Pawn shop loans increase 81% in 2011 in the world's richest city. What do you think?

[Confuseous]

Record pawn shop loans

According to the Department of Statistics’ Monthly Digest of Statistics Singapore June 2012, pawn shop loans increased by its greatest margin ever in history.

338,600 pledges in just 1 month (11,286 per day, 940 per hour per 12 hours)

Pledges at pawnshops increased from 2.98 in 2010 to 3.5 million in 2011, and was 338,600 in the month of March 2012 alone.

81% increase in loans

The amount of loans given out increased from $2.7 to $4.9 billion and $622 million, respectively.

This means that the amount of loans from pawn shops increased by a whopping 81 per cent in 2011.

$622 m loans in just 1 month
(A cool $20 million per day!)

At the current all-time record high of $622 million in just one month, the total in a year may hit seven billion.

So, why is it that so many people pawn their items for so much more loans from pawn shops?

- http://theonlinecitizen.com/2012/08/pawn-shop-loans-increase-81/

 

[Narong Wongwan]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

more bargains to be had for those going to the monthly auctions...Cash is king

 

[ionzu]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

not just singapore. http://www.bloomberg.com/news/2012-...-as-falling-prices-compound-money-misery.html

Gold Runs Out In Lisbon As Price Drop Compounds Money Misery

 

[Kohliantye]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

How and when are this monthly auctions held?

What happens if the person cannot redeem his pledge.

How long will it be held before some rich person comes for the auction and take it away.

Surely those with the money can enrich themselves further at the expense of the poor people who had no choice but to pawn their pledges.

I understand that the pawnbrokers charge close to 20% p.a..

Is it just like the Ah Long Sans but only the Pawnbrokers are registered with the govt.

 

[chonburifc]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

How and when are this monthly auctions held?

What happens if the person cannot redeem his pledge.

How long will it be held before some rich person comes for the auction and take it away.

Surely those with the money can enrich themselves further at the expense of the poor people who had no choice but to pawn their pledges.

I understand that the pawnbrokers charge close to 20% p.a..

Is it just like the Ah Long Sans but only the Pawnbrokers are registered with the govt.

During the late 80s and early 90s, it is held monthly in Royal Hotel at Newton. No sure now.

Try to attend a few times and observe the process before placing a bid for any items. Warning, place is not for 善男信女.

 

[Equalisation]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

due to casino atau turfclub ?

 

[Narong Wongwan]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

How and when are this monthly auctions held?

What happens if the person cannot redeem his pledge.

How long will it be held before some rich person comes for the auction and take it away.

Surely those with the money can enrich themselves further at the expense of the poor people who had no choice but to pawn their pledges.

I understand that the pawnbrokers charge close to 20% p.a..

Is it just like the Ah Long Sans but only the Pawnbrokers are registered with the govt.

pawnshops charge 1.5% per month so is 18% per year....now business good some got discount as low as 1% per month.....pawnshop can go public....2nd grand uncles are not ah longs la....they charge cheaper than banks creditlines but they have collateral lah.

When a person cannot redeem then goes to auction....after auction if cut away the interests still got balance then they must return to you if not goes to govt when no one claims....pawnshop cannot makan.

Pawn tickets also worth money depending on items pawns can get 5-10% of pawn amount usually....you can sell away the tickets....the people in this business are not pawnshops....pawnshop business is well regulated and aboveboard.

During the late 80s and early 90s, it is held monthly in Royal Hotel at Newton. No sure now.

Try to attend a few times and observe the process before placing a bid for any items. Warning, place is not for 善男信女.

they moved to their own place in depot road liao.....now no more only for pawnshop or garang guni industry....alot of young professionals go sniff out bargains....but must know your stuff if you want to bid.....all the people there do it for a living....i used to hang out when i was into collecting.....can land some bargains if you do your homework.....many lament now alot from the public will bid up the price so profit margins not so good now.

 

[sleaguepunter]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Pawn tickets also worth money depending on items pawns can get 5-10% of pawn amount usually....you can sell away the tickets....the people in this business are not pawnshops....pawnshop business is well regulated and aboveboard.

normally pawnshop give a low valuation on the item pawned. not sure on current pawnshop biz but according to my mom, in the old days, ppl take jewellery to pawn, sometime for small amount only as it also let them easier to redeem back. ie. a $1000 gold chain pawn for $100 only by the customer so 3-6 mths later, the customer only pay $100+interest to get it back. So if the customer for some reason sell away the ticket for another $200, then the new pawnticket holder can own a $1000 gold chain for only $300+ once redeem the pawn ticket at the pawnshop.

as for ppl want to attend pawn auction, just register at frank knight website, frank knight will notify by email the monthly pawnshop auction conducted at amara hotel.

 

[Narong Wongwan]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Afaik gold can pawn up to 60% of value.
other things like watches, diamonds, gems etc get much lower.
Now pawnshop also competition even post office getting into the game...so i think customers can get more value.

normally pawnshop give a low valuation on the item pawned. not sure on current pawnshop biz but according to my mom, in the old days, ppl take jewellery to pawn, sometime for small amount only as it also let them easier to redeem back. ie. a $1000 gold chain pawn for $100 only by the customer so 3-6 mths later, the customer only pay $100+interest to get it back. So if the customer for some reason sell away the ticket for another $200, then the new pawnticket holder can own a $1000 gold chain for only $300+ once redeem the pawn ticket at the pawnshop.

as for ppl want to attend pawn auction, just register at frank knight website, frank knight will notify by email the monthly pawnshop auction conducted at amara hotel.

 

[Mdm Tang]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

due to casino atau turfclub ?

... So, why is it that so many people pawn their items for so much more loans from pawn shops?


the reasons are simple our Banks are Balless !!!


Banks reduce their risks instead by lending to Pawnshops and

Licenced Moneylenders !!!


But Banks are willing to be suckers for


big tickets loans to big Corporate Fraudters and


millionaires defaulters !!!


thats how the poor in sgp got screwed big time


by the 3 big banks and those foreign bank like citibank ...

 

[Mdm Tang]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

this is how the low income will forever remain in low income and

be perpetutly screwed :



Govt screws MAS; MAS screw Banks ; Banks screw Pawnshop / LML ; PS /LML Screw Sinkies !!!



How then do you think big 3 banks can make hundreds of Millions each Quater ???

 

[laksaboy]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Casinos and pawnshops+moneylending services have a symbiotic mutual co-existence.

It is no surprise that the pawnshop business (and various other legalized 'credit consultancies') picked up dramatically after the first casino opened its doors in early 2010. It's amazing how much has changed within a short span of 2 years.

 

[Mdm Tang]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

See how those Balless Banks Operate !!!

 

[jw5]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Pawnshops still better than licensed moneylenders.
At least the borrowers still have something of value to pawn. Or they may be simply selling something they bought last time or got as a gift, but don't need anymore. If they can get some money, they redeem the item, if they can't, then they give it up.

Licensed moneylenders on the other hand seem to be gambling together with their customers. Or perhaps they hope to whack a few for huge interest in order to cover those from whom they have no chance of getting repaid. Very exciting business model.

 

[lifeafter41]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Casinos and pawnshops+moneylending services have a symbiotic mutual co-existence.

It is no surprise that the pawnshop business (and various other legalized 'credit consultancies') picked up dramatically after the first casino opened its doors in early 2010. It's amazing how much has changed within a short span of 2 years.

Give it another 3 years, nothing else to pawn.
Lelong HDB/Condo/Landed liao.

Just wait and see.

 

[Narong Wongwan]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Give it another 3 years, nothing else to pawn.
Lelong HDB/Condo/Landed liao.

Just wait and see.

our womenfolk can lelong their pussies

 

[lifeafter41]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

our womenfolk can lelong their pussies

Jialat, menfolks how??

 

[Mdm Tang]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Maybe in 2 years . All those borrowers from PS LML all these people data will be on record.

Profiled .

 

[Narong Wongwan]

Re: Pawn shop loans increase 81% in 2011 in the world's richest city. What do you thi

Jialat, menfolks how??

wear woman clothes go pai in Changi....

Maybe in 2 years . All those borrowers from PS LML all these people data will be on record.

Profiled .

Machiam like a poor man's credit bureau....
Won't help much, LML will just use information against borrower to charge higher interests......as it is now LML knows that its the hardup cases rejected by banks that goes to them....but they still take the risks hoping for higher returns