News & Events

Everything You Need to know about Online Pawning

In the past, a person who needs extra cash would have to travel all the way to the nearest pawn shop. Bringing his or her item to be pawned was an extra burden because of the cost of fuel if one is driving a car, or the fare to be spent for a taxi or bus. Added to the burden is the risk of carrying around an expensive or heavy item all the way to the pawnshop. Once the pawnshop is reached, falling in line to wait for one’s turn to be appraised also consumes time and effort.

Today, one does not need to go through all that hassle. Leveraging the power of information and communications technology, the 21st century pawnshop is now online.

Online pawning is the latest method or platform for getting extra cash by pawning an item with monetary value. Unlike traditional pawning at a brick-and-mortar establishment, online pawning is definitely time-efficient, easy, and usually offers more cash to meet your need.

So how does Online Pawning work?

Typically, one has to register and have an online account with an online pawning service.  With a stable internet connection, a person can use his or her phone, computer, or any other gadget to access the online pawning service.

The next step is to take a photo or upload an image of the item to be pawned onto the online pawning site. The online appraisers will examine the photo and usually take only a few minutes to send back a reply. Once your item is approved, the online pawning service will schedule a pickup at your preferred address.  They have authorized couriers who will come to receive and handle the pawned item.  Once your item has been appraised and approved, the online pawning service will deposit the corresponding amount to your own bank account or use other convenient payout options.

These are some of the outstanding benefits or advantages of Online Pawning:

High appraisals

Online pawning offers a higher appraisal than the brick-and-mortar pawnshop because of lower overhead costs to run the business. A traditional pawnshop takes an enormous amount of money to set-up beginning with construction costs that could easily go take hundreds of thousands if not millions of pesos. Aside from construction costs, the traditional pawnshop has overhead costs for water, electricity, rent or lease (if building is not owned by the company), salaries for the staff and security guards, security equipment such as CCTVs, to name a few.

Since online pawning relies more on technology rather than physical infrastructure and other business expenses, the pawning company need not pass on the cost to the customer in the form of high interest rates.

No need to leave your home or office, save time and effort

Using an online pawning service is also a great time-saver.  There is absolutely no need to drive all the way or take public transport to reach the nearest pawnshop.  The online accessibility of the service allows a person to avoid the time-wasting and stressful travel through the city’s heavy traffic or during inclement weather. Since the online pawning service will also send couriers to pick up the approved item, all you have to do is wait for them to arrive.  So the pawnshop literally comes to you and benefits from the online pawning service can be accessed using wi-fi and your fingertips.

Tech-Enabled Transactions

By using technology, pawning an item online is so much easier. You are able to make the transaction anywhere you are. This advantage is especially relevant and useful to Millennials who are perhaps the most tech-savvy generation in all of human history. No need to fill-out forms and physically bring the item to be pawned to the shop.  Online help for your financial needs has never been this convenient.

Indeed, with all these unique advantages, online pawning is one of the best ways to handle emergencies and meet your financial needs.