How Pawning Works

Pawning
Pawning your items is a simple 3 step process whereby you receive quick cash in exchange for your valuable items as collateral. Pawners are customers who pledge their valuable items such as precious timepiece and gold jewellery to Pawnbroker who accept these valuables as collateral in exchange for cash. The maximum initial pawn period in Singapore is 6 months and interest rate is set at 1.5% per month based on the pawned value.

Redemption
Assuming the cash loan given to you is S$100, when you redeem it 6 months later, the interest payable is S$9 bases on the caculation  1.5% x 6 months x S$100. Likewise if you redeem your article 4 months later, the interest payable will be 1.5% x 4 months x S$100 = S$6.

Renewal
At Sin Lian Pawnshop, we believe that your pawned items might be of sentimental value to you and it is our interest to remind you to collect your pawned items before expiry via phone calls and mails. If you are unable to collect your pawned valuables, you can renew your pawn tickets upon expiry for an extension of another six months period by just paying the required interest amount for your pawned ticket.

Installment Plan
Sin Lian Pawnshop offers a unique installment plan for your pledged items that works in your best favour as you can pay back your loan in installments. If after 2 months into your pledge, you have excess cash and would like to pay back a portion of your loan, you can do so. A new pawn ticket will be issued to you with the new loan amount reflected, and this pawn ticket will then be valid for the next 6 months.

Re-Valuation of Pawn Ticket
In the event whereby you need to obtain more cash, what we can do for you is to revalue your pledged  items and we will try our best to give you a higher value on your  items depending on market condition and the prevailing gold price.

Unredeemed Pawned Items
In any unforeseen circumstances whereby our customers have not redeemed or renewed their valuables after 6 months, the Registry Pawnbroker Act requires the pawnbrokers to place the unredeemed pledges on auction and any excess cash from the auction will be returned to the customer.

Feel free to call us at (+65) 64432213 or 98522296, Mr Russell Tan with any questions you may have. Thank you.

Email Address  sinlianpawnshop@hotmail.com