Pawnshops — the alternative, quick loan providers
KUCHING: Pawn broking can be traced to ancient China and has been practised in Malaysia for hundreds of years.
Chinese immigrants here introduced pawnshops as institutions for reinvesting capital from their economic activities. To control the pawning industry, the British enacted pawn broking related ordinances and enactments.
In 1957 there were nine separate pawn broking legislations in the states of Peninsular Malaysia, Sabah and Sarawak. In 1972, the Pawnbrokers Act 1972 was passed, repealing the nine separate legislations and regulating pawnbrokers under one uniform act.
Here’s how a pawn shop in Malaysia operates: Let’s say you need a loan but you can’t fulfil the strict requirements of a bank loan, you could take a valuable item you own to a pawn shop and offer it as collateral. The pawnbroker will then lend you however much he deems your item to be worth.
After six months, you repay the money plus interest per month on the loan and have the item returned to you or you could choose to renew the loan for a further period of not less than 3 months. In compliance with the Pawnbrokers Act 1972, the pawnbroker shall charge no more than two per cent interest per month on the loan.
According to the owner of Pajak Gadai Wangi at Jalan Pending here, known only as Fong, pawnshops had always been loan providers willing to make loans other lenders would not.
Fong, who operates one of only two licensed pawnshops here and has over 10 years experience, says that “customers receive the highest loan amount possible based on the items they wish to pawn.”
Fong added that pawnshops provide small loans, require no credit checks and if the loan can’t be repaid, there are no long-term repercussions.
“Not repaying a bank loan or credit card trashes your credit but not so with pawning.”
To obtain a cash loan customers need only bring along their identification card and collateral, usually gold jewellery. The transaction takes only a few minutes, providing fast cash for those in need.
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