About pawnshop
CVM is a Filipino pawnshop that offers services like pawning, money exchange, bill payment, remittance, and pawn loans with a 90-day extension and a 10-day grace period.
On January 16, 2005, CVM Pawnshop opened its doors to the public in Rosario, Pasig City. Since then, the pawnshop has expanded to over 100 locations across the country, offering services such as pawning, money exchange, bill payment, and remittance. Their business hours are Monday through Saturday, and the time varies with each branch.
Pros and cons
Pawnshops can be a great way to get fast cash when you need it. You can walk in with a gold watch or a diamond ring and walk out with the cash you need for groceries, rent, or whatever else is on your list. Also, pawnshops offer more flexibility than other lenders — they'll work with you if you have bad credit or no credit history. When you apply for a pawn loan, you can get approved in a matter of minutes, and if your application is accepted, it only takes a few hours for them to transfer you your money.
However, that ease comes at a price — you may not get as much value for your item as you would by selling it yourself. As a result, you must understand CVM Pawnshop's advantages and disadvantages before deciding whether to use its services.
Pros
The pawnshop offers loans with a 90-day extension and a 10-day grace period.
The pawnshop accepts a variety of items as collateral, like jewelry and gadgets.
The pawnshop does not collect advance interest for over one year in the event of a dispute, and the matter is in court.
Cons
Your device should be fully charged because the CVM pawnshop personnel will need to inspect it before evaluating it.
You are not entitled to the excess cash if your item is auctioned and the proceeds exceed the amount owed to the pawnshop.
Services
CVM Pawnshop offers the following services.
Pawning
The pawnshop accepts gadgets and jewelry. If it's a cellphone or gadget, ensure the battery is at least 80% charged and that you have valid IDs. They also accept laptops like Macbooks, tablets like iPads, hard drives, DSLR, external drives, PS Vita or Nintendo 3DS, GoPro, smartwatches, and smart TV.
When you take your pawn to CVM Pawnshop and you accept the pawnshop's appraisal as proper, you are charged 1% of the principal loan, but not more than ₱5. After CVM has approved your pawn loan application, they transfer funds to your Gcash, Paymaya, or Coins. Ph account. The pawn loan then has a 30-day repayment period with an additional 10-day grace period. Each day of the 10-day grace period incurs an extra charge of 1% of the principal loan amount. If you exceed the 10 days, you still have three months to repay your loan, but each month has a past due interest of 2% of your principal loan amount. In case you make a prepayment of this loan, the interest collected in advance shall accrue in full to the pawnshop.
Money exchange
There are 21 different foreign currencies, like the US dollar (USD), Japanese yen (JPY), euro (EUR), Great Britain pound (GBP), Bahrain dinar (BHD), Canadian dollar (CAD), China yuan (CNY), Swiss franc (CHF), Taiwan dollar (TWD), Thailand baht (THB), and UAE dirhams (AED).
Bills payment
The CVM Pawnshop helps you pay for your Meralco, Manila Water, Globe, and SKYcable bills as well as Cebu Pacific and Philippine Airlines travel tickets.
Remittance
Through authorized partners worldwide, you can transfer and receive money online or by contacting any of their branches.