Pawning – The process of pawning off (surrendering) your valuables (usually in the form of jewelries and electronic gadgets) at a pawnshop. The transaction may look so simple, but there are a lot of underlying contexts within the process itself. For one, a person who pawns off a valuable item is either in need of quick cash or is no longer interested in the item itself. For the most part, the former is a more common case amongst us Filipinos. Things haven’t been easy lately, and it is just understandable for a person to trust his/her instincts and turn to pawning as a last resort. . Secondly, a person does not simply leave a valuable item within the pawnshop without coming back for it later on. There is another transaction that the patron has to undergo if he/she wants to retain that particular item in the near future. This certain transaction is the main focus of our write up, a process known as Pawning Renewal.
What is Pawn Renewal?
Simply put, it is the process of paying off the loaned amount (with interest) before the set time period expires, in order to get the valuable item back. May it be a jewelry, a gadget, or even an appliance, the borrower has to make sure that he/she would make the frequent payment dates, just so the item does not get defaulted.
What happens if the item gets defaulted?
Well, the pawnbroker has the right to sell off the valuable item, whether you like it or not. It is not an endearing situation, but this certain condition would surely be explained to you on the get-go, just so there wouldn’t be a misunderstanding once your due date is up. Now, you might think, “Well, I didn’t know that pawning off my most-prized possessions meant that I would no longer have them back.” It’s actually not that simple. You see, every item that is being pawned off would be inspected first. If it’s in good condition, then you’d be lent a great amount of cash. If it’s in a low quality condition, however, you would only be given a small amount. The process of inspecting the item and coming up with a fair, equivalent price is what you’d call an appraisal. You may have heard of it before during your last visit to the pawnshop. Determining the value of an item is not easy, so be thankful the next time that you’d get a huge amount out of an ordinary-looking gold-plated watch; the pawnbroker may have been very generous to you.
Take note that your pawned off items can still be retrieved. Pawning them off doesn’t necessarily mean giving them away, as you still have all the chance in the world to take them back, just make sure that you pay for the loaned amount, complete with the interest.
Okay, so who do I trust the next time I’m in need of quick cash?
Well, you wouldn’t even need to look further than your nearest Cebuana Lhuillier branch. You can never go wrong with their longstanding Pawning Service. They lead the pawning industry by offering only the safest and the highest appraisal rate in the industry in their more than 2,500 branches nationwide.
How does Pawn Renewal work in Cebuana Lhuillier?
It’s a fairly easy process. You can visit the nearest branch where you pawned your item for your renewal transaction. Cebuana Lhuillier also has a renew anywhere facility. You just need to bring your pawn ticket and a valid ID when visiting the branch. Take note, however, that there will be a P50 convenience fee per transaction. You can even check your renewal amount indicated on the lower left portion of your pawn ticket.
Do other pawnshops do this as well?
Of course, they do. Pawn Renewal has always been at the heart of a pawning businesses. When people who are in need manage to get back on their feet, they’ll be coming back in the pawnshop to retrieve their most-prized possession, thus, retaining only what they’ve surrendered in the very beginning, nothing more, nothing less.
What separates Cebuana Lhuillier from the other pawnshops here in the Philippines?
Here is an official statement from Cebuana Lhuillier’s official website:
“Cebuana Lhuillier provides the country’s leading pawning service to Filipinos in need of instant cash, offering a 30% higher appraisal rate VS other pawnshops hence, higher take home. Our 2,500 branches accept an array of items, from jewelry to gadgets, as collateral, the company’s core business has evolved with the needs of its clients.”
Let us put emphasis on the phrase “offering a 30% higher appraisal rate VS other pawnshops.” Cebuana Lhuillier isn’t just about the profit, they also serve to help out each and every Filipino who are down on their luck already. The company has been around for decades, and from the very beginning, it has always been about giving the Filipino people an exemplary service worthy of any other VIP out there.
What items do they accept?
They usually accept the following items:
- Platinum jewelry and watches
- Laptop computers
How complicated would the pawning requirements be? Do I have to bring many documents just to pawn off my valuables?
No, a very big NO. As a matter of fact, Cebuana Lhuillier’s pawning service has always been about simplicity and convenience, much so that they’d only require at least one (1) of the following as a valid form of identification.
- Driver’s License
- Professional Regulation Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certification
- Government Service Insurance System (GSIS) e-Card
- Social Security System (SSS) Card
- Senior Citizen Card
- Overseas Workers Welfare Administration (OWWA) ID
- OFW ID
- Seaman’s Book
- Alien Certification of Registration/Immigrant Certificate of Registration
- Government Office and GOCC ID, e.g., Armed Forces of the Philippines (AFP ID)
- Home Development Mutual Fund (HDMF ID)
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development (DSWD) Certification
- Integrated Bar of the Philippines (IBP) ID
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission or Insurance Commission
With all of that being said, never forget about renewing your pawned off item. Once you finally have a good amount of money, you can pay off the loan (with a small interest) and retrieve your jewels back. Feel free to visit their official Pawning page for more information: https://www.cebuanalhuillier.com/pawning/.