Instead of asking for financial support from relatives and friends in an emergency, most Filipinos often look to non-banking organizations that provide this service. One of them is pawnshops, where they can mortgage their valuables and hold an equivalent amount, then return it within a specified time to get it back.
Jerome Pawnshop is one such place. This article will provide information about this company, as well as questions regarding the services and products it offers. Do not miss out on these essentials!
Table of Contents
What Is Jerome Pawnshop?
Organizations operating as pawnbrokers exist quite a lot in the Philippines, with the number in the thousands. However, not all places provide favorable and safe terms and regulations for customers.
This purpose is to find a mortgage with a minimum interest rate but can get a high value equivalent to the item you pledge.
Jerome Pawnshop is one of the registered trademarks in the Philippines, based on the strict criteria of this country. They reduce the risk of being deceived and increase customer confidence.
This firm is a subsidiary company of Jerome’s Gadget & General Merchandise, specializing in the appraisal and sale of many luxury branded products, including fashion, jewelry, technology, musical instruments, home appliances, vehicles, etc.
The company accepts pawns of items such as jewelry (gold, diamond, platinum), watches, mobile phones, and laptops, particularly in the Pawnshop segment. Interest rates for items and periods range from 3 to 10% monthly.
What Are Jerome Pawnshop’s Products?
Pawning
The company’s main product is a pawn service, also known as a subtype of the mortgage.
The service at this pawnshop accepts valuables such as jewelry (gold, silver, diamonds), watches, mobile phones, and laptops. Depending on the collateral and time, customers pay different monthly interest rates ranging from 3% to 10%. The maximum refund period is 3 months, after which your item will be put on hold.
Besides that, customers also have to pay a service fee of 1%, not more than ₱5. But in return, the process from start to finish will not take more than 2 hours, which is convenient and fast for any urgent case.
Product Features
Below is a table of the company’s products and services, helping customers better understand mortgage loans, repayment periods, and some other information:
| Financing amount | Min | ₱5000 |
| Max | ₱100000 | |
| Loan terms | Min | 10 days |
| Max | 90 days | |
| Interest rate | 3 – 10% per month | |
| Approval duration | 2 hours | |
| Debt consolidation | Yes | |
How To Get A Loan In Jerome Pawnshop?
Since it was a mortgage or pawnshop, Jerome needed customers over 18 to arrive and transact in the store.
First, the staff will evaluate the value and quality of the pledged item. Then, the shop gives an amount equivalent to the specified value for the customer’s reference. If the customer is unsatisfied with the amount shown, he can immediately receive the money without interest and commission.
Jerome charges monthly interest from 3% to 10% of the converted value of the item and waits for the repayment for up to 3 months.
Want to get cash fast and easy?
What Are The Benefits Of Jerome Pawnshop?
As well as companies operating in the same field, the first advantage of this service is that it is suitable for people with a bad credit history due to a previous credit rating or reputation. Banks will consider your credit or ability to pay before agreeing to lend, even with a mortgage, so they will not approve the loan application if they see a bad sign.
Next, a mortgage loan at Jerome only takes two hours from the beginning until you receive the money. It gives you complete peace of mind in the event of an urgent need for cash.
Finally, the company offers a free value assessment, even if you need to pledge anything. The staff is still pleased to help you check the quality and value of your items, and all you need to do is bring them to the shop.
See also: Pag Asa Pawnshop: How To Get a Loan From Your Current Items?
FAQs
How Is Jerome Pawnshop Loan Different From Jewelry Loan?
The first difference is that the goods mortgaged at pawn shops are quite diverse, be it phones, gems, laptops, or watches. In that case, the bank only accepts precious jewelry, requiring thorough title verification, while other items do not.
In addition, bank interest rates are usually as low as 3 to 4% per month, and pawnshops can be as high as 10%. However, this offset the risk when this business skipped many time-consuming verification steps, helping customers receive money sooner.
What Is The Maximum Period For A Jerome Pawnshop Loan?
The maximum loan period in this company is up to 3 months (approximately 90 days). In comparison, the minimum one is only 10 days. In case of the loan payment over this period, you may be unable to take back your collateral.
What Will Happen To The Collateral If I Do Not Pay The Pawn Loan?
Like other pawn shops, the store will hold your collateral if you do not pay your loan in full on time. They will then sell or auction it off, and you will not get any of it.
Conclusion
Jerome Pawnshop offers a pawn service with up to 10% interest for collateral such as precious jewelry accessories or portable electronic devices. They also accept the free evaluation of the value and quality of goods for customers, even if no service is used.
If you urgently need money, this is also a reputable place to get a mortgage; get cash as fast as two hours!
Want to get cash fast and easy?
