About lender
Given the current economic situation, almost everyone had experienced times when a large sum of money was urgently required. It is advantageous if you have wealthy relatives or friends willing to lend you money. If not, pawnshops can come in handy.
Motopawnshop Inc. was registered with the Securities and Exchange Commission in 2015. With humble beginnings, the company started with a small amount of money to accept all personal items such as motorcycles, automobiles, etc.
Motopawn is an automobile pawnshop in the Philippines. In this case, the loan amount will be directly proportional to the cost of the car. The price of your car is determined by factors such as overall situation, mileage, and other adjustments. When you go to Motopawn, it means you're ready to use your car as a pawn. You may require additional insurance if you still want to use your car, even if ownership has been transferred. Consider it a cost in addition to the title loan itself. A used car appraiser typically estimates no more than 50% of the price of a new car of the same brand and setup.
Their interest rate is 3.5% per month. You can also get a loan of up to 60% of the assessed value of the car and a loan term of up to four months.
Pros and cons
Before going to Motopawn with your vehicle to get cash, it is worth looking at these pros and cons.
Pros
They offer a reasonable interest rate if you compare it with their competitors.
They give loans up to ₱500,000.
They can approve your pawning application in less than 24 hours.
They are into auto pawning and real estate.
Cons
They have only one known office.
They do not have a website.
They have some requirements applicants must meet before they're eligible for a loan.
They just started operations not too long ago.
Products
Motopawn offers auto and real estate pawning. These are the products they are known to offer. They pawn motorcycles, automobiles, etc. You can get a loan using your car as collateral, provided you have all the needed documents. Their minimum financing amount is ₱30,000, and the maximum amount is ₱500,000. The minimum loan term is seven days, while the maximum is 120 days. The daily interest rate is between 0.10% - 0.16% and the approval duration can be up to 24 hours.
Practically, if your vehicle’s appraised value and loan amount are ₱100,000, the loan term is four months, and the interest rate is 0.16% daily. The monthly payment will be ₱28,114, the overpayment will be ₱12,456, and the total payment will be ₱112,456.
Requirements
Borrowers must be sure they pass all the below criteria for their application to stand a chance of being approved.
Eligibility
You must be at least 21 years old at the time of application but not more than 65 years old when the loan matures.
You must provide a filled application form.
For motor/auto vehicles
Original OR/CR of the vehicle
A valid ID
The unit itself
For real estate
Latest certified true copy title and tax declaration
Pictures of the Lot or building
