A trusted source for emergency funds during pandemic – Manila Bulletin

A trusted source for emergency funds during the pandemic

In many ways, pawn shops in the Philippines are as familiar as the neighborhood sari-sari store. About 18,500 of them operate in the country, serving more than 50 million unbanked and underbanked Filipinos for their money needs.

But while many have come to rely on pawn shops for cash, very few know that pledging can now be done digitally, or that more than a ring or necklace can be offered. to get a loan.

At PawnHero, the country’s first digital pawnshop regulated by Bangko Sentral ng Pilipinas, collateral can be as good as a pair of branded sunglasses, a luxury watch and yes, even those designer bags.

PawnHero has been in the business of providing short-term collateral-based loans to cash-strapped clients since 2015.

More recently, its clients have also come to include entrepreneurs who pledge their luxury goods to get loans for their payroll or to maintain their inventory during those long months of quarantine.

With its relatively low interest rates, PawnHero has become a lifeline for many, especially in these uncertain economic times. Plus, it offers flexible loan terms and higher appraisal value for items compared to traditional pawn shops.

The pledging process is as simple as it is discreet and convenient. Interested persons can have their articles appraised online by providing detailed descriptions on their website, www.pawnhero.ph. They can also send photos of the items through PawnHero’s Facebook, Instagram Where Viber through the #MagkanoSaPionHero campaign. A schedule is then defined for a courier – alias a pawn shop – to collect the item (returns and withdrawal services are free, which adds to its appeal). Once assessed and the final loan offer accepted, customers can choose to cash out by wire transfer, InstaPay, or through PESOnet partner banks or e-money issuers.

Walk-ins are also entertained at their desk at 7e Floor of the W Global Center at BGC Taguig from Monday to Saturday.

“People can actually pledge multiple items in a single transaction day,” says Iris Tagud-Pastor, COO of PawnHero. “This makes it immeasurably more convenient and rewarding for our customers, especially in this time of limited movement. “

COVID-19 has brought us a tough financial climate. Fortunately for many Filipinos, fintech companies like PawnHero are here to meet people’s needs for cash to help them get through these tough days.

All PawnHero pledged items are covered by Pioneer Insurance.




About Christopher Easley

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