About lender
Balingit Home Furnishing, or BHF, has long been associated with furniture and appliances suitable for all types of homes. Their stores, located in key cities throughout North Luzon and Metro Manila, carry products that are not only of good quality but also offer good value for money. According to them, they only buy from reputable suppliers. They are an authorized dealer for well-known appliance brands such as Sony, etc.
BHF is not limited to home furnishings. It also operates a pawnshop, sells jewelry and watches, and operates rural banking, supermarkets, and department stores, for which it has earned a reputation for quality service, honesty, and credibility.
Balingit Home Furnishing Pawnshop and Jewelry store is a pawnbroking company that has expanded into jewelry retail, local and international remittance, leasing, and bill payment since its inception in 1998. It has a presence in the Pangasinan and Nueva Ecija provinces.
Pros and cons
Check out these honest reviews before you decide to apply for BHF pawn services.
Pros
The company offers services other than pawning.
The company has been in existence for a long time.
Their interest rate is one of the lowest in the business.
Your loan can be checked and approved in one hour.
There are not many requirements to get a loan.
They have a running website, although it is more for checking their products and services than for loan applications.
They have more than one branch.
Cons
The maximum loanable amount is just ₱70,000. That is very low compared to competitors.
The application can only be made in-branch.
Products
Below are some of the products and services offered by BHF
Pawning
The primary service of BHF is pawning. Precious metals, expensive watches, gold and platinum rings, diamond studs, bracelets, pendants, chains, cufflinks, brooches, and silver cutlery are all accepted. Scrap jewelry and bank bullion are both acceptable forms of precious metals. Gadgets and household appliances are not accepted at the pawn shop. The following are the terms for issuing jewelry-secured loans:
The pawnshop rate is 3% per month with an estimated cost of pawnable items from ₱100 to ₱10,000 and 2.75% per month with the value of a pawn from ₱10,050 to ₱20,000. 2.5% per month at an appraised value between ₱20,050 and ₱70,000.
The credit term is up to three months or 90 days. There is a possibility of extending the loan period for one extra month.
If the loan term is less than one month, then the pawnshop rate is determined according to the following rule:
1 - 10 days, the interest rate is 1% of the credit amount.
11 - 15 days, the interest rate is 1.5% of the credit amount.
16 - 30 days, the interest rate is 3% of the credit.
Insurance
The pawnshop also provides microinsurance to Filipinos. Starting at ₱20, insurance includes cash benefits in the event of an accident and funeral benefits in the event of natural death. The insurance is valid for three months to one year, depending on the chosen program.
Money transfer
This service has attracted increasing attention in recent years. Thanks to digital technology, sending money within the country now takes several hours. The pawnshop works with all domestic money transfer and primary global electronic fund transfer services.