Pag Asa Pawnshop: How To Get a Loan Fasted Way

Pawn utilities are quite famous in the Philippines as a quick solution to help people get the money they want by pawning their valuable items. Pag Asa Pawnshop is one of this country’s most prestigious and famous shops. Their services, interest rates, and how they work will be written in this post. Then, keep on reading and saving for useful information!

What Is Pag-Asa Pawnshop?

Pag-Asa Pawnshop is one of the Philippines’ oldest and most trusted pawn shops. Established in 1987 and headquartered in Poblacion District, Davao City, it has more than 74 strategic branches in Visayas and Mindanao.

Pag-Asa’s main products are financial services, including pawnshops, Prenda-pasoks, and auctions. They offer on-site appraisals for small items like jewelry, electronics, and watches too bulky and larger items like musical instruments. The pawns are charged an interest rate ranging from 5 – 6% with a service fee lower than 1% and over 5 pesos.

Normally, the stores will open from 8:30 am to 6:30 pm except on weekends and provide all three services above for quick support with simple procedures to help customers relieve financial worries.

What Are Pag-Asa Pawnshop’s Products?

Pag-Asa Pawnshop offers various financial products and services to its customers. There are three key services that they provide to their customers, especially:

Pawning

Pag-Asa’s pawn service is no different from the traditional ways of getting a loan for customers after appraisal and receiving collateral from them.

For small items such as jewelry, phones, and watches (including smartwatches), the store’s interest rate is 5%. Meanwhile, bulkier items such as home appliances, computer systems, musical instruments, and electrical appliances have interest rates of up to 6%. The accompanying service fee is 1% of the original loan but not more than 5 Pesos.

The whole process, including presenting the item, appraisal, filling out the relevant documents, and receiving the money, usually takes no more than 2 hours. And after that, customers have a maximum of 4 months to pay and return their items.

Auction

Auctions are places where Pag-Asa pawnshops sell items that have been pawned but have not been returned by the owner or are past due. They are a great opportunity for other customers to own valuable items such as jewelry, computers, phones, musical instruments, home appliances, etc., at discounted prices (well below their true value).

If a customer wishes to have an auction item but does not have the funds or ability to pay, they can ask a representative about the Prenda-Pasok service.

Prenda-Pasok

Prenda-Pasok is a service that provides customers with insufficient money to buy auctioned items. Via this service, customers can get their desirable items. Then, the purchased item will be pawned at the appraised price. Finally, the customer will receive the remaining amount deducted from the appraised price with the sale price and a pawn ticket.

How to Get a Loan in Pag-Asa Pawnshop

The first step to pawning at Pag-Asa is for the customer to visit their store, at any branch, and present the item they want to pawn. The staff will appraise it and talk to guests about its value. If the customer agrees, they must fill out and sign the provided document, the Know Your Customer (KYC) form for first-time guests and present a valid ID. Some documents are considered good such as:

• Alien certificate
• Driver’s license
• ID AFP
• Overseas Filipino Identity Card or OFW Electronic Card
• Pag Ibig ID
• PhilHealth
• Philippine passport
• Senior Citizen Identification Card
• Social Security System (SSS)
• Taxpayer Identification Number (TIN)
• UMID
• Voter ID

In the last step, the customer must sign, receive the pawn ticket and check the full amount received. Regular loans will have a repayment period of 4 months. Your item will be sent to their auction if you still do not pay by the due date.

Pros and Cons of the Pag-Asa Pawnshop

Pros

• Easy to get a loan
• Accepts a wide range of items as collaterals
• Offers Prenda-pasok, which allows customers to keep their things while getting a loan
• Holds auctions regularly, offering customers the chance to get a bargain

Cons

• Interest rates can be high
• The loan period is relatively short
• Not all items are accepted as collateral

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FAQs

What Does Pag Asa Pawnshop Accept?

Pag-Asa Pawnshop accepts many items as collateral, including jewelry, gadgets, appliances, and even vehicles. You can refer to the table below:

Does Pag-Asa Pawnshop Own The Collateral For The Loan Period?

No, Pag-Asa Pawnshop does not own the collateral for the loan period. The customer can redeem their item by paying back the loan in full.

How Much Does a Pawnshop Often Pay For Gold In the Philippines?

For 18 karat gold, one gram can be pawned for PHP 2,100 for gold bars. For gold jewelry, typically 14 karats, the lower pure gold content equates to about PHP 1,600 per gram.

Some pawnshops have a separate monthly interest rate for jewelry or gold bars, usually around 2.99% or PHP 500 or higher.

Conclusion

As a pawn shop with many years of experience, Pag Asa Pawnshop offers customers a wide range of services, with attractive interest rates from 5-6% for various collaterals. 

You can get loans for quick cash or participate in auctions to get the items you want. However, reviewing the pros and cons of any pawnshop before using their services is crucial. 

Hopefully, this article contributes a little to your consideration when facing financial difficulties!

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