2007-09-22 08:20:34 · 5 answers · asked by Anonymous in Local Businesses ➔ Singapore
During our time walking into a pawnshop you always avoiding people known to you. The pawnbrokers always value your pledge as low as 50% , from there they charge a interest of 1.5% per month for 6 months. At the end of the period if you still cannot redeem your pledge then you can extend for another six month by paying a interest of 1.5% on the amount stated in your pledge for another 6 month and it goes one and on as long as you like. If you fail to redeem and fail to extend it you will have your item stated in your pledge auction off, but hope is not lost you still can redeem it back at the day of the auction.
2007-09-22 16:45:50 · answer #1 · answered by oldkingkoh 5 · 0⤊ 1⤋
If you are just selling the item you dont anywhere close to what it is worth. If you are buying you are paying a good price on stuff that you dont know where its been or what they paid for it. And some of it was forfeited for very cheap by someone who was desperate for cash and never went back to get it.
2007-09-23 16:30:41 · answer #2 · answered by Aloha_Ann 7 · 0⤊ 0⤋
By charging you high interest if you pick up your stuff and if you don't pick it up by the specified time it belongs to them and they can then sell it for a lot more than they allowed you for it when you pawned it. They know what your stuff is worth and so they never allow you anywhere near what they are sure they can sell it for.
2007-09-22 16:57:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
to summaries what the above two said, they buy your items, charge high interests, and if you dont redeem the item within a period of time they put it up for sale.. quite a lucrative business i hsould say...
2007-09-23 12:22:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Buying and selling of precious items.
2007-09-24 23:40:20 · answer #5 · answered by gamermic 3 · 0⤊ 0⤋