Pawn shop loans increase 81%

Published by The Online Citizen on August 23, 2012

By Leong Sze Hian

Record pawn shop loans

According to the Department of Statistics’ Monthly Digest of Statistics Singapore June 2012, pawn shop loans increased by its greatest margin ever in history. 

338,600 pledges in just 1 month

Pledges at pawnshops increased from 2.98 in 2010 to 3.5 million in 2011, and was 338,600 in the month of March 2012 alone. 

81% increase in loans

The amount of loans given out increased from $2.7 to $4.9 billion and $622 million, respectively.

This means that the amount of loans from pawn shops increased by a whopping 81 per cent in 2011.

$622 m loans in just 1 month

At the current all-time record high of $622 million in just one month, the total in a year may hit seven billion.

So, why is it that so many people pawn their items for so much more loans from pawn shops?

About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.