higher the loan amount.
You can lose your deposited item if you default on the loan.
No reminders or notifications – a pawn shop does not warn you when you’re payment is overdue.
Loan Value is usually much lower than items market value. Loan Amounts are limited to a small percentage of an items current market value. However, some item types offer much higher loan amounts.
For example, an Apple phone might secure a loan valued at 10-20% of the phones current market value (used), while gold bullion can get a loan value as high as 90%.
A secured personal loan from a bank typically requires collateral – a home mortgage is the most common. When a secured loan from a bank is not possible, a pawn loan could be the answer. Pawn Loans require smaller items for collateral; such as watches and jewelry (Personal Items).
Unsecured (No Collateral) Personal Loans come with high interest rates. As an example, interest rates can average 26% per year!a cash loan under 50,000 Baht, interest rates can average around 26% per year (about 2.17% per month).
For those who can not offer such collateral, the next best option is a unsecured personal loan at a high interest rate
Instant cash loan when you really need it
Deferred Payments
Option to make only 1 payment
during the loan term (4 months & 30 days)
Low Interest Rates
Only 1.25% / Month (15% yearly)
on pawn values over 2,000 Baht
No Credit Checks
Just deposit a personal item(s) of value
as collateral to secure your loan