Tips when getting a pawn loan in Malaysia

What should you aware of when dealing with a pawn shop?
Don’t worry, we’ve listed a few useful tips for you.

Know the value of your product
Know the market value of your product help you to understand the loan amount given by the pawn shop. You may bargain for a higher value if it was too low.
Measurement and record on the pawn ticket
If you’re pawning a golden ring or jewelry, make sure that you measure the weight of your item and it recorded on the pawn ticket. It’s to prevent the gold weight lesser upon redeem.
Call Ahead to see if the Pawn Shop will be Interested in Pawning your Item
In Malaysia, most of the pawn shop is pawning gold and jewelry. There are some pawn shops also accept the luxury watch, luxury bag, electronic products, and other valuable items. If you not sure whether the shop is interested in your items, a quick call may save your time and travel fare.
Get your required loan amount only
The pawn shop is flexible. If you only need RM 5,000 while the pawn shop could offer you the loan amount up to RM 7,000, you can request for RM 5,000 only. Additional loan amount means you have to pay more interest.
Separate Pawn Ticket for each item
If you have a few multiple items to pawn, issue the separate pawn ticket. Why? It’s easier for you to redeem some items back when you unable to payback full amount. Two sample scenario give below.
- Scenario A: Separate Pawn Ticket
  
  If you unable to pay back full amount at the end of the loan term, you may still redeem some of your items easily with the amount you have.
- Scenario B: One Pawn Ticket
  
  If you unable to pay back full amount at the end of the loan term, you will have to let the pawn shop to auction all your items.

If you’re looking for a pawn shop, don’t hesitate to find us – iPajak. We could offer you the high-value pawn loan. Check out the nearest branch now.

Disclosure

Maximum period for repayment is 6 months from the date of pawning. However, additional time can be requested if required by the customer.
There is no minimum repayment period (i.e. we do not offer loans that require repayment under 61 days).
Annual Percentage Rate (APR) is not more than 24%.
For example, RM 1,000.00 loan for 3 months will cost RM45 in interest based on monthly interest of 1.5%. Therefore, the amount required to redeem a pledged item is RM1,045.