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PawnHero

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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.

PawnHero

FAQ

What is the PawnHero Pawnshop?

PawnHero offers pawning and pawn loan services. It provides pawn loans for 30 days if the collateral is gadgets and 90 days if the collateral is luxury items like designer handbags.

Who founded the PawnHero Pawnshop?

PawnHero was founded by David Margendorff, Manny Ayala, and Nix Nolledo.

How do you qualify for PawnHero 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 PawnHero loan attract?

The pawning service interest rate starts at 3.5% per month.

Is the PawnHero Pawnshop a legitimate company?

Yes. PawnHero complies with Philippine law because it is registered with the Anti-Money Laundering Council and the Bangko Sentral ng Pilipinas.

For what period can I take out a PawnHero loan?

PawnHero pawn loans are available for 30 days for gadgets and 90 days for other pawned items like designer handbags.

Does the PawnHero own the collateral for the loan period?

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

What is the average approval time for a PawnHero pawn loan? 

The average approval time for a PawnHero pawn loan is one day.

How is a PawnHero loan different from a jewelry loan?

Pawn loans are short-term, up to 90 days, secured by collateral, whereas jewelry loans are long-term, unsecured, and are usually offered by banks to buy expensive items like wedding or engagement rings. While jewelry loans also require proof of solvency to determine whether you can afford to pay for the expensive item you want to buy, pawn loans do not.

Is solvency confirmation required to receive a PawnHero loan?

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

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

If you do not repay the PawnHero loan, they will auction off your collateral and use the money to pay off your debt and any additional interest accrued.

Financial products

PawnHero
Loan
Rating by Finanso®
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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
50 000 ₱
Rate
i

Effective interest rate on the product

3.5% per month
Term
i

Loan term for the financial product

90 days

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 PawnHero loan calculator

Calculate loan payments at PawnHero. Loans calculator will allow you to calculate an approximate payment schedule for the loan.

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