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Interest rate chargeable for a pawn. Pawnbrokers like Maxi-Cash are allowed to charge an interest rate of 1.5% per month or part thereof on the principal loan amount. Additional monthly interest will be imposed if the period for redemption has lapsed. The maximum annual percentage interest rate is 18%.
Dec 9, 2020 · Pawnbrokers usually offer a monthly interest rate of 1.5%, which means an annual interest rate of 18%, which is nearly as high as credit cards. They also usually give you up to 6 months to redeem your item, failing which they will put your item up for auction.
As Singapore's trusted pawnbroker, Maxi-Cash is the one-stop place to buy, sell or pawn gold. Discover competitive gold prices at our gold store today.
Jul 21, 2023 · For example, if you pawn your precious Maxi-Cash gold bracelet, the applicable interest rate will be 1.5% monthly or part thereof on the principal loan amount. And your maximum annual percentage interest rate is 18%.
Feb 8, 2022 · The interest rate will remain comfortably at 4% even with 24-month loans, whereas your interest becomes 36% at a pawnshop. You can’t get your pledge back without making the necessary repayments. Other collateral-based loans have the same disadvantage, but their steady interest rates allow you to pay your instalments easily.
Jun 28, 2024 · Just last year, leading Singapore pawnshop ValueMax saw a 44.4% increase in net profit to $27.8 million for the second half of 2023. While pawnshops are still used widely in Singapore, there are 7 things you should know about them before you visit one.
MoneyMax offers a low monthly interest rate of 1.5%! For example, if you took a pawn loan of $200 for 2 months, the Interest Payable would be 1.5% x $200 x 2 months = $6. Alternatively, you may use the MoneyMax Pawn Loan Interest Calculator at the bottom of this page to calculate your pawn loan’s daily interest.
