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SMJ Pawnshop

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About SMJ Pawnshop

SMJ Pawnshop is a registered loan lender in the Philippines. The pawnshop offers loans to borrowers who use their merchandise as collateral and, on complete repayment of the loan, they repossess their merchandise.

SMJ Pawnshop was established three decades ago and is headquartered at Aguinaldo Hi-way, Imus, Philippines. It is a money lending network in the Philippines, with offices in different cities. The pawnshop offers loans to borrowers against pawned items. The borrowers repossess their items after settling their loans fully. The commonly used items are jewelry, watches, cellphones, and laptop computers. The loan interest ranges between 3%-7% per month, and the minimum loan period is one week, while the maximum is four months.

Pros and cons

Pawnshops offer financial solutions to borrowers to cater to emergencies even when their credit score is bad. Before committing your valuables as collateral for a loan in any pawnshop, you should learn more about their terms and conditions. Every lender has advantages and disadvantages in the products and services they offer, and you should aim to benefit from the advantages and avoid the disadvantages. Here are some merits and demerits of SMJ Pawnshop.

Pros

  • It offers financial solutions to borrowers who could not access bank loans due to poor credit records.

  • The shop only requires proof of identification and collateral to offer borrowers a loan.

  • The approval process is fast and hence ideal for emergencies, like a sickness.

Cons

  • The pawnshop accepts ornaments, watches, and electronic devices as collateral, and the borrower will not access the loan if they do not have it.

  • Your item is sold, but you don’t access excess proceeds from the sale if you fail to repay the loan within the agreed term.

  • Their loan rates are higher than those of some banks.

Products

SMJ Pawnshop offers the following products and services.

  • Fast cash loan. Borrowers access this service in times of emergencies, provided they have a valid bank account and proof of ID. After applying for a loan, it is approved and disbursed to the borrower's account within two hours after signing an agreement. The minimum loan amount is ₱1000, and the maximum is ₱50,000. The loan approval takes at most two hours. When the loan is authorized, the lender will charge a daily interest rate of 0.1% - 0.23%. The terms and conditions for the fast cash loan include a repayment period ranging from 7 to 90 days. If you do not repay the debt within four months, the pawn is auctioned off.
  • Pawning. A borrower visits the shop with an item. After the lender determines its value, they give the borrower terms and conditions for the loan equivalent to the pawn value. The lender keeps the item until the borrower repays all the loans. Failure to repay the loan according to the agreement prompts the lender to sell the pawn and recover their money.

FAQ

What is SMJ Pawnshop?

SMJ Pawnshop is a Philippines-based money lender that offers borrowers fast loans with collateral. The items offered as collateral are given back to borrowers after the complete repayment of their loan.

How do you qualify for SMJ Pawnshop loans?

You must have proof of identification, be a citizen in the Philippines with a minimum age of 18 years, and have collateral.

What is the maximum SMJ Pawnshop loan you can get?

The maximum SMJ Pawnshop loan you can get is ₱50,000.

How much interest does the SMJ Pawnshop loan attract?

A pawn loan attracts 0.1% - 0.23% daily.

What is the average approval time for an SMJ Pawnshop loan?

For borrowers who meet all the requirements, the loan approval time is about two hours.

Is SMJ Pawnshop a legitimate company?

Yes, SMJ Pawnshop is registered by the Anti-Money Laundering Council and is regulated by Bangko Sentral ng Pilipinas.

For what period can I take out an SMJ pawn loan?

SMJ pawn loan is available for 7 to 90 days.

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

Yes. The pawn is sold at auction if your loan balance is not repaid before the due date.

How is the SMJ pawn loan different from the jewelry loan?

SMJ pawn loan is a short-term loan secured by collateral and does not require proof of solvency, while jewelry loans are unsecured and can last up to five years and require proof of solvency.

Is solvency confirmation required to receive the SMJ pawn loan?

No. SMJ pawn loan only requires a document proving your identity and the item as collateral.

Financial products

SMJ 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
50 000 ₱
Rate
i

Effective interest rate on the product

0.1% per day
Term
i

Loan term for the financial product

90 days

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