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CVM Pawnshop

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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.

CVM Pawnshop

FAQ

What is a CVM Pawnshop?

CVM Pawnshop offers pawning, money exchange, bill payment, and remittance services. It provides a 30-day pawn loan 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. They take collateral on various products, including jewelry, cell phone watches, and gadgets.

Who owns the CVM Pawnshop?

Carmelita Vicencio Manlapaz owns the pawnshop.

How do you qualify for CVM pawnshop loans?

You must have proof of identification, be a Filipino citizen, and have collateral to qualify for a pawn loan.

How much interest does the CVM pawning service attract?

The pawning service interest rate varies according to the pawn and the locality. It is 3.5% for jewelry, 10% for cell phones, 15% for gadgets, and 15% for smart TVs.

Is the CVM Pawnshop a legitimate company?

Yes, and it is regulated by the Bank of the Philippines (BSP) as well as the Securities and Exchange Commission (SEC).

For what period can I take out a CVM Pawnshop loan?

CVM Pawnshop pawn loans are available for 30 days.

Does the CVM Pawnshop own the collateral for the loan period?

Yes, and if you do not repay your outstanding debt by the due date, CVM Pawnshop auctions off the pawn.

How is a CVM Pawnshop loan different from a jewelry loan?

A pawn loan is a short-term loan of up to 30 days secured by collateral. The item used as collateral for the loan should be worth more than the sum lent. On the other hand, jewelry loans are unsecured and can last over 12 months, allowing you to acquire high-priced products such as engagement rings or wedding rings.

Is solvency confirmation required to receive a CVM Pawnshop loan?

No, all that is required is a document proving your identity and the item as collateral.

How much interest does the CVM Pawnshop loan attract for late payment?

After 30 days, each day of the 10-day grace period incurs an extra charge of 1% of the principal loan amount and a 2% interest rate per month for the next three months.

What will happen to the collateral if you do not pay the CVM Pawnshop loan?

If you default on the CVM Pawnshop loan, they will sell your collateral at auction and use the proceeds to settle your obligation and any accrued interest.

Financial products

CVM Pawnshop
Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱50000
Rate
i

Effective interest rate on the product

2%
Term
i

Loan term for the financial product

30 days

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Calculate loan payments at CVM Pawnshop

With CVM Pawnshop calculator you can calculate an approximate payment schedule for the loan

CVM Pawnshop calculator
Interest rates are given in accordance with the rates of the CVM Pawnshop in Manila as of 04.12.2022
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