In the pawnshop industry, Palawan Pawnshop is the most reliable and reputed company in the Philippines. After 30 years, it has improved its business, opened new services, developed an online-offline system nationwide, and built strong partnerships with domestic and international agents.
Let’s dig into this business and find out the answer to “is Palawan Pawnshop reliable?”
Table of Contents
Palawan Pawnshop Overview
Palawan Pawnshop is a non-financial Philippine-based company that was established in 1985 in Puerto Princesa, Palawan. The company offers many services, including pawning, money remittance, money charging, insurance, and other e-services.
Additionally, the company has developed Palawan Express Pera Padala service and partnered with many famous brands, such as 7-eleven,
In 2021, Palawan Pawnshop set a strong imprint when partnering with digital-border payment service WorldRemit to leverage their money remittance and offer vast, safe, and convenient services.
It’s a big change in their business to reach more customers, especially during the COVID-19 period.
Palawan Pawnshop Services
Pawning
In its first days, the company only ran a business in the pawnshop industry. Afterward, they developed other services and improved their initial business. After more than 30 years, this company has adjusted pawning to meet the end need of the market and built a win-win relationship with customers.
Now, Palawan Pawnshop offers 4 packages, including:
- Package 1 starts with 1% advance interest in the first 11 days. It turns into 2% in the next 10 days and 3% in another 10 days.
- Package 2 doesn’t have advance interest, but the monthly rate is 3.5%.
- Package 3 starts with a 1-month advance interest at a 2.5% rate.
- Package 4: a 2-month advance interest is required, and the rate is 2%.
Palawan Pawnshop allows a repayment period of up to 120 days and gold jewelry items as the mortgage in their nationwide branches. You can check the calculator on the official website to plan your budget better. To use pawning services or repay, you should visit a Palawan Pawnshop branch.
Monthly, the system will automatically send messages to inform customers about their pawning.
Money Remittance
Palawan pawnshop offers fast, reliable, and hassle-free money remittance in the Philippines and other countries. It is also affordable, with low transfer fees and good exchange rates.
Your money is safe with this service. If you have any issues with their service, you can get a full refund. Additionally, all international money transfers will receive free accident insurance coverage, reaching 20,000 PHP in one month from the transaction’s day.
Palawan Pawnshop accepts three types of insurance: Death due to Accident, including Unprovoked Murder, Motorcycle Accident, and Assault, Compassionate Benefit, and Death due to Causes (Cash Assistance Death Benefit due to Sickness or Natural Death).
If you are running a business, you can use this service to take advantage of win-win partnership terms.
Money Changer
Palawan Pawnshop purchases 21 currencies at a good exchange rate. Customers must bring two valid IDs to the company’s branch and fulfill an Application to Purchase form to buy or sell foreign banknotes.
In addition, the service covers Forex exchange, but it requires more verifications. On the first use of this service, customers must verify with know-your-customer and fulfill Customer Information Sheet and Money Changer ticket.
If the transaction is over 100,000 PHP, Palawan Pawnshop will request more verification to ensure the legal purpose of the marketing.
Insurance
ProtekTODO Accident Insurance was first launched in 2014 with 12 packages. They offer different coverages, principals, prices, and terms. Besides individual insurance plans, the company also offers group plans, which require at least 30 or 50 enrollees, depending on the package.
Suki cardholders can get 5% off when enrolling in this service. Additionally, Palawan Pawnshop offers 10% off for each renewal.
See also: Pag Asa Pawnshop: How To Get a Loan From Your Current Items?
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Why Should We Use Palawan Pawnshop Services?
Reliable
Palawan Pawnshop has a long history of establishment and development in the Philippines. They have created a wide network throughout the country with over 3,300 branches and over 6,500 authorized agents and served millions of customers domestically and internationally.
In more than 30 years of business, they still kept their position in the customers’ minds and a large portion of the market because of their clear policies and how they benefit their customers. Moreover, Palawan Pawnshop always puts its heart into the work to attain the mission of first-choice technology-assisted financial agents.
Convenient
Palawan Pawnshop offers different financial and non-financial services to take advantage of and save time.
In addition, this company has both online and offline systems that work efficiently, safely, and conveniently. While the former support customers anytime, anywhere with a smartphone and internet connection, the latter is nationwide, and customers can use its services easily.
Besides, the company has over 55 partners in Hong Kong, the Middle East, Malaysia, the USA, Canada, Singapore, etc., allowing customers to transfer money internationally.
Low Fee
Palawan Pawnshop offers the lowest interest and fees because its motto is “Pay only for what you can consume.”
For pawning services, it charges the lowest interest rate of 1% every 11 days. Also, customers can choose different packages with different benefits and interest rates, but the maximum doesn’t exceed 3.5%. For express services, the service fee is as low as 2 PHP.
Great Royalty Policy & Frequent Promos
Palawan Pawnshop develops a loyalty policy with Suki Card to value customer lifetime. Suki cardholders will receive many offerings from Palawan Pawnshop, including discounts on pawning, domestic and international money remittance services, ProteKTODO insurance, and jewelry display.
The company also launches different promos for each service based on festivals, special events, seasonal discounts, etc.
Conclusion
Palawan Pawnshop is the most reliable financial company in the Philippines that offers pawning, money changing, money remittance, insurance, etc. Customers come to the company because of its fast, convenient, and hassle-free services.
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