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| photo from pixabay |
I remember how our family had our fair share of times of “Petsa De Peligro.” I must admit these were one of the toughest moments our family has had to go through. And during that time it pained me more since I was like in my elementary days, I was young and wanted to help. I did understand the struggles that my parents were facing at that time. I needed to take an absence from school to skip the exams because of unpaid tuition.
My parents know they had to do something with our situation during that time. The last resort they have decided is to pawn a necklace my dad’s gift to my mom. I can still remember it clearly because my mom took me with her to the pawnshop since there was no one to be with me at home.
At that time I was clueless about everything happening, but now I am old enough to understand about pawning, and how pawning saved us, saved me to take those special exams I missed in the first place. This was not the proudest moment to share but also not to be ashamed of, because these hardships we encountered in the past will help us succeed in the future. And I wanna share this experience also to help the ones who are on the same page or that can relate. Especially in this time of pandemic, I think Panwning is really viable.
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| Anne With an E pawning episode – photo from Your Props |
Also, I just finished watching the Netflix series “Anne with an E,” (I know I’m a late watcher) and there was this episode where Marilla had to pawn her family heirloom jewelry to save their farm and to provide for Anne. I really liked the series and was enticed more to write this article about pawning.
Personally I think it’s better to pawn than to loan. A pawn loan is less of a risk for the pawnbroker, because they aren’t as concerned about reselling the piece. If you have a valuable you don’t mind parting with and you don’t want to have to worry about paying back a loan, then it may be easier for you to just sell. You will have the extra cash you need on the spot. Unlike a personal loan, a pawn loan can be a quick way to borrow money because it doesn’t involve a credit check or application process. Your loan amount is based on the value of the item you pawn.
Since I came up with this article, I did some personal research about pawning here in the Philippines, and I wanna share the knowledge about how you can pawn the best way possible.
Not All Pawnshops are equal
The first thing you and the most important thing you need to check when you pawn is the appraisal rate, because this will determine how much you can get from the item you are pawning. Based on my research, Cebuana Lhuilier has the highest appraisal rate, offering a 30% higher appraisal rate VS other pawnshops.
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| Highest pawnshop appraisal in the Philippines |
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| Cebuana Lhuilier appraisal rate |
I stumbled-upon this article that supports my research, in this article, (https://www.mommypeach.com/2018/06/pawnshop-with-highest-appraisal-guilt-free-pawning/) a group of girl friends decided to pawn a necklace to help their friend for school supplies, they went to different pawnshops but ended to pawn at Cebuana Luilier since they compared with Pawnshop A,B,C but with Cebuana they actually got P3000 difference! For me this is really the deal breaker, due to the high appraisal rate you are given, this translated to bigger take-home cash, assuring you of more liquid funds you can use for your needs.
I even asked some of my friends who have had their experience on pawning with Cebuana, they said appraising is very thorough but careful not to damage the jewelry they pawned.
I hope this sharing of my experience and some tips would be a help to those considering pawning. For those having second thoughts, there’s nothing wrong about pawning and there’s nothing to be ashamed of, especially if your goal is to help your loved ones, it is really a viable option when in need, hence now we’re in this pandemic.
