Growing up, I have this really weird misconception about pawnshops. When I was still young, I usually overheard it from my parents talking about pawning watches and jewelries whenever we would be needing additional money for tuitions fees and other stuff. Somehow, as there last resort for money problems.
Watching TV and on how pawnshops are being portrayed could be another scenario, where usually the antagonist would be seen in front of a pawn shop in his or her most desperate situation. It doesn’t necessarily mean that the pawnshop itself is bad, in fact, it could be considered to be like a superhero that saves the day. I guess what strikes me the most is the people who goes there, in dire need to pawn a very valuable item just to have an ample amount of money to be used for a more important matter. As you might have know, letting go of something precious, is just sometimes heartbreaking.
Anyway, adulthood might struck me a bit late but it already gave me enough ideas about the pawning system and on its importance in the community. Continue reading and will tell you more about my first time experience and my recent discoveries.
Pawning has already been a long honoured tradition. Even before the existence of credit cards, Pawn Shops are already there when needed. If you do not have enough cash, but have a valuable items at hand, one would usually paid a visit at the Pawn Shop.
Pawn shops works simpler than that of credit cards and/or payday loans. Through a pawn shop, one would only need two things; an item something of value, and a Government issued ID and of course personal appearance is a must for one would need to fill up forms inside the shop, which would only take a few minutes. Pawning wouldn’t require you to undergo employment verification and/or knowing your salary rate and the long waiting for the card to be approved, or maybe not. I could say, this is a simpler way to attain money, specially if it is really needed.
Over the years, I didn’t actually realize that I myself was already performing the act of pawning, not as the shop but as a person who would require borrowers to pawn something to me as a collateral, for the borrower to pay on time. It was a process we unknowingly do that has been a practice years and years before.
But personally, I am still a virgin when we talk about visiting a real pawnshop. It just so happen that nowadays, pawnshops have already expanded their services from a simple pawning to remittance, micro insurance, micro loans, forex, bills payment even e-load, making it more a universal venue for money related services.
The first hand Pawning Experience
The day has come that I would need to go and visit a pawnshop. Holidays are just around the corner, means expenses are going to double. My mom loves celebrations and gatherings and is always looking forward to our yearly reunion that happens a day in the last month of the year. But my parents is already in their golden years and have been unemployed for years, meaning as the eldest son, I would need to take over a huge portion of the expenses. But personally, I got my own lists of spendings I would need to cover up before the year end. My funds might just not be enough to sustain both thus additional resources should be in place.
Luckily, Mom was so supportive she decided to lend me some of her valuables and suggested it to be sold or pawn. She hand me over her 18-karat gold earrings and necklace which she had years ago. It was stuck in the jewelry box for a long time and finally became very useful at this times. I think, summing up the price of the two jewelry would be around Php 10-11k.
I actually got two options to do here; one is to sell the item, the other is to pawn it. Selling the item would mean my mom wouldn’t be able to own it after we have used the money, while pawning it, well there is a big chance I could get it back just as long as I could be able to redeem it after three months. I could actually get almost the same amount of money whether I would be selling it or pawning it, so I guess pawning would entail a bit of an advantage, most specially if the items being pawned is something of valuable to the person.
So I decided to drop by and visit a pawnshop, not one but three.
Where to find the Highest Appraisal Rate
A friend once told me that if ever I would be pawning something, better for it to be assess first by different pawnshops for me to be able to compare prices prior to the actual pawning. That is why, on the pawn day (seems like I’ve been preparing for this for a long time) I decided to visit an area in Makati where a number of pawnshops are lined up next to each other. Along the streets of JP Rizal in Makati a handful of pawnshops can be seen. I actually just randomly selected a few that seems to be inviting and/or could be easy on me specially that I am a first time pawner.
I decided to walk into the first pawnshop with a name that I think originated from an island in Visayas region. I asked to appraise the 18 karat earrings and necklace that I got. I was given the following price;
PE: Php 4,600 (necklace) / Php 2,600 (earrings)
Next, I visited this pawnshop with a name sounding like a model of a car. I went in for they have not got any customers at the moment making it easier for me to take my time and ask questions if needed. Upon appraisal I was given the following price;
RV: Php 4,200 (necklace) / Php 2,200 (earrings)
Lastly, I decided to visit this more popular brand known to be supported by iconic celebrities such as Sarah G and Alden Richards. When I walk in, I read that I do not need to fall in line if I am going to pawn something, so I went straight at the counter and ask for the appraisal of my jewelries. I was given the following prices;
CL: Php 5,100 (necklace) / Php 2,900 (earrings)
That is actually way better than the other two and is more favorable as well. I also love that, I felt secured with this pawnshop, I was attended quickly for there are no line for the pawners.
So, I decided to finally pawn the items. It was Php 8,050 in total less the Php 322 for the interest, giving me a total of Php 7,723.00.
It was a quick and easy transaction. I just presented a government ID, fill-up a few papers, and already got the money. Cebuana Lhuillier definitely got the highest appraisal rate for the valuable item that I got.
I was then given three months to to be able to redeem it back. If ever I would not be able to have enough budget for the first month, an additional interest will be added to the original amount, thus I suggest for you to claim it as soon as possible. Another good thing that I’ve learned is that, I can renew and make the extension longer at any branches of Cebuana Lhuillier nationwide. I just need to present the receipt, asked for an extension then its done. That is super cool specially if the items that you pawn is really something very special to you.
Then again, the price could still vary depending on which Cebuana Lhullier pawshop you would be visiting. But I do believe that; Yes! they have the Highest Appraisal Rate among the rest.
Now I got enough budget to do and continue to hold the party!
