About pawnshop
PawnHero Pawnshop is an online pawnshop in the Philippines that uses innovative technologies to provide its customers with quick cash loans and pawning services. PawnHero provides pawn loans at 3.5% renewable monthly interest with no hidden fees or levies and accepts precious metals and high-end luxury items as collateral.
PawnHero Pawnshop opened its doors in the Philippines in February 2015 as the country's first online pawnshop, offering online loans guaranteed by jewelry and electronics. Their services are available online through their website or physically from 9:00 a.m. to 7:00 p.m., Monday through Saturday, at the 7th Floor, Avecshares Center, BGC, Taguig City. PawnHero also accepts designer handbags, belts, sunglasses, shoes, phones, soundbars, speakers, gaming consoles, gold jewelry, precious metals, and gemstones as loan collateral.They accept brands like Prada, Louis Vuitton,YSL, Celine, ROLEX, Hermès, Chanel, Givenchy,Goyard, Gucci, Audemars Piguet, and Patek Philippe.
Pros and cons
Pawnshops provide quick and easy cash with no credit check, allowing you to obtain the funds you require without waiting for approval from your bank or credit union. Furthermore, your loan is granted faster than in the conventional borrowing process, where banks require days to examine your information and paperwork. However, the pawnshop may not buy your item if they don't think it's worth their time. When you buy a pawn instead of selling one using a pawn loan, you'll be paying interest on your credit for much longer than if you had paid cash.
As a result, if you decide that pawning is right for you, make sure that you do your research first so that you can get an idea of what your options are. Here are PawnHero's Pawnshop’s benefits and drawbacks.
Pros
It offers free delivery of pawns from borrowers and the distribution of cards linked to borrowers' accounts.
It accepts a diverse range of collateral.
It enables you to repay your loan in various ways, like cash at the pawnshop counter, online transfer from a bank card, 7-Eleven, and Coins. Ph.
Cons
You must pay off any accrued interest before qualifying for a loan extension.
You can only repay your loan in one month if the collateral is a gadget like a smartphone.
Services
PawnHero Pawnshop offers the pawning service. You can access the latter from the comfort of your home or wherever you are after filling out the information on your online pawn ticket and schedule when you want PawnHero to pick up your item. Then, your item is kept in a safe place and is also insured for free with Pioneer Insurance Corporation. Then you will be contacted by a certified in-house courier who will come to pick up your collateral. After your pawn has been collected, PawnHero Pawnshop offers free services like pick-up and return delivery of loan collateral within Metro Manila, insurance coverage while in transit, and storage at no storage fee.
Your pawn loan is processed the same day your documents are verified, and they appraise the item for its value, with a maximum repayment period of three months. PawnHero then transfers the funds to your account via bank transfer or electronic money issuers, like InstaPay and PESONet.
The items attract different interest rates, like gold and jewelry at 3.5% or ₱500 and designer bags, luxury watches, and gadgets at 4.99% or ₱500, whichever is higher. Additionally, documentary stamp taxes of ₱40 apply to loans up to ₱5,000, and they apply an additional ₱20 for loans of over ₱5,000. When you have paid off your pawn loan and are ready to redeem your item, make sure you have the PawnHero ticket, as well as two valid IDs.
If you need to renew your pawn loan, you can do so up to three times, but only if the collateral is not an electronic device and is subject to approval. You can only renew your pawn loan three times, that is once per month for three months. PawnHero Pawnshop will then issue a new pawn ticket, indicating the new term of the loan agreed upon by them and you for the renewal.