Pawn shops are a great way to declutter and sell excess, unneeded items in exchange for some cash.
The pawnbroker will assess the items for value. If the item is unfamiliar to the pawnbroker, they will consult a third-party appraiser to assess value.
A certain amount of cash will then be offered in exchange for your item.
Pure cash will be offered up front or a loan will be offered.
If a loan is offered terms will be explained and paperwork will be done. When the pawner returns with cash, consisting of some accrued interest, they can exchange the cash back for the old item.
If they do not return the item by the stipulated date the broker keeps the item.
Selling items to pawn shops to redeem for cash is a great way to obtain cash when you are pressed for cash or need cash fast.
Next to credit card spending which defers payments and bank loans selling items to pawnshops is a great way to retrieve cash fast.
Pawn shops normally offer high interest loans.
However, do note that pawn shops often seek to obtain your items at a bargain which undervalues your item rather than offering a fair, decent price.
Now online pawn shops have emerged, saving you the trouble of travelling and hauling your items to the pawn shop with video, photo viewing terms and online payment with PayPal, credit cards, Grab Pay, DBS Paynow, DBS Paylah, bank transfer etc.
Sometimes direct bank deposits are made by the pawnshops. That expedites the cash acquisition.
To protect selling your items at a significant loss, do research on market rates for pawn shop exchanges. Search online for its original price and estimate its devaluation by age.
Some items, like wine, brandy, whisky, collector items, like toys, sports apparel, basketball cards, actually grow more valuable with age hence it will be wise to research the market value for collectors’ items current worth to avoid being shortchanged.
Get an item appraised by a third party and have an idea of the sum you expect before approaching the pawnbroker for a quote.
Check the pawnshops terms and rates before the actual transaction and have a clear expectation to avoid getting shortchanged. Antiques are a hot sell.
Old coins, old dollars, currency notes usually rise in value with age.
Musical instruments are sought after if they are in good, functional condition. Music learners love buying instruments at a bargain at pawnshops.
Electronics are sought after. Laptops, phones, tablets, televisions, stereos, computers are hot items to sell, exchange.
Jewellery is sought after as it these usually appreciate rather than depreciate.
Gold especially, necklaces, rings, bracelets can be exchanged to melt into raw gold to sell at a competitive, profitable price.
Jewellery is popular, desired exchange in pawn shops. Because of their cash value, pawning a jewellery item can provide for a decent return. Pawn shops accept jewellery for both men and women.
Watches, earrings, bracelets, and necklaces are among the most popular. Old, antique jewellery has a vintage appeal that is highly valued to pawn shops.
New jewellery trending with today’s hottest styles are sought after.
Jewellery from a high-end designer, precious gems will guarantee a higher cash value than costume jewellery, roughly crafted low cost trinkets.
Pawn shops will offer loans on musical instruments including drum kits, guitars, violins, pianos, banjos, trumpets, etc.
These are good items to pawn for cash because, unless you play the instruments every day, these items are likely just accumulating dust and consuming storage space.
From game consoles to home entertainment consoles, pawn shops will pay good cash for new and used electronics in good condition.
About Pawn Shops in Singapore:
In the past, two decades ago, average Singaporeans associated pawn shops with money problems. If you were seen walking into one, your acquaintances would assume you were in financial trouble and avoid you.
But these days, pawn shops are gradually gaining acceptance, recognition as a legitimate form of loan, and recent reports show that they have been on the rise since 2008.
Pawn shops charge interest on loans but are more flexible and easier to negotiate than banks, moneylenders who require strict identification, credit appraisal to assure capacity for loan returns.
Bad credit ratings might damage the possibility of securing loans, insecure income, employment records might also affect loan outcomes.
Trends in Pawn Shop Businesses in Singapore:
There is a simple, fuss-free procedure that gives you instant cash loans quickly in pawn shops.
Anyone above 18 years old with a valid I/C, passport, or foreign documents can pawn.
You may pawn valuables of any form (e.g. gold, jewelries, branded watches, electronics, music instruments etc)
Bring along your valuables (e.g. gold, jewellery, watches etc), to pawnshops, obtain a quotation, obtain instant cash, redeem items with pawn tickets in 6 months with interest, or renew loans including interest.
Sample costs of Pawn Shops in Singapore:
When you pledge your item to a pawn shop, the pawn shop will lend you cash in return.
The amount is 60% to 80% of the market value for your pledge, which is decided by the pawn shop’s expert valuer.
Such loans are called collateral-based loans. You have close to 6 months to return the loan.
Most pawn shops hold your pledge for 6 months before auctioning it off if you do not repay your debt.
With a single repayment, they will extend the time by another 6 months.
The interest payable grows monthly. Past the one-year mark, you would probably be better off forfeiting the loan.
Benefits of Pawn Shops in Singapore:
If you are not financially stable and you are not even sure you can make regular repayments, but you still need a loan, usually, you are better off using the pawn shop than a moneylender.
When a pawn shop loans you money, your pledge (the item you are trading for loans) is the ultimate loss possibly incurred.
For example, I pawn my branded watch for cash. After 6 months, things are still not looking up and I do not make any repayment.
The pawn shop then sells my watch at an auction, ending loan.
Alternatively, when borrowing cash from a money lender or bank, missing a few repayments can lead to massive interest, snowballing beyond control.
Pawn Shop |
ValueMax Group |
| Specialty | ValueMax remains one of the biggest names in pawnbroking in Singapore. Acting as support for people in times of need, ValueMax offers pawnbroking service that gives assurance, peace of mind, allowing you to receive hassle-free instant loans, requiring no credit checks. They accept gold, jewellery, diamonds, luxury watches, luxury pens. Services: Pawnbroking, gold, jewellery, diamonds, luxury goods |
| Website | https://www.valuemax.com.sg/ |
| Address | 261 Waterloo Street #01-35 Waterloo Centre Singapore 180261 |
| Telephone | +65 6466 5500 |
| Operating Hours | 8.30 am to 8pm |
| Review 1 | Adell Hanson-Kahn Local Guide ・30 reviews 8 months ago Buys and sells gold jewellery by the gram, with a percentage cut below or above the price of gold, respectively. Combination of new and secondhand pieces available. Secondhand pieces don’t have VAT tax (7%) or a workmanship fee (~7-8?%), new pieces do. They prefer cash, atm card, or NETS. They’ll charge 3% for a CC, including foreign (VISA, MC) debit card. There is some wiggle room; in my purchase I couldn’t withdraw enough cash due to a foreign atm limit and didn’t want to pay the cc surcharge. I was going to come back the next day, but they got manager override to waive the cc fee. |
Pawn Shop |
Moneymax |
| Specialty | MoneyMax is committed to provide the best value to customers. They offer competitive payouts and make every effort to ensure that you receive a fair price for your pre-loved items. MoneyMax has a team of experienced valuers with years of valuing experience. They offer the best valuation to their customers. Services: Pawnbroking, jewellery, luxury watches, designer bags, leather goods |
| Website | https://shop.moneymax.com.sg/ |
| Address | 7 Changi Business Park Vista Singapore 486042 |
| Telephone | +65 6812 2777 |
| Operating Hours | 9.30am to 9pm |
| Review 1 | “I am very impressed with the service of Fanny Yau that she always served me. She is always polite and patient when l ask her questions about the jewellery that l am interested to purchase. Excellent service, will purchase again.” – Peh Siean |
Pawn Shop |
Maxi Cash |
| Specialty | Maxi-Cash provides financial services in the form of pawnbroking and the retail and trading of good value pre-loved valuables. Leading in pawnbroking in Singapore, it has also changed the overall image of pawnbroking by allowing customers to enjoy modern, professional and “bank-like” pawning experiences to meet their short-term financial needs. Services: jewellery, timepieces, Citigems, gold, designer bags |
| Website | https://maxi-cash.com/ |
| Address | 237 Victoria Street Singapore 188028 |
| Telephone | 1800 226 6888 |
| Operating Hours | 8.30 am to 7.45 pm |
| Client | imran shah, Kumar M,suresh kumar,Regie Bucaso,Babu sajib |
| Review 1 | imran shah Local Guide ・52 reviews 7 months ago |
Pawn Shop |
Heng Seng Pawnshop |
| Specialty | Heng Seng Pawnshop has an experienced team of accredited appraisers who can undertake the appraisal of a full spectrum of valuables including fine timepieces, rare antiques and gems, gold, precious stones etc. Their services are honest, transparent, ensuring their customers are offered best rates for valuables brought in for valuation. |
| Website | https://www.hengseng.com.sg/ |
| Address | Blk 520, Lorong 6 Toa Payoh, #01-59 Singapore 310520 |
| Telephone | +65 6251 2213 |
| Operating Hours | Mon – Fri: 8.30am-8pm Sat: 8.30am – 6pm Sun: 11am – 5pm |
Pawn Shop |
Buy Gold Singapore |
| Specialty | Since their establishment in 2011, BuyGold.sg has gone on to become a trusted and leading precious metals dealer in Singapore. While they specialise in trading physical precious metals, they are persistent in adding value for trading. BuyGold.sg continues to uphold the two main basic values of Integrity, Honesty in transactions. |
| Website | https://www.buygold.sg/buy-gold.html |
| Address | Woodlands 11, 11 Woodlands Close, #05-26 Singapore 737853 |
| Telephone | +65 9781 8351 |
| Operating Hours | Mon – Fri: 9:00am to 6:30pm Sat: 9:00am to 6:30pm Sun and Public Holiday: Closed |
| Review | “Billy is a responsible seller. He measure the gold bar and show you. He make sure you buy the true gold bar.” – Teo Ah Wah |
Pawn Shop |
Bedok Pawnshop |
| Specialty | Bedok Pawnshop was set up in 2002 by a humble experienced developer, pawnbroker, trader, jeweller. His experience in pawnbroking and the jewellery trading business has nurtured Bedok Pawnshop into what it is now. By pooling his resources and synergising his knowledge, Bedok Pawnshop is now a well-known household name. |
| Website | http://www.bedokpawnshop.com/ |
| Address | Block 204 Bedok North Street 1 #01-423 Singapore 460204 |
| Telephone |
+65 6242 0979
|
| Operating Hours | 8.30 am to 7pm |
Pawn Shop |
Soon Yi Pawnshop |
| Specialty | Soon Yi Pawnshop Pte Ltd was newly setup in year 2010 located at Woodlands and Jurong West. They have experienced, professional pawnbrokers, valuers. Their Pawnshop priority is to meet and help to solve all customers financial need. Their staff are well-trained in providing customers high cash valuation for your valuables. |
| Website | https://soonyipawnshop.com/ |
| Address |
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| Telephone |
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| Operating Hours | 8.30am to 7pm |
Pawn Shop |
Sembawang Teck Hing Pawnshop |
| Specialty | Sembawang Teck Hing’s base is Yishun, they are here to serve the residents of Yishun for the years to come as they have been supporting them since they started their operation in this precinct. Management emphasize the importance of upholding integrity of pawning, providing quality service. They promise good value. |
| Website | https://www.pawnshop.com.sg/sembawang-teck-hing-pawnshop-pte-ltd/ |
| Address | Blk 235 Yishun St 21 #01-456 Singapore 760235 |
| Telephone | +65 6755 3805 |
| Operating Hours | 8.30 am to 6pm |
Pawn Shop |
Gold Buyers Singapore |
| Specialty | GoldBuyers was set up to offer you an opportunity to sell or trade your gold. GoldBuyers is the best place to sell gold, silver and platinum jewellery in Singapore. They offer high prices. GoldBuyers Singapore is a brand, trademark which is part of BullionStar group. BullionStar buys, sells bullion products. |
| Website | https://www.goldbuyers.com.sg/pawn-gold |
| Address | 45 New Bridge Road Singapore 059398 |
| Telephone | +65 6284 4653 |
| Operating Hours |
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| Review | “It’s worth to buy commodities online from BullionStar. So In during the time of bill crisis you can protect your earnings by investing them in commodities. And from anywhere in the world you can sell or buy commodities. And no need to worry about keeping physically with you.” – Rahil Khan |
Pawn Shop |
Cashbox |
| Specialty | Cash Box is a licensed pawnbroker that provides clients a solution to obtain cash. They offer pawnbroking services, including instant loans based on items’ highest valuation, retailing of pre-loved jewellery, branded timepieces, other luxury items. An esteemed brand known for reliability, Cash Box’s reputation is exemplified by high expertise, service. |
| Website | https://www.cashbox.com.sg/ |
| Address | 1 Jurong West Central 2 #B1-02 Jurong Point Shopping Centre |
| Telephone | +65 6792 9595 |
| Operating Hours | 10 am to 8pm |
| Review | “Cash Box Pawnshop was established in 2008 as a licensed pawnbroker and opened its first outlet in Jurong Point Shopping Centre. It was the first pawnshop in Singapore to be operated in a shopping centre with a modern and friendly outlook, doing away with all the stainless steel grill and high pawn counter which are usually found in a traditional neighbourhood pawnshop.” – YuLei Liu |
Pawn Shop |
Cash Converters |
| Specialty | They are Singapore’s favourite place to buy and sell and the world’s largest second-hand dealer. There are 6 stores around Singapore. Cash Converters offers an alternative to selling via internet. The advantage is immediacy, as instant cash is paid upon valuation. They take Electrical Appliances, Jewellery, Sports goods, Instruments etc. |
| Website | https://www.cashconverters.sg/ |
| Address | 21 Ubi Rd 1, #01 – 01, Singapore 408724 |
| Telephone | +65 6744 8682 |
| Operating Hours | 11 am to 9pm |
| Review | “For sellers who wants to sell excess or unwanted goods in exchange for cash. For buyers looking for cheap preowned stuff . Most merchandise can be found here.” – Soh Kb |
Pawn Shop |
TLV Holdings |
| Specialty | TLV holdings ventured into the pawnbroking business and the trading and retail of used jewellery and watches. The Group accepts gold, platinum and silver bars, coins, value articles (precious stones, branded jewellery, watches) as collaterals for loans they extend. TLV has two pawnshops in Singapore, in Yishun and Serangoon Road. |
| Website | http://www.tlvholdings.com.sg/pawnbroking.html |
| Address | 810 Geylang Road #01-57 Singapore 409286 |
| Telephone | +65 6741 0557 |
| Operating Hours | 8.30 am to 8pm |
Pawn Shop |
United Pawnshop |
| Specialty | United Pawnshop was founded in 1987. They have been in pawnbroking for more than 20 years. You can expect friendly and reliable service in providing you with the best value for your valuables. They promise high valuation, instant and hassle-free loans, secure storage of valuables, flexible redemption methods, meeting financial needs. |
| Website | http://unitedpawnshop.com/ |
| Address | Block 374 Bukit Batok Street 31 #01-180 Singapore 650374 |
| Telephone | +65 6560 3357 |
| Operating Hours | 8.30 am to 8pm |
| Review | “Very good service…🤩” – Logy Logy |
Pawn Shop |
Ban Joo Pawn Shop |
| Specialty | Ban Joo Pawnshop has come a long way since 1956. Evolving from a pre-war shop house to its present unit in Tanjong Pagar Plaza in the Central Area HDB heartland. The company is a reputable establishment trusted by the community for more than five decades. They pawn jewellery, watches, gold. |
| Website | https://www.yelp.com.sg/biz/ban-joo-pawn-shop-singapore |
| Address | Blk 1 Tanjong Pagar Plaza #01-15, Singapore 082001 |
| Telephone | +65 6221 2794 |
| Operating Hours | 8.30 am to 5pm |
Pawn Shop |
Lian He Pawn Shop |
| Specialty | They provide short term loans (6-mth tenure) based on pledged collateral of all gold jewellery of various grade; 18K,22K &24K etc. They provide short term loans based on branded watches eg. Rolex, Omega Patek Phillipe etc. They provide valuation on various jewellery etc. They sell used or scrapped gold jewellery. |
| Website | https://www.yelp.com.sg/biz/lianhe-pawnshop-singapore |
| Address | Blk 89 Bedok North St 4 #01-85 Singapore, 460089 |
| Telephone | +65 6244 1651 |
| Operating Hours | 8.30am to 5pm |
Pawn Shop |
Lian Hin Pawn Shop |
| Specialty | They provide short term loans (6-mth tenure) based on pledged collateral of all gold jewellery of various grade; 18K,22K &24K etc. They provide short term loans based on branded watches eg. Rolex, Omega Patek Phillipe etc. They provide valuation on various jewellery etc. They sell used and scrapped gold jewellery. |
| Website | https://www.sgpbusiness.com/company/Lian-Hin-Pawnshop-Pte-Ltd |
| Address | Blk 40 Holland Drive #01-29 Singapore 270040 |
| Telephone | +65 6778 8201 |
| Operating Hours | 8.30 am to 5pm |
Pawn Shop |
Chye Fatt Pawn Shop |
| Specialty | They provide short term loans (6-mth tenure) based on pledged collateral of all gold jewellery of various grade; 18K,22K &24K etc. They provide short term loans based on branded watches eg. Rolex, Omega Patek Phillipe etc. They provide valuation on various jewellery etc. They sell used and scrapped gold jewellery. |
| Website | https://www.yellowpages.com.sg/company/chye-fatt-pawnshop-pte-ltd |
| Address | Blk 501 Jurong West St 51 #01-287 Singapore, Singapore 640501 |
| Telephone | +65 6566 8332 |
| Operating Hours | 8.30am to 5pm |
| Review | “Good value.” – Steve Selva |
Pawn Shop |
Loong Shin Pawn Shop |
| Specialty | They provide short term loans (6-mth tenure) based on pledged collateral of all gold jewellery of various grade; 18K,22K &24K etc. They provide short term loans based on branded watches eg. Rolex, Omega Patek Phillipe etc. They provide valuation on various jewellery etc. They sell used and scrapped gold jewellery. |
| Website | https://www.yellowpages.com.sg/company/loong-shing-pawnshop-pte-ltd |
| Address | Blk 442 Clementi Ave 3 #01-95 Clementi Town Centre Singapore, 120442 |
| Telephone | +65 6777 0937 |
| Operating Hours | 8.30am to 8pm |
Pawn Shop |
Thai Shin Pawn Shop |
| Specialty | They provide short term loans (6-mth tenure) based on pledged collateral of all gold jewellery of various grade; 18K,22K &24K etc. They provide short term loans based on branded watches eg. Rolex, Omega Patek Phillipe etc. They provide valuation on various jewellery etc. They sell used or scrapped gold jewellery. |
| Website | https://www.yellowpages.com.sg/company/thai-shin-pawnshop-pte-ltd |
| Address | Blk 253 Jurong East St 24 #01-249 Singapore, 600253 |
| Telephone | +65 9007 8777 |
| Operating Hours | 8.30am to 5pm |
Pawn Shop |
Chye Hin Pawn Shop |
| Specialty | They provide short term loans (6-mth tenure) based on pledged collateral of all gold jewellery of various grade; 18K,22K &24K etc. They provide short term loans based on branded watches eg. Rolex, Omega Patek Phillipe etc. They provide valuation on various jewellery etc. They sell used or scrapped gold jewellery. |
| Website | https://www.yellowpages.com.sg/company/chye-hin-pawnshop-pte-ltd |
| Address | Blk 828 Tampines St 81 #01-232 Singapore, 520828 |
| Telephone | +65 6784 1638 |
| Operating Hours | 8.30am to 6pm |
Editor’s Note:
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