Comprehensive Guide About Pawnshop Singapore

Pawnshop Singapore

Comprehensive Guide About Pawnshop Singapore

Pawning is one of the oldest options to get quick cash. You entrust a valuable item to a pawnbroker bound by a legal contract. Understand how it works through this Comprehensive Guide About Pawnshop Singapore. TEST TEST

Pawning requires a legal contract expressing that you must redeem your pledge. For example, paying the loan plus the interest agreed on within a specific period.

Fascinating Pawn Facts

  • The word ‘pawn’ comes from the Latin word pignus, which means to pledge, now known as collateral.
  • Pawnshop Singapore gives six months for their clients to redeem their collateral; they also use this to give the police some time to check suspicious items.
  • In the United States, less than .02% of pawn shop transactions involve stolen items.
  • In Singapore, more than 3% of pawners could not redeem their pledge from June 2015 till April 2016.
  • It was illegal due to loans with interest-based on Mosaic Law.
  • The famous History Channel’s Pawn Stars undeniably made pawn shops more attractive than they used to. The most expensive item they have is a cigar box that belonged to John F. Kennedy, fetching at the US $125,000.
  • The pawn brokers’ patron saint is Saint Nicholas.
  • The three golden balls hanging outside the pawnshop as a symbol possible commemorate the story of Saint Nicholas dropping 3 bags of gold at a poor man’s house to save his daughters from becoming prostitutes.

Pawnshop Singapore

Credit: https://supershuttledenver.com/whats-interesting-with-pawn-shop/

Pawnshop Singapore Origin

When a person has barely enough money to pay the bills and emergency expenses to clear, the typical solution is to take out the family heirloom. Then, go to the nearest pawnshop to get a loan. It has been the most straightforward solution since the 19th century when the first pawnshop was put up in operation.

History of Pawnshop Singapore

Lending money with collateral originated around 3,000 years ago and thrived in Ancient China, Rome and Greece. Peasants used to take their clothes, the most expensive item, to get a loan. Since then, people seen pawning in these establishments are considered poor. Thus, pawn shops are known as “poor man’s bankers”. However, times have changed. Pawnshop Singapore is now commonly used by business people, white-collar workers, and gamblers from all walks of society.

Singapore was founded in 1819, and after four years of starting as a booming settlement, Sir Thomas Stamford Raffles shared his views on pawnshops that began to exist on the island. He said that pawnbrokers have to be regulated under strict rules, as there is a risk that may take advantage of the poor’s needs. 

In 1824, is the first recorded existence of pawn shops. They must tax $480 to the British colonial administration since Singapore was a British settlement.

It is now common for a pawnshop to be owned by a Chinese. In 1872, Sheng He Dang opened the first Chinese owned pawnshop. By 1886, there were 26 pawnshops giving loans to poor locals. Since the business was steadily booming, there was a need to regulate the industry. Thus, the Pawnbrokers Ordinance was then passed in 1898.

Rise of Pawnshop Singapore

From 1620 to 1929, 25 pawnshops rise in the industry. The 22 pawnshops were owned by the Hakkas, the last surviving remnants of Northern Han Chinese. According to the records, these pawnshops could generate a monthly turnover of $2million a month. Yet, the industry received its first serious blow in 1929 during the Great Depression. The brokers began to pick up the pieces and started gearing again in 1935. Unfortunately, the second serious hit went down on them during World War II.

After the war, it was time to restart the business. Fifty pawnshops were thriving by 1978, then in two decades, 19 more entered the industry. As for the regulations, The Pawnbrokers Act exists. It has been revised from time to time further to increase the quality of services to the Singaporeans. Currently, there are 277 registered pawnshops in Singapore, located at convenient places for everyone in need of quick cash.

How Pawning Works

Pawnshop Singapore, as many know, thrives with secured loans. Yet, unlike the banks which use homes and cars as collaterals, pawnshops accept signature bags, luxury wristwatches and pens, jewellery and gold/silver as pledges. Of course, the broker may have other businesses, such as a jewellery store. But the main focus is pawnbroking.

The Process of Pawning

When you enter the shop to pawn your valuable item, the appraiser will authenticate your pledge, whether real gold/silver for jewellery or genuine or imitation for luxury watches and bags. Expect your jewellery to be weighed, scrutinized under a magnifying glass, and closely examined. The appraiser will then decide the value of your pledge based on its second-hand retail price.

The price will also be based on various factors. The broker will consider the economic trend when appraising jewellery, especially now that the gold price is fluctuating. The broker will try to predict its future value. The edition of the limitedness of design will be considered for bags and watches. Remember that the broker aims to see that they can benefit from the pledge should you fail to redeem it.

The brokers also use the web to appraise your pledge through an old business. They surf through buy and sell websites such as eBay and Amazon to know the current prices opened to the public. When it comes to gems and jewellery, they will consider the weight, cuts, rarity, and metal works. Brokers usually hire staff with expertise in such valuables.

Though it is not yet proven, some think that the sentimental value you have with your pledge also affects its value. The more emotionally attached you are to the collateral, the higher the value it goes because you will be more determined to redeem it.

After the appraiser has set the price, you can only borrow around 60-80% of its second-hand value. Then you have to provide a personal identification card to prove your identity and current age. Furthermore, it prohibits minors age 16 and below to pawn any valuable. Finally, if your collateral exceeds the worth of $200, you have to prove your ownership with legal documents such as purchase receipts.

If you can’t prove that you own the item, the broker might suspect that you have stolen it or acquired it through illegal activity. Should this happen, they are given the right to detain you and seize the suspicious item until the police come for further investigation.

Calculating the Value of Pawnable Item

Pawning seemed easy; it only required a pledge and an id. Apart from it, the interest rate may appear low. Yet the pawnshop Singapore can raise the interest rate by 1.5% every month until you redeem the collateral. Loans through pawning usually take six months. After six months, the ownership is legally transferred to the brokers. After that, it is at the discretion of the brokers on how they will dispose of the valuable unclaimed items.

(Amount of pawn loan) x (Number of months for the loan) x 1.50% = (Interest charge)

If you miss three months:  1.50% interest rates multiplied by 3 months = 4.50%

After successfully pawning your valuable item, make sure that you keep the pawn ticket. Remember, it is a hassle when you lose it. First, you have to get down to your pawnbroker. Then, ask for a form of declaration and fill it out. Afterwards, make a declaration before a magistrate or a Notary of Public. Complete the process within 3 days.

Imagine the hassle and extra expenses you could have saved if only you had kept the pawn ticket in a safe place.

Pawnbrokers Act

Since 1st April 2015, auctions for unredeemed items are no longer held in Singapore as per the revised Pawnbrokers Act. Since the brokers now own the forfeited items, they can decide what to do with the pledges. So if your item has a deep sentimental value for you, make sure that you will be able to reclaim it. Unfortunately, not all pawners are successful when paying off their collaterals; around 3% of Singaporeans could not settle their loans and lost their pledges.

After paying off the loan, you can get back your precious item. If you cannot settle in six months, you lose the stuff, yet your responsibility of paying the loan also ends with it.

Pawning sounds easy, but you also have to know that there is a possibility that a broker will reject your item. And what if you do not have an asset that can be used as collateral?

Pawning is to risk losing your beloved valuable in a minimal period. However, you can choose to get a personal loan from licensed moneylenders such as Cash Mart. Personal loans have flexible terms and payment schemes that fit your unique needs.

pawnshops in Singapore

Credit: https://somethingborrowedpdx.com/scrap-gold-price-at-pawn-shop/

Gold: The Most Pawned Item

It is no secret that the most pawned item and the prime acceptable item is jewellery, especially gold. On Wednesday 15th June 2016, the gold price in Singapore calculated in Singapore Dollar (SGD) closed at $23.35 per gram of 10karats. A gram of 24 karats was $56.04.

The value of gold in the world market that directly affects its value in the industry of Singapore often changes. It has its ups and lows. The pawnbrokers watch the trend close to predicting its value in the future.

Traditions have Changed: The End of Auctions

The auction of unredeemed pledges has been part of over half a century of pawnbroking tradition. Unknown to many, the auctions are open to the public. Anyone can bid on the pledges, yet jewellery resellers are more aggressive in bidding that scare away the public bidders. And pawnbrokers admit that they don’t gain much with auctions as they have to shed money to organize it.

The Pawnbrokers Act was revised in 2015, removing the auction system. The Registry of Pawnbrokers believes that the removal of the auction will let the brokers give better appraisals to pledges. The Pawnbrokers also welcome the change as they do not have to incur auction expenses, and their administrative work has been dramatically reduced.

Instead of disposing the pledges through auctions, the pawnbrokers can either resell the item in their branched jewellery store or melt the gold or silver and recreate it into something new.

Registry of Pawnbrokers

The Ministry of Law requires pawn brokers to acquire a license before operating their business. The Registry of Pawnbrokers implements the Pawnbrokers Act and regulates all licensed pawnbrokers in Singapore. The Pawnbrokers Act is constantly revised to enhance the pawning industry.

Make sure you are only transacting with a licensed pawnshop in Singapore. Check the latest list of valid registered pawnshops at www.mlaw.gov.sg.

Ministry of Law in Singapore

Singapore Legal Moneylenders and Pawnshops

Pawnshop Singapore

Pawnshops have been a go-to place whenever individuals need immediate extra cash. It is quick and hassle-free to get a loan, as they only require an acceptable valuable item and an ID. If you fail to repay your loan, you lose your collateral and then your loan defaults. After six months, whether you are successful or not, you are no longer liable for paying the loan.

On the other hand, the low monthly interest of 1.5% multiplies every month by 1.5%. The longer it takes to pay off the loan, the higher amount you have to settle. The loan you can get is minimal. You can’t get cash higher than the 80% of the value of your pledge.

Ultimately, you cannot get a loan without a valuable item at hand that you can prove belongs to you. Do not be tempted to pawn what is not yours. You might end up in jail with a more shameful reputation.

Licensed Money Lenders

Licensed money lenders offer various loans that can fit your need. There is no need to worry if you have a bad credit rate. Cash Mart offers loans despite a not so healthy credit score. If you get loans from a licensed moneylender, you can improve your credit score by repaying diligently and on time.

On the other hand, if you fail to pay as agreed with the lender, your credit score will go down the drain. Do not worry if you might not meet the payment scheme. The Cash Mart staff will be willing to listen to your predicament to make flexible terms only for your dilemma.

With so many moneylenders floating around the web, make sure you only get loans from a licensed moneylender. There is no need to leave collateral you cannot afford to lose. You need minimal paperwork at Cash Mart. The process is fast, and you can get your cash disbursement after 30 minutes.

Practical Solutions for Immediate Cash Needs

Even Singaporeans with regular paychecks could meet a bump on the ground regarding budgeting. It is already hard paying loans while also trying to get by with daily expenses. It is worse when you have to part with a precious heirloom to get by one financial patch. What if you lose all your jewellery, watches and luxury bags just because you failed to pay the increased loan amount from a pawn broker?

At Cash Mart, there is no need to break your heart. You can keep your treasured items. Also, Cash Mart will give you more options to get by. The staff will even give you priceless advice on getting back up financially and staying there.

With Cash Mart, there is nothing to lose. They offer low-interest personal loans with flexible payment schemes to those with a bad credit score. What’s more? You can leave the Cash Mart office 30 minutes after coming in worry-free and cash in hand.

Cash Mart Loan Calculator

Cash Mart Loan Calculator

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List of Licensed Moneylenders & Top Banks in Singapore (2019 Update)

List of Licensed Moneylenders & Top Banks in Singapore (2019 Update)

To save you more time, we’ve gathered the complete list of 157 licensed moneylenders and banks in Singapore verified by the Ministry of Law as of January 1, 2019.

Cash Mart Singapore is among these validly licensed moneylenders and is enumerated at #33.

Our operating hours:

Mondays to Fridays 11 am – 8 pm

Saturdays 11am – 6pm

Closed on Sundays and Public Holidays

APPLY FOR A LOAN

S/No.

Business Name

Business Address

License No.

Website

1

101 CREDIT PTE. LTD.

101, UPPER CROSS STREET, #01-24, PEOPLE’S PARK CENTRE, SINGAPORE 058357

40/2018

http://www.101personalloan.com.sg

2

1133 MONEYLENDERS PTE. LTD.

262, BALESTIER ROAD, #01-02, OKIO, SINGAPORE 329714

95/2018

http://www.1133moneylenders.sg

3

1ST CAPITAL PTE. LTD.

304, ORCHARD ROAD, #04-01, LUCKY PLAZA, SINGAPORE 238863

5/2018

http://www.1stcapital.com.sg

4

1ST CREDIT SG PTE. LTD.

149, ROCHOR ROAD, #01-07, FU LU SHOU COMPLEX, SINGAPORE 188425

90/2018

http://www.moneylenderhub.com

5

1ST LG CREDIT PTE. LTD.

304, ORCHARD ROAD, #02-29, LUCKY PLAZA, SINGAPORE 238863

58/2018

http://www.moneylenderpro.com

6

365 CREDIT SOLUTIONS PTE LTD

14, SCOTTS ROAD, #03-64, FAR EAST PLAZA, SINGAPORE 228213

22/2018

http://www.365credit.com.sg

7

96 CREDIT

883, NORTH BRIDGE ROAD, #01-13, SOUTHBANK, SINGAPORE 198785

144/2018

http://www.cashloansingapore.com.sg

8

A1 CREDIT

2, HAVELOCK ROAD, #02-08, HAVELOCK2, SINGAPORE 059763

117/2018

http://www.a1credit.sg

9

ABI CREDIT PTE LTD

185, TOA PAYOH CENTRAL, #01-320, SINGAPORE 310185

27/2018

http://www.abicredit.sg

10

ABK LEASING

13, NORTH BRIDGE ROAD, #01-3984, SINGAPORE 190013

118/2018

 

How will this list of licensed moneylenders help me as a borrower?

The updated list of licensed moneylenders in Singapore is well-maintained and regularly updated by the Registry of Moneylenders and the Ministry of Law.

MinLaw (Ministry of Law) and the Registry of Moneylenders collaborated to create guidelineregulating all moneylenders and protectingct borrowers from illegal lenders.

Those credit companies who are non-compliant with the Moneylenders Act and other corresponding regulations of MinLaw will not be on the list.

What are the rules in moneylending that I must know?

As of 1 October 2015, all licensed Singapore moneylenders are only allowed to impose the following charges and expenses:

  • An administrative fee that’s no more than 10% of the principal loan amount when the loan is granted. This fee is when a loan gets approved
  • Late fees should not exceed $60/month
  • An Interest rate on late payments caps at 4% for each month of late repayment
  • The total cost of interest rates and fees should not exceed 100% of the principal loan sum.

If borrower A takes a loan for $10,000, then all the charges (interest, administrative fee, and monthly $60 late fee) should not exceed the principal loan amount of $10,000.

Furthermore, Moneylenders are prohibited from practising the following:

  • First, ask for your SingPass login details through SMS, phone call or email.
  • Then, ask you to sign an incomplete loan contract.
  • Grant you a cash loan without exercising a verification process with due diligence. If you can get approved without any documents or requirements, your lender is not operating as law mandates.
  • Retain your personal ID documents such as your NRIC card, passport, driver’s licence, etc.
  • Ask for an upfront fee before your loan is approved and disbursed.

How will I know if the online ad is from licensed moneylenders?

As of 1 November 2011, all licensed moneylenders are permitted to advertise using only these three channels:

  • online or printed business directories;
  • websites owned by the moneylender; and
  • advertisements within or on the exterior of the money lender’s business premises.

Other channels not included on the said lists are prohibited.

Moneylenders with social media ads are either unlicensed moneylenders or legal money lenders violating the Moneylenders Act. So, ignore those Facebook, Instagram or Linkedin, and Google Ads.

Avoid borrowing from these lenders.

If you are looking for a legitimate money lender, you must take your time to shop around, read moneylender reviews, and get the feedback of the people you trust.

Though the government has done their best to regulate the money lending industry strictly, it still pays to be vigilant to avoid loan sharks and illegal money lenders who post as legitimate businesses.

Why Choose Cash Mart Among Other Licensed Moneylenders

With Singaporeans’ changing lifestyle and evolving culture, loans have been a part of their lives for emergency needs and added convenience.

Gone is when personal loans are just for bridging payday to payday or expanding small businesses. Now, loans can also be used for your grand wedding or a perfect vacation getaway.

Banks and licensed moneylenders in Singapore will offer you various loans, whatever your reason for a loan application.

Licensed moneylenders in Singapore offer more flexible loans with a shorter process, taking pride in instant loans for Singaporeans and expats.

With many moneylenders floating around online to offer loans, take the time to choose where to apply for a loan.

Choose a moneylender with a long list of satisfied clients, transparent terms and proficient service. Need instant cash but are confused about which lender can meet your exact needs?

As the leading legal private moneylender in Singapore, Cash Mart is backed by a team of trained staff willing to walk you through the process.

With innovative solutions, you can indeed walk out of its doors within less than an hour with satisfaction and cash in hand.

Get your needed loan now at Cash Mart, drop by or give a call and experience service from the friendly staff: uniquely personal and professional.

Our operating hours:

Mondays to Fridays 11 am – 8 pm

Saturdays 11am – 6pm

Closed on Sundays and Public Holidays

APPLY FOR A LOAN

Top 20 Singapore Banks (2019)

Singapore is known as the banking hub in Southeast Asia. It is an international financial centre under a government practising pro-business policies. Furthermore, our banking industry, regulated by the Monetary Authority of Singapore, manages more than $350 billion of assets.

Our global economy has been shaky, but now the markets are gaining ground and stability. Understandably, both Singaporeans and expats consider various factors when choosing their bank.

Out of Singapore’s 111 commercial banks, 49 merchant banks, and 45 banks with representative offices, we presented our Top 20 Singapore Banks in 2019.

DBS Bank/ POSB

  • Established by the Government in June 1968
  • 100 branches across the city-state
  • Can make fast transfers between currencies
  • Has affiliated branches worldwide
  • There is no minimum balance required and no minimum salary input.
  • Holds a long-term credit rating of Aa1 (High Quality) from Moody’s
  • 2018 Total Assets at USD404.1 billion
  • License Type: SGS Primary Dealer

UOB Singapore

  • Founded in 1935
  • It has 68 branches in Singapore
  • More than 500 offices in 19 countries across Asia-Pacific, North America, and Western Europe
  • Holds a long-term credit rating of Aa1 (High Quality) from Moody’s
  • 2018 Total Assets at USD277.99 billion
  • License Type: SGS Primary Dealer

OCBC Bank

  • Operates through more than 570 branches
  • Second largest financial services group in Southeast Asia
  • With representative offices in 18 countries
  • Formed in 1932
  • With an Aa1 rating from Moody’s
  • License Type: SGS Primary Dealer and Local Bank

Citibank Singapore

  • Began operations in Singapore on 1 July 1902
  • Operates over 2,600 branches across 160 countries
  • Low-cost bank to bank money transfer from Citibank Singapore to another Citibank branch abroad.
  • License Type: Full Bank and SGS Primary Dealer

HSBC Singapore

  • The oldest banks were established in Singapore (December 1877)
  • It has 9 branches with ATMs and over 10 self-service terminals
  • The first bank to remove sales commission in Premier banking
  • License Type: Full Bank

Maybank Singapore

  • Active in Singapore since December 1960
  • It has 27 service locations across the country
  • 2018 Total Assets at USD189.1 billion
  • License Type: SGS Primary Dealer

Standard Chartered Singapore

  • Started operations in the city-state back in 1859
  • Singapore’s largest custodian bank for foreign institutions
  • Has 19 branches, 7 Priority Banking centres
  • License Type: Full bank and SGS Primary Dealer

ANZ Singapore

  • In 1974, it was founded as a representative office of the Australia and New Zealand Banking Group
  • Converted to an offshore bank in 1980
  • Implemented an adult financial education program in collaboration with the Institute of Technical Education
  • License Type: SGS Primary Dealer

SBI Singapore

  • State Bank of India started operations in Singapore in 1977
  • Has a distribution network of 7 retail branches and 24 SBI ATMs
  • License Type: Full Bank

Bangkok Bank Singapore

  • A Thai Bank operating in Singapore focusing on corporate customers
  • Provides full commercial banking services
  • It has 32 branches in 15 economies
  • License Type: Full Bank

CIMB Singapore

  • Operating in Singapore since 1947 through Ban Hin Lee Bank
  • By 2009 CIMB had begun to offer universal banking services
  • Has Islamic banking products
  • It has 3 branches in Singapore
  • License Type: Full Bank

ICICI Bank Singapore

  • The first overseas branch is the Singapore Branch
  • Supports India’s trade with Singapore to address the needs of the global Indian community
  • Presented globally in 19 countries.

RHB Bank Singapore

  • Started operations in Singapore in 1961
  • Located at the wholly-owned 17-storey building at 90 Cecil Street
  • It has a network of seven (7) branches located around the island
  • License Type: Full Bank

Bank of India Singapore

  • Active in Singapore since 4th June 1951
  • Equipped Forex Dealing Room
  • Specialisation in India related business
  • Currently has three branches
  • License Type: Full Bank

Indian Overseas Bank Singapore

  • It started its activities in February 1941
  • It has a branch at Cecil Street and a Remittance Centre at Serangoon
  • Has well equipped Forex Dealing Room
  • Extended working hours on Saturday
  • License Type: Full Bank

J.P. Morgan Singapore

  • Operating in more than 60 countries
  • Has total assets of about USD2.3 trillion
  • The Singapore branch became the hub for J.P. Morgan’s South-East Asian operations.
  • License Type: Full Bank

Hong Leong Finance

  • Founded in 1961
  • A subsidiary of the Hong Leong Group
  • It has a network of 28 branches and 10 SME Centres
  • License Type: Finance Company

BNP Paribas Singapore

  • Begun operations in Singapore in 1968
  • Focuses on Corporate and Institutional Banking
  • Has a presence in 14 markets
  • License Type: Wholesale Bank

Bank of Singapore

  • A subsidiary of the OCBC Bank
  • Specialises in private banking and wealth management
  • 2018 total assets at US$32 billion
  • License Type: Local Bank

Mizuho Bank Singapore

  • It started its branch operation in Singapore in 1974
  • With over 900 offices in major cities such as Tokyo, New York, and London,
  • License Type: Full Bank

For more than 100 years, banks have been known as the go-to places to get premium loans, yet soon Singaporeans have developed an insight that banks only lend to those with sound finances: basically, those who don’t need loans.

Those who have just enough money in their bank accounts get a hard time processing their loans as banks believe it is too risky to lend money to them.

These brick-and-mortar establishments have devised a long list of required documents to assure less risky loan transactions; however, this results in a few days of the process, which beats the need for quick cash.

Banks are also mindful of lending to those with bad credit scores, no credit history, foreigners and no regular income.

Fortunately, you can easily get a loan from online licensed money lenders whenever you need extra cash.

Experience the fastest and most affordable online loans with Cash Mart today.