Pawn Loan vs Personal Loan in Malaysia

Having trouble to choose pawn loan or personal loan for your financing? We made a simple comparison below for your reference.

	Pawn Loan	Personal Loan
Requirements	Low. Just need to provide acceptable high-value item such as gold, jewelry, luxury watch, etc	High. Minimum salary required depends on the financial institution. Clean CCRIS / CTOS History Percentage of your Debt Service Ratio
Time to get the money	Immediate cash out at the counter.	Generally, more than 3 days or weeks to verify your identity, employment, the guarantor (If has), credit evaluation, loan approval, offer and disbursed.
Monthly Interest Rate	Maximum 2%	0.3 – 1.5%
What happens if unable to repays	Your pawn items will be auctioned and extra amount will be returned to you. No impact on your credit history / CCRIS	Penalty on the outstanding balance. May snowball the debt after a period. File a lawsuit File for Bankruptcy

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.