Online Pawnshop for a Change

Friends, I wanted to share with you this innovation in the pawning industry.  They eyed the Philippines as among the fastest growing on internet-penetration.  The founders thought that most people are ASSET RICH BUT SHORT OF CASH.  Minimal interest rates applied on items.  Too good to be true, no because they also earn from selling the unclaimed items to marketplace called SHOPIFY.  We are well aware that pawn amount is just a fraction of the item’s cost although they GUARANTEE high appraisal. Payments are made thru PawnHero card they will issue where pawners can withdraw their loan.  The operation is nationwide (Philippines) but they plan sooner to expand in Vietnam, Cambodia and Laos.

The online pawnshop which is also known as PawnHero.Com – it is an app-based business running for  almost two years now.  I have a glimpse of it from the Bloomberg TV show, Bright Ideas, hosted by Mr. RJ Ledesma.  Some of the important information I noted:

What is PawnHero.Com

- basically a pawnshop at the reach of your pocket as it was labeled by Mr. Margendorff (CEO)

- a pawnshop with no physical address except for its SINGLE warehouse maintained for the pawned items

- LARGER variety of items accepted

accepts luxury items (jewelries, watches, designer handbags), motorbikes, appliances even musical instruments.  Try everything valuable

Advantages to physical pawnshops:

-lower interest rates of 2.99% for pawned items

Having a single office (answering to customer needs and complaints etc.) and a single warehouse makes it possible to hire fewer manpower, lesser overhead expenses on utility bills.

-suggest  your loan duration

Not like with local physical pawnshops that you are just allowed to redeem jewelries for just about three months incurring interests (some compounded rate), for gadgets (you can pay interest but the redemption date is not renewed – reasoning out that gadgets depreciate).

-suggest amount of loan based on your needs (subject to approval after appraisal)

Mr. Magendorff explained that those who pawn needs CASH for particular reason, it may help to know how much they need MAYBE they can work it out based on the item.

-jewelries scratched on authenticity check (computerized appraisal/assessment)

- saves you from the EMBARASSMENT of being on the physical pawnshop

Just placing the jewelry on the computerized testing tray of the machine, the item is being analyze scientifically in seconds.  No chemicals used.  I saw how it was done as it was demonstrated in the show.

-deal at the comfort of your own home

Just download the PawnHero app on your smartphone.Take some pictures of the item you want to pawn, this time even not telling who you are yet (appraisal process) just the phone number on record.  Describe your item, suggest how much you want to pawn it.  Submit them for ASSESSMENT.

They have logistic partner, 2GO delivery to pick-up your item or it is your choice if you want to drop it off at the branch once APPROVED.

You will receive updates about your pawn application via your smartphone.  Only when the deal is made that you need to register your name and details to label your item pawned.

SECURITY of Pawned Items

- SINGLE SECRET physical warehouse address is maintained.

- CCTV guarded

-24 hours guarded by guards

-NO client is allowed to walk-in and scrutinize the pawned items

Watch this video link:

Bright Ideas Episode Ep26

I hope I have shared with you a valuable information that could somehow help you out in times of financial trouble…have a great day ahead.